Digital KYC

While it is imperative to have security personnel guard your workplace at the gate, security verification typically goes beyond this physical check. Verifying job applicants before onboarding involves considering various security factors, including their past work experience and records; address and identity proofs; legal repercussions (if any) of employing the individual etc. A digital Know-Your-Customer process makes this authentication more accurate and efficient for employers and candidates alike. So, why is digital KYC becoming the norm in companies today, and why should your company opt for it? Have a look:

Increased Efficiency Due to Less Paperwork


Offline KYC processes generate excessive paperwork due to the requirement of document submissions. Maintaining and accessing such massive amounts of document hard copies can be cumbersome and chaotic at the workplace. Digital or e-KYC makes this process incredibly organized and convenient as all of these documents may be submitted and saved online.

Remarkable Accuracy in the KYC Process


Carrying out the KYC process offline is subject to inaccuracies as the team must manually enter and document candidate details. However, the digital KYC process helps streamline the steps involved and ensures 100% accuracy for each candidate.

Transcending Geographical Boundaries


Sometimes, an individual may be currently based in another city or country or may have signed up for a remote opportunity with the company. In such cases, it is difficult or impossible for the candidate to travel to the company’s base location for completing the KYC authentication. E-KYC allows such individuals to complete the process conveniently through online means, thus saving time, effort and money.

Hassle-Free Means of Changing Personal Details


A change in one’s core personal details, such as his/her name, residential address, contact number etc., also requires a consequent update in the KYC details entered. This process is incredibly convenient with online KYC as the candidate can visit the e-KYC portal and select the “Update KYC” option to edit the details.

Increased Speed and Scalability With Digital On-Boarding


Today, modern video KYC interventions facilitate efficient AI-powered digital onboarding of candidates. Consisting of cutting-edge features like liveness detection, geotagging, Optical Character Recognition (OCR) etc., digital onboarding involves a large gamut of procedures designed to make the KYC process more time-saving, scalable and cost-effective.

Easy Integration of Different Security Authentication Processes


With offline KYC, the HR team of an organization needs to manually collect and verify each document required to authenticate a candidate. Such a comprehensive process can be time-consuming and tedious for the applicant and staff members alike. Digital KYC significantly simplifies this process by integrating each of these steps, including utility bill verification, bank statement verification, identity check, and India credit history check.


Conclusion


Whether it is onboarding an employee for a full-time role or a remote opportunity, KYC is an integral authentication process to ensure safety and security at the workplace. E-KYC helps companies organize and streamline this process, facilitating convenience and accuracy. Premier data solutions companies provide world-class, cost-effective KYC onboarding technology that elevates a company’s efficiency levels.