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 costs and achieve operational efficiency amid a rapidly evolving and increasingly competitive landscape.