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E-KYC – a Game Changer



The evolution of traditional banking obstacles, shifting consumer preferences and increasing competition are creating new challenges for banks. As banks brace for a new wave of digital disruption, they need to adopt technology to improve customer experience and future-proof their business models. E-KYC has played a tremendous role in adding investors to the securities market as one can open a De-mat, trading account in less than 15 minutes. E-KYC has not only provided ease of doing business, but in fact, it has provided ease of investing. When we speak about the advantages of the adoption of various technologies, examples of SEBI, is probably the first regulator to follow Regtech, with good use of technology and which is helping in decision making. It is all about how data analytics has helped in preventing cases relating to insider trading, money laundering, and alert generation.

As the technology is prospecting advances in technology have propelled increased cost efficiency and data capacity as well as greater computing power. Experts have welcomed the innovators of the country to be a part of Innovation Sandbox, as part of which anyone can apply to SEBI for accessing data available with the exchange and once a committee undergoes the application, data is provided, ensuring its usage in an ethical manner. Secondly, the importance of regulatory sandbox, saying that entities opting for regulatory sandbox are provided with a lot of relaxations from existing regulations. Sebi-registered entities are eligible for testing in the regulatory sandbox, the entity may apply either on its own or in partnership with any other entity. Sources said that it is a much smoother process for registering complaints through SCORES. The exchange records about 50,000 complaints annually and about 90% of complaints are registered online.

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