eKYC (Electronic Know Your Customer)
Digital methods of verifying identities for account opening and onboarding.
Detailed Description
eKYC (Electronic Know Your Customer)
What is the primary purpose of eKYC?
The primary purpose of eKYC is to streamline the customer verification process while ensuring compliance with anti-money laundering and counter-terrorism financing regulations.
What technologies are commonly used in eKYC?
eKYC leverages technologies such as Artificial Intelligence, Machine Learning, Blockchain, and Biometric Technologies for identity verification.
What are some benefits of using eKYC?
Benefits of eKYC include speed and efficiency, cost-effectiveness, enhanced customer experience, improved accuracy, and scalability.
What challenges does eKYC face?
Challenges include data privacy concerns, regulatory compliance complexities, technology dependence, and the digital divide affecting access.
How does eKYC compare to traditional KYC?
eKYC automates many verification steps, resulting in faster processing times and more accurate data collection compared to traditional KYC, which is often manual and time-consuming.