Tuesday, September 27, 2022

Kotak Mahindra Bank introduces Face Authentication-based e-KYC

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Aadhaar Based Face Authentication to Offer a Seamless Digital Onboarding Experience to Customers

Kotak Mahindra Bank Limited (KMBL) today announced the launch of the Aadhaar-based e-KYC of the client using face authentication. Kotak is one of the first banks to go live with 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 the 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 rural areas where farmer fingerprints change over a period of time.

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Raunak Saha
Raunak Saha
A cs engineer by profession but foodie from heart. I am tech lover guy who has a passion for singing. Football is my love and making websites is my hobby.

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