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.”

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