The Digital Revolution of Banking - Opening a Digital Accounts
Every day, millions of customers open new accounts from different places and banks.
Signatures are a common way of checking identities, but signing papers can be a time-consuming procedure that requires going to a branch or copying, scanning, and publishing records, both of which increase the risk of human error.
But now to save you time we have something more than signing documents and it’s “Digital Account Opening”.
As the name itself says digital that means you don’t need to go anywhere just sitting at home some few clicks and your bank account is opened. Sounds Something New and interesting Right !!
Digital Account Opening Meaning
Digital account opening is the process of opening an account without going again and again to the bank to open your account.
Digital Account Opening ( DAO) is a simple process where with a few clicks your account will open and be ready for use.
Banks already know that the world is moving into a new phase of online and digital methods.
They know that the younger generation can’t live without their smartphones and as a result, the things that are taking place digitally are much used and in demand.
As a result, digital account opening seems to be a natural and appropriate choice for banks to have.
To create and register for a new bank account digitally it is undergone through the registration process. It involves 6 easy steps to process and open a digital bank account easily as per convenience.
- Basic customer data capture – This means collecting all the data and information from the customers required to open their bank accounts.
The data consist of primary goals, monthly income, past relationship with your bank, etc.
- Verification of ID plays the most important role in the account registration process. This is because it is the only way by which you can detect whether the person who is opening their account is trustworthy or fraudulent.
ID verification consists of verification of ID credentials, proof of address, etc.
- Once the whole process of document verification comes to an end you are up with your account creation.
That means just by sitting and filling out a form by providing some relevant details your account is instantly created for mobile use.
- – When your customers get to know about your terms and services then it is pretty obvious they will share their experiences with others as well. That means the chances of growing your field are more as compared to others.
Interesting, isn’t it? So, all you must do is to satisfy your customers by providing them with the best services you can.
- As soon as all the process comes to an end that means document verification, sharing of your data to the relevant bank accounts, saving your details properly, and performing all the rest processes.
- The only thing that is remaining is the onboarding process which is the final account approval. Once the whole process comes to an end and everything is verified you will get full access to your account.
- compliances consist of KYC i.e. Know Your Customer. KYC or KYC check is the method of defining and checking the client’s identity when opening an account.
- In other words, banks must ensure that their customers are who they claim to be. If a client fails to meet the minimum KYC criteria, banks can refuse to open an account or terminate their account application form.
As we all are aware now, it is very clear i.e., opening a digital bank account is easier. The process becomes much easier, faster, reliable, and secure. Thanks to the document verification process ending, so looking forward to opening an instant Digital Bank account our Digital India team will help you with the process further.
You can simply visit our website Digital India Portal and avail of 100+ govt. and non govt. services through digital means. i.e., online mode.
Digital Seva Portal enables a customer to respond quickly to a bank regarding the problems they face while opening accounts and to complete the onboarding process in minutes rather than hours or days. They can complete the entire process on their smartphone, in the palm of their hand just with a few clicks!