Aadhaar eKYC using OTP authentication and fingerprint authentication has revolutionized KYC process for Banks, Insurance companies and other such regulated entities. Aadhaar eKYC process reduces the KYC data collection time to a matter of seconds. Apart from making the the process faster the entire data is collected digitally, thus doing away with paper work required for the traditional KYC process.
It also enabled these organisations to onboard customers using their mobile apps. Using OTP based based authentication customers do a minimum KYC and open a bank account. Such accounts has an account balance limit of Rs 1 lakh and validity period of one year. Customers are required to do a full KYC by visiting the branch and upgrading to a full KYC account.
Face authentication based KYC removes this limitation. Customer will be able to open fully KYC account using the banks mobile app without visiting the branch. Face authentication based KYC process matches live photo of the user with the photo available at UIDAI. This enables AUA/ KUA's to use biometric authentication (face auth) with out the need of any additional hardware other than a mobile phone. As of now this feature works only on Andriod OS mobile phones only.
