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What’s the first step that a customer has to take when he wants to avail any service from a Bank or a Financial institution? It is the Know Your Customer (KYC) process. KYC is a process where a financial institution verifies the identity and personal details of a potential customer. The RBI has made it mandatory for all companies to undertake KYC before offering any services to customers. While it has had a positive effect of reigning in unscrupulous activities like money laundering and fraud, it has its drawbacks too.
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Being a lending focused startup is hard business and from all our conversations with our customers both in lending and subscription-based companies we realized that the hardest part of both of them was to get the recurring payment in, i.e. EMI for lenders and monthly subscription fee for SaaS products from the customers.
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If you anything like me, you would have at least ones rented, bought things on EMI or would have taken a loan from a bank sometime in your life and if you have, you might have received an SMS or an email which goes something like this
Read StoryAccording to a report by Securitas , identity theft accounts for 35% of all financial frauds in India. Combine this with the possibility of using this money for terrorist funding, the problem doesn’t just stop at losing money.
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In our constant effort to improve Veri5Digital, we spend countless hours researching, evaluating and building products and features that can help “YOU” our customers.
Read StoryIn our introductory chapter we took you through the major highlights that RBI master circular on KYC had and how it affected you as a regulated entity.
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UIDAI’s decision to charge for eKYC transactions, had considerable effect on financial institutes including banks and NBFC’s that were dependant on eKYC to fulfil their KYC obligations, though what most ignored was its effect on eSign,
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