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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

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What a Digitization client looks for in a service provider?

“Real generosity towards the future lies in giving all to the present.” ― Albert Camus

What will tomorrow bring?
No one knows the precise answer. And yet, everyone knows there is something to expect.
The future belongs to those who plan and prepare themselves in the current moment. The foresight needed to determine the next course of action is what separates winners from also-rans!

The future belongs to a digital environment where people are connected to each other, their governments and their professional alliances by unseen webs of the digital thread.
Digitization cannot be defined to be any single thing in particular. It is, however, capable of becoming anything and everything if sufficient thought and talent are invested in the critical art of defining the architecture in a manner where the benefits of the technology become obvious and fundamentally necessary.

Digitization helps with transparency and dissuade fraud
For example, let’s take the banking and financial sector, Digitization can benefit organizations to a great extent by capturing and cataloging customer personal and transaction details in a clear and concise manner, helping with audit and regulatory requirements. Also, the ability to retrieve the information at short notice helps prevent fraud.

Digitization offers faster and better medical care
A blessing in disguise for Digitization is the ability to capture and store patient information in a centralized database. The scanning of x-rays and OPD or in-patient information can be shared digitally around the world, making it possible to receive specialist opinion and guidance on treatment. Again, the promise in the medical field is still at its infancy. This can be nurtured to become a critical part of health-care in the future.

Digitization empowers citizens
For government organizations, the scope for use of digitization cannot be exaggerated. Gone are the days of triplicates and quadruplicates, information can be made digital and the process of decision-making made faster. And this is going to become a critical feature in how people are administered. No longer can government institutions continue to be bogged down by bureaucracy, but differentiate themselves by delivering value to the citizens and the government voted into power by the citizens.

The advances in technology to capture data in Indian languages is a game changer. This particular medium can shift the paradigm several notches higher in terms of governance and administration. Initiatives such as the Aadhar identification card and the Rupay settlement mechanism has introduced technology to the remotest parts of the nation. This can be a harbinger for change if continued investments are made in the Digitization sector.

New Economy! New Skills! New Employment Opportunities!
Above all else, Digitization brings into its fold a large section of the population who possess sufficient skills but have been held back by chronic underemployment or unemployment. The ability to work in a Digitization environment allows people to master the necessary skills needed for Digitization and become adept at using technology and earning a good living. The skill development costs are marginal given the huge potential Digitization offers. Financial independence is an expanding India thanks to a career in Digitization is just what the economists desired.

Scale and Scope for Digitization is Enormous
Finally, the market for digitization is mindbogglingly huge and the potential has hardly been scratched. Digitization holds remarkable promise to realign the realities of the current environment with that of a future promised by technological advances, which can lift millions of people to a better standard of living, while helping organizations become smarter and nimbler, helping them become more competitive.