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The next million jobs will come from the digitization sector, with DMS and CKYC being the greatest job creators…

You walk into a bank, give the customer service executive your name and the number. The executive pushes forward a biometric device for your security clearance. You scan your thumb, give the executive the OTP that has popped up on your mobile, and put your digital sign on the tab. Congrats! You’ve just opened a brand new account in a bank in less than two minutes.

Sounds futuristic, doesn’t it?
Turns out, it’s not too far in the future. The latest ‘Digital India’ initiative has already set the ball rolling toward this scenario; not just for banking, but in all likelihood for innumerable government or private services that require you to prove your identity – from passport renewal to mobile connections.

Remember the ‘digital locker’ project, where the government wanted to save all your important documents in a digital format? Well, a more purposeful version of it has reappeared in a brand new avatar. On April 1, 2017, the Reserve Bank of India mandated that all banks comply with and implement ‘Centralized-Know-Your-Customer’ or CKYC. All documents pertaining to an account will be scanned, verified and centrally stored. A unique 14-digit ID will then be generated against that individual or organization. This 14-digit ID is all that is required by that individual or organization for identification at all financial institution or relevant business. In essence, your CKYC number might become the equivalent of the Social Security Number of USA citizens.

This is a humongous task, to say the least. We are talking zillions of documents. To top it, the digitization process does not just involve scanning; it also includes sorting and restructuring as well, before storing.

“It involves a mix of manual effort and technological intervention,” says Mayur Gohel, CMD, Euphoria Technologies, one of the foremost CKYC solution-providers to banks and NBFCs across the country. “Banks understand the critical nature of CKYC and the need for speed. Recruitment and training for such a specialized job can be a long-drawn process. It’s why we have stepped into this space with our patented CKYC-Pro solution.”

There are many who’ve been prompt with their KYC. But there are accounts which are yet to be seeded with crucial inputs such as Aadhaar, PAN etc.

“We had to keep all these challenges in mind while developing the CKYC-Pro,” says Vishal Nandimath, CEO, Euphoria Technologies, elaborating why CKYC-Pro is the most widely used CKYC compliance solution across the country. “CKYC-Pro is a self-propelled solution. The bank staff does not have to involve itself in the day-to-day execution. Our patented software and trained manpower take care of it. We have built the CKYC-Pro as an end-to-end solution, a one-stop-shop for CKYC compliance for banks; to the extent of carrying our own scanners to the site.”

Under CKYC, banks are required to capture accounts holder details in 70-odd data fields. Most banks have accordingly changed their account opening forms. However, in the pre-CKYC era, most banks captured between 35 and 45 fields of the details that are currently required for CKYC compliance. In sum, banks will now have to engage account holders to get the remaining information in most cases.

“There are a couple of ways in which we manage this legacy,” says Vishal. “Once CKYC-Pro has identified the information that has to be gathered, we bring our BPO team into play. We have a specialized CKYC-division within our BPO services division. It is our experience that human interaction yields quicker and better results in getting the necessary information.”

Undoubtedly, CKYC is the need of the hour. Tons of paperwork will be saved, duplication of data out, and flow of finances systematically organized and scrutinized. Importantly, every citizen of the country gets a truly unique and verifiable identity. This can be a long haul, unless the private sector rises to the occasion.

“We’ve been in the digitization space – especially DMS (Document Management Services) – since 2014,” says Mayur. “This vertical of Euphoria Technologies has been growing at a steady pace with clients from sectors such as Judiciary, police, higher education, banks etc. But with the advent of CKYC, we’ve literally burst forth. Overnight our numbers have grown 10 times, and we’re still growing. We already have the largest PSU in the country, as well as some of the largest NBFCs as our clients on the CKYC-Pro platform. Going by the Prime Minister’s vision, I’m confident that digitization is where the next million jobs are going to come from.”

– Mayur Gohel, Chairman, Euphoria Technologies