Published on 14/09/2021 3:59:14 PM | Source: PR Agency
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Below are Views On This brings in cost saving for non-banking entities in an increasingly competitive market By Ankit Bhatnagar, Head of Product, Mswipe Technologies
“It is definitely a key development for non-banking entities as it speeds up the process of customer on-boarding and also eliminates frauds. Paper-based documents still have an element of risk as it is very difficult to ensure 100% verification. Now with eKYC, non-banking entities offering financial services can improve compliance and also ensure that the popular mechanism of customer on-boarding for which they had to depend on third party players can be offered directly through a KUA license. This brings in cost saving for non-banking entities in an increasingly competitive market. Another significant development is drastic reduction in frauds. Since eKYC is full-proof and robust in verification of authenticity, non-bank entities can offer a much safer platform to their customers. This will also improve trust levels among customers because only licensed entities will be permitted to conduct eKYC.”
Above views are of the author and not of the website kindly read disclaimer
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