We value them since we believe they are the foundation and adds success to our business.
Banks do Re-KYC to ensure the information they have about their customers is accurate and current. They check things like documents, contact details, and addresses. This is done regularly as per RBI rules. Banks need to be careful and consider the level of risk when doing this. The RBI guidelines say regulated entities should regularly update KYC using a risk-based approach. For high-risk customers, KYC should be updated every two years. For medium-risk customers, it should be updated every eight years. And for low-risk customers, it should be updated every 10 years. ReKYC can be done digitally to make the process easier and ensure accurate data updates.
Confirm and refresh essential customer data, including identification details, contact information, and financial records.
Simplify KYC procedures, reducing paperwork and manual effort while ensuring regulatory compliance.
Revive and re-engage with inactive customer accounts to maximize business opportunities.
Implement automated systems to seamlessly refresh customer information, reducing the need for manual intervention.
Employ tailored workflows that match the specific needs and preferences of individual customers.
Facilitate the process of appointing nominees for customer accounts, ensuring smooth succession planning.
Enable customers to efficiently modify their Demat (Dematerialized) accounts, which hold securities in electronic form.
Maintain the precision and correctness of customer information to enhance decision-making and regulatory compliance.
Provide customers with a digital method to close their accounts, ensuring convenience and efficiency in the process.
Keep all customer databases and records up-to-date to ensure accuracy and compliance in all business operations.
It checks and updates customer data to ensure accuracy.
Transforms KYC processes into a paperless mechanism, reducing paperwork.
Empowers customers to update their information through tailored workflows
Helps businesses adhere to regulatory requirements, including those set by authorities like the RBI
Assists in reactivating dormant clients, unlocking business potential.
Used in banking, financial services, telecommunications, and more for efficient data management.