How NBFCs Are Onboarding Borrowers Faster with eKYC Services?

The financial industry has been changing quickly in recent years. The way Non-Banking Financial Companies (NBFCs) are changing how they onboard new borrowers is among the most noticeable developments. They are providing a quicker and safer customer verification process with the aid of eKYC services (Electronic Know Your Customer). 

The electronic counterpart of the conventional KYC (Know Your Customer) procedure is known as eKYC Services. Financial institutions must use KYC to confirm the identity of their clients before providing services like credit cards, loans, or account opening. You can provide access to your services immediately and do away with the paperwork with eKYC.

Why eKYC Services Matter for NBFCs?

Financial organisations that offer banking services without a banking license are known as NBFCs. They provide insurance, loans, and other financial services, particularly in places that are difficult for traditional banks to access. Small businesses, rural borrowers, and low-income individuals are the main targets of many NBFCs.

For the NBFCs, efficiency and time are crucial. Loans can be disbursed more quickly if a customer can be verified more quickly. This is greatly aided by Aadhaar eKYC, which enables NBFCs to:

• During the onboarding process, save time.

• Cut down on operational expenses associated with manual verification and paperwork.

• Increase your consumer base, particularly in rural and isolated areas.

• Increase customer identification accuracy to lower risks and fraud.

How do eKYC Services Help Speed Up Borrower Onboarding?

Here are the key ways in which Digital eKYC services are offering faster borrower onboarding for customers:

Instant Identity Verification

NBFCs can confirm a borrower's identity in a matter of minutes by utilising the eKYC Online solution. To grant the NBFC access to their data, the borrower merely needs to provide their Aadhaar number and consent. This makes government-verified data, including name, birthdate, address, and photo, instantly accessible. 

Remote Onboarding

Borrowers no longer need to go to an NBFC branch thanks to eKYC. Alternatively, they can use a website or mobile app to finish the process online. People who live in small towns, villages, or other remote areas will find Aadhaar KYC especially helpful. Without establishing physical locations, NBFCs can reach a far larger audience.

Lower Costs and Faster Approvals

Processing applications, reviewing documents, and confirming information can take days with traditional KYC. These steps can be shortened with eKYC Services, allowing NBFCs to save money. Additionally, it expedites the approval process, assisting borrowers in receiving their loans more quickly.

Secure and Tamper-Proof Data

Secure and encrypted channels are used by Digital eKYC systems to access and exchange data. For both the lender and the borrower, it makes the process safe. Because the data is difficult to direct or change from reliable government sources, there is also a guard against fraud.

Better Customer Experience

Borrowers today expect fast and even service. By using eKYC services, you can offer a simple and trouble-free onboarding process. Many NBFCs now provide immediate approval of loans based on eKYC, with some loans within a few hours. It improves customer satisfaction and creates confidence.

Conclusion

Finally, eKYC Services have changed the way borrowers on NBFCs. It can now be done in minutes, to take a day or week. Embracing digital solutions such as EKYC, NBFCs not only make operations faster and cheaper, but also help millions of Indians gain quick access to credit. This is a victory for both lenders and borrowers and a more economically inclusive India.

In the future, we can expect more innovations such as Video KYC, biometric certification and AI-based credit scoring.