Here is our FAQs section to help you to better understand all about our product.
Every bank or NBFC has to know about a customer before offering financial services. For example, a bank cannot provide a loan to an applicant without accessing the risks. Banks need to know whether they are offering a loan to a legitimate person or not. For the same reason, banks and NBFCs rely on KYC (Know Your Customer) standards. Banks can identify the associated risk and financial profile with KYC before offering financial services. In short, KYC is the identity and address verification process conducted by financial service providers. KYC is a set of standards compulsory for every financial service provider.
When the concept of KYC arrived in the industry, banks collected customer/details physically. Customers had to visit the bank branch and submit the documents needed for KYC verification. Banks verify the submitted documents and ensure they aren’t forged. The customer could check after a few days about the verification process. If the customer’s credentials are verified, they can avail of financial services. However, physical verification took time and required customers to visit the bank branch. With eKYC, the verification process can be completed online without visiting a bank branch. Customers can upload their documents on the KYC interface and wait for the verification process to complete.
eKYC process is completely digital and does not require human intervention. The eKYC software offered by FidyPay is an automated solution that reduces the need for human labor. The software will ask customers to upload their Aadhar Card and other details before availing of financial services. With machine learning and process automation, the software will extract and validate the info provided by the customer. If the information matches the bank’s database, the customer is verified and can receive financial services. In the meantime, bank employees can focus on core responsibilities and not on KYC processes.
Banks cannot decide whether they want to include KYC verification or not. As per the RBI guidelines, KYC is compulsory for every financial provider in India. KYC comes under compliance rules set by RBI. If a financial institution ignores the KYC compliance guidelines, it might land in legal hassles. The KYC solution offered by FidyPay is developed according to the compliance norms. You don’t have to worry about RBI guidelines as the software solution follows them. With FidyPay you don’t have to worry about compliance norms and can focus on core competencies.
The KYC software solution offered by FidyPay relies on ICR (Intelligent Character Recognition) and OCR (Optical Character Recognition) technology to extract info from the documents uploaded by the customer. ICR and OCR can deduce information from handwritten text or image files. These technologies reduce the burden on employees to manually deduce info. Not to forget, the info from image files is interpreted automatically with ICR/OCR.