Kotak Bank enables Client Onboarding via Face Authentication-based e-KYC
AI based technique being introduced by Kotak Mahindra Bank for Savings Account holders
Mumbai: Kotak Mahindra Bank (KMBL) on Tuesday announced the launch of Aadhaar based e-KYC of the client using face authentication. Kotak is one of the first banks to go live by enabling client onboarding via face authentication-based e-KYC.
The authentication is done via a mobile app newly
developed by UIDAI, and no additional device is required to perform the authentication. Further, it brings forth the convenience of significant time-saving as it takes only a few minutes to complete the entire authentication process.
Currently Kotak Mahindra Bank has offered this service to all savings account holders onboarding via partner channels like BSS Microfinance and plans to extend this service to other channels in due course. The Aadhaar based face authentication method is used as an alternative to the currently used fingerprint authentication on Kotak Bank Digital Savings Account.
Customers who visit the branch can provide consent for completing their KYC using Aadhaar based authentication. They will be authenticated using the Aadhaar authentication process as prescribed in the bank regulations. A successful face authentication confirms that the physical face being scanned for verification matches the one that was taken at the time of enrollment of Aadhaar number and verifies the identity of the person.
Puneet Kapoor, President-Products, Alternative Channels and Customer Experience Delivery, Kotak Mahindra Bank said, ”Kotak Mahindra Bank believes in using the latest technology to bring in new and improved digital banking solutions to our customers. We would like to thank UIDAI for introducing the face authentication app through which we can offer this seamless digital onboarding to our customers’
Onboarding via face authentication-based e-KYC will further help to reduce the cost of acquiring as the cost pertaining to fingerprint device procurement and maintenance will go away. This modality will also provide resolution to fading fingerprint miniature capture issues and related failures, especially for sourcing in the rural areas where farmer fingerprints change over the period of time. (UNI)