The Benefits of Connecting to the eKYC Portal

 

If you are a business person and have not yet connected to the eKYC portal, you should consider doing so. Financial firms are connecting to local e-KYC utilities. There are a wide range of benefits that financial institutions can realize by accessing an e-KYC utility. The following are some of the reasons why financial institutions are engaging with a local e-KYC utility.

First of all, getting connected to your local eKYC portal will lead to significant operational efficiencies as well as cost savings. eKYC utilities can reduce costs by enabling banks to standardize and automate technology, processes, data as well as the organizational models. They can also harmonize organizations, rationalize systems and reduce duplication and inefficient processes.

With the help of an e-KYC utility, financial service firms can expect to avoid repetitive onboarding processes and reviews, because the work has already been done by other service providers. The data is already stored centrally and securely, something that helps cut out much of the traditional effort that is involved, including a large number of touchpoints that happen during the onboarding process, like client contact and sign-offs.

Therefore, time to revenue is much faster, overheads are lower, and clients are less likely to drop out during the process. It is a win-win situation for both and clients and the financial institutions.

With a trusted single source, the financial institutions could potentially save many hours in the back office. They can also eliminate much of the subscription services that they already have.

Connecting to the eKYC portal will also reduce operational risk. It can help eliminate risk of manual error from keying and re-keying the same information from multiple systems across each financial institution or business line.

For more information on the benefits of connecting to the eKYC portal, visit our website at https://loginid.io/

 

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