How Has Digital Kyc Transformed The Methods Of Financial Institutions?
The process of waiting in long lines to submit the KYC forms is now over. Different banks and other financial institutions no longer encourage an such action. Thanks to the innovation of digital KYC, customers can now complete their KYC anytime, anywhere using their mobile, tablets and laptops. This technology has recently received more recognition during the Covid scenes in 2020. Earlier, the customer onboarding KYC is an important process. But now, with the introduction of digitalization, all institutions have started to slowly adapt to this method. Facilities provided by Digital KYC There are several facilities provided by digital KYC . Some of them include: Optical Character Recognition: Earlier, all the actions were done by hand but now, AI technology had speed-up the process. The OCR scans all kinds of government documents like driving licenses, passport, etc in no time. Geo-Tagging: In a video KYC, the geographic location of a customer can be easily traced due...