EKYC is one of the technologies that you should be using in your business right now. KYC is the abbreviation of Know Your Customer. Financial institutions like banks and non-banking finance companies (NBFCs) have mandated KYC regulations before providing any financial service to customers.
KYCis done with the aim to establish the identity and verify the credentials ofany customer. The eKYC process, which is often referred to as paperless KYC, is the process of electronically verifying the credentials of a customer.
You are probably wondering about the process of KYC verification online. With, eKYC, your identity is verified electronically. This means that the details such as your name, address, gender, date of birth, mobile number and email address are accessed by the service provider from the database of the unique identification authority. Thus, eKYC provides your proof of identity and address to the service provider instantly, dispensing the need for the tedious in-person verification.
If you want to change your digital KYC records, like change in name, address, andso on, you can visit the eKYC portal of your choice. Here, you will have to click on the ‘Update KYC’link. Then you are required to fill-in the new details, apart from uploading the scanned copy of the updated documents, in order to establish the proof for the changes. You will then be verified through an OTP on your registered mobile phone number. Once the verification id done, you can click on submit. Post-submission, the details will be changed - typically within a week.
Thus,eKYC is a paperless process to fulfill the mandatory KYC requirements, beforeyou start your investment journey. If you want to invest in stock markets, then you can conveniently complete the KYC obligations through the eKYC portal.
For more information on eKYC, visit our websiteat https://loginid.io/
