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Donnerstag, 19.09.2019
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India is experiencing rapid digitization and so is the process of digital identification and customer onboarding.

The recently passed Aadhaar and Other Laws (Amendment) Bill, 2019 will be paving the way for the next-generation of digital identification in our country. Biometric information of every individual is unique, so much so that it has always served as a gold standard for identification with the highest level of accuracy and a strong security.

The digital technology has heralded unique algorithms that are revolutionizing the process of identification with the help of Biometric Authentication to save the two most important things on the planet - time and cost.

Digital identification is conducted in multiple ways. UN’s World Food Programme, for instance, uses biometric technology (iris scans) to offer aid to Syrian residents at camps. Refugees can claim their grocery supply with the blink of an eye, literally. This eliminates the need for a bank card or registration papers. The system is aptly named ‘EyePay’.

India too, for the first time, introduced a government approved Digital Identity proof such as Fingerprints and Iris of Indian Citizens, through Aadhaar”.

On the public sector side, state governments such as Telangana have been identifying Indian residents by Aadhaar-based biometric authentication for proper distribution of subsidies to the right citizens and provide e-Governance services to them.

Some Digital Identification solutions providers have designed, developed, and deployed innovative Aadhaar-based Subsidy Management System (SMS) which empowers various governments to identify the beneficiaries instantly before releasing any government subsidy. SMS has helped the respective governments to save more than INR 150 Crore and its deployment is being considered by other State Governments throughout the country.

Even the private sector is utilizing the Aadhaar-based Digital Identification infrastructure to on-board customers following a simple, authentic, and quick electronic mechanism. The process of customer onboarding is common across every industry and proves to be a costly affair for all organizations. Tech-driven startups have started offering ultramodern services for digital identification to businesses such as e-COS (Electronic Customer On-boarding System). Such solutions provide following advantages to any organization:

    i. Unmatched Authenticity: Since KYC details are directly shared by Government’s database, this approach turns out to be the safest and most authentic. ii. Turnaround Time: The tech-driven approach decreases the time to onboard a customer by 97% while also positively affecting the customer experience by eliminating exhaustive paperwork. iii. Cost-effectiveness: Lastly, and most importantly, this approach is more cost-effective and saves 90% OpEx on customer onboarding.

How Secure are the Systems?

In India, UIDAI has taken all the necessary steps to ensure data privacy and security. With the most advanced encryption techniques, HSMs (Hardware Security Modules), and Indian Computer Emergency Response Team’s (CERT-IN’s) annual audits, the systems have become very secure and almost impenetrable.

Also, with the Government of India making a statement to introduce a new Data Privacy Law, and with the regulators like RBI, SEBI, etc. keeping a close watch on their respective entities, we are on the right path to ensure a more evolved and much safer system in the near future.

Conclusion

India is experiencing rapid digitization right now and so is the process of digital identification and customer onboarding. An innovative start-up ecosystem in the country is further catalyzing the process. If digital identification is imperative for any private business or public sector entity, then it isn’t wrong to say that we have already stepped into the future – as the use of Aadhaar for identification is becoming part and parcel of the process while also being more time-efficient and cost effective. It is also more futuristic and secure than the process ever has been. Perhaps, this is why new-age businesses can be seen increasingly deploying such solutions in India.

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Autor(en)/Author(s): Siddharth Kukatlapalli

Quelle/Source: Moneycontrol , 29.08.2019

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