Efficient e-KYC Authentication System: Redefining Customer Verification in Digital Banking
Kavery Verma, Rajnish Kumar, Amarana Prabhakara Rao, Rakesh Ranjan · 2023
e-KYC is an abbreviation for the digitization, electronic, and online notion of KYC techniques. e-KYC (electronic know Your Customer) is a paperless technique that reduces the fees and forms required in KYC operations. The e-KYC procedure is a virtual and remote translation of the traditional KYC procedure. Weeks of waiting have resulted in seconds with a significantly reduced charge in an optimized way. To ensure that e-KYC approaches fulfil the same security criteria as traditional identity and face verification, digital identification processes with high levels of safety and reliability should be used. The goal is to build a website with the assistance of machine learning that uses optical character recognition (OCR), face recognition, and face verification algorithms to make it easier for customers to validate their credentials for banking purposes such as opening a bank account, applying for a loan, and other business purposes. This will accelerate the KYC process phenomenally. Customers have the option to update their KYC information on the designated website. This can be done by completing the KYC form, which requires providing personal details such as name, Aadhaar card and PAN card numbers. Additionally, customers are required to submit a photograph of their AADHAAR Card or PAN Card, as well as upload a ten-second real-time video of their face. The website utilizes OCR, face recognition, and face verification algorithms to perform e-KYC verification for Indian citizen, resulting in time efficient manner.