• IDfy Press Office

Verbal confirmation on live video can replace the e-sign process: Wriju Ray

As per this article on Money Control, investment and broking platforms are looking at new digital know-your-customer (KYC) guidelines from market regulator, Securities and Exchange Board of India (SEBI). But issues around lack of popularity of DigiLocker, mobile numbers not updated with the Aadhaar database and lack of awareness around video-based verification are some of the problems they are facing while onboarding new users.

“If a customer does not have Aadhaar seeded with the mobile number, neither can he/she eSign nor can they use DigiLocker. This is one major problem that we are seeing during the customer onboarding process,” said Wriju Ray, cofounder of IDfy.

Mumbai-based IDfy works with brokers and banks to offer video-based KYC service for customer onboarding.

“One alternative to this process could simply let the investor say out loud 'I accept' during the video-based KYC process, then there would be no need for a separate e-sign process at all,” said Ray.

Read the full article here.

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