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Venu Madhav

KYC (more aptly KYP) in Healthcare

Digital Transformation of Healthcare is a Reality now. “On-Demand Healthcare” is driving the Digitalisation in healthcare industry aided by Wearables, TeleMedicine, Virtual Reality and BigData. This Digital Transformation brings enormous benefits to Patients, Doctors and Hospitals. Unfortunately, this has also resulted in related Frauds and Data Breaches due to unauthorised access and misuse of data. Most of these are through identity spoofing or impersonation. According to a recent report – “The healthcare sector saw a whopping 41.4 million patient records breached in 2019, fuelled by a 49 percent increase in...

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Venu Madhav

EKYC in telecom

Telecom industry can be considered as the starting point in any nation’s digital transformation. A country’s digital readiness and advancement can be determined by the state of its telecommunications sector. As stated in a previous blog, there are more mobile connections than people on the planet, and more people have access to a mobile phone than to a toilet. This situation lends itself to the emergence and use of mobile money transactions. Mobile money is predicted to grow rapidly in low- and middle-income countries, especially in Sub-Saharan Africa which has...

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Venu Madhav

EKYC in banking

As mentioned in the previous blogs eKYC is one of the process which has been digitized in order to make it efficient and user friendly. Today eKYC also helps the banks in achieving the goal of customer acquisition. It establishes the relationship between the bank and its customer which may encourage the costumer to opt for banks other offers. Banking is undergoing a paradigm shift. Digital/Mobile Banking and launch of Virtual Banks are revolutionising the industry, regulatory framework and Bank-Customer relationships. Banks are increasing adopting newer technology solutions to manage...

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Venu Madhav

Complications and Complexities involved in eKYC

There are complexities of compliance and lack of proper legal framework to perform Onboarding/KYC digitally. First, one of the major issues is pertaining individuals and roles and the lack of regulations for eKYC for all the said roles. An individual entity can have multiple roles within an organization and each role may require a different set of compliance regulations to be followed. In case of a bank, an individual may be onboarded as a costumer, employee, vendor etc. Here customer onboarding has to happen in line with country’s central bank...

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Venu Madhav

eKYC – Foundation for Digital Transformation

“The world is becoming DIGITAL” Every business no matter how small or big has to have some form of digital aid in order to function and grow. Governments world over are adopting digitalization to provide better services and promote inclusion. In the wake of such transformation many processes and functions are being conducted digitally, using mobile platforms. Over the past decade the usage of technology has grown leaps and bounds. There are more mobile connections than people on the planet, and more people have access to a mobile phone than...

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