Know Your Customer or KYC is a legit regulatory process that is implemented by banking and financial institutions to verify the identity of a prospective customer who wants to open a new account with them. The entire process of establishing the identity involves a lot of paperwork and a tedious process that not only involves identification papers but proof of residence along with background checks if necessary. This is carried out by financial institutions in order to verify and evaluate the risk that is involved in this new relationship that a prospective customer wants to establish.
However, as technology progresses, the process of KYC has become paperless due to a new initiative taken up by Unique Identification Authority of India (UIDAI). This would help financial institutions from banks to brokerage houses to verify any new applicant’s credentials in a matter of seconds. The amount of convenience involved in this process is brilliant.
Why should you opt for Digital KYC facility from your Brokerages?
What are your Benefits?
As an investor who is getting digital KYC services from their brokerage house, you are set to receive a lot of benefits, namely,
Brokerage houses like Angel Broking has launched their digital KYC process so that investors can experience a hassle-free account opening process just by implementing a digital signature using bio-metrics. You should opt for brokerages that provide you with such a speedy experience with zero amount of paperwork. Your thumb impression will be stored and collaborated with the UIDAI’s Aadhar database so that all your information can be shared in a jiffy. So, bid goodbye to paperwork and say hello to convenience!