Fintech Companies Looking for Digital KYC Solutions
Date Published
Nov 8, 2018 • 1 min read
An Economic Times article dated November 5, 2018 describes how fintechs are looking for alternative technology solutions for KYC to replace Aadhaar-based eKYC after a recent Supreme Court judgement barred private enterprises from using Aadhaar data for customer authentication.Speaking on the UIDAI’s deadline extension for virtual Aadhaar, IDfy Founder & CEO Ashok Hariharan said, “What the UIDAI has said deals with deadlines that were set before the Supreme Court judgement and does not touch upon the real issues around Aadhaar’s applicability in multiple use cases.”He added, “It holds relevance for only those private companies which deal with subsidies and is for storing of past data only, not the others since the Supreme Court has completely prohibited them from using Aadhaar for authentication and the RBI is yet to come out with fresh guidelines on digital KYC.”
Just two operational segments in banking contribute to a whopping 95% of all banking frauds. That’s right — Advances and Cards/Internet banking — together account for 95% of all banking frauds. All other operational segments like forex, deposits, cash, cheques, and clearing accounts are tiny problems, in comparison, accounting for less than a percent of total banking frauds.
It had been raining for three straight days in Shillong, and Uday Imtisong was making his third trip between the bank and his house since that morning. Wading through knee-deep water, he wondered if his loan application would be approved anytime soon so that he could add a new wing to his popular gymnasium. He worried about his woefully inadequate credit history and his inability to provide a land bank as collateral for his loan – a common expectation from the lending officer at the bank.
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