Kotak Mahindra Bank Takes a Digital Leap, Enables Client Onboarding via Face Authentication-based e-KYC

Kotak Mahindra Bank Takes a Digital Leap, Enables Client Onboarding via Face Authentication-based e-KYC

Kotak Mahindra Bank Takes a Digital Leap, Enables Client Onboarding via Face Authentication-based e-KYCAadhaar Based Face Authentication to Offer a Seamless Digital Onboarding Experience to Customers

Mumbai, September 6, 2022: Kotak Mahindra Bank Limited (KMBL) today announced the launch
of the Aadhaar-based e-KYC of the client using face authentication. Kotak is one of the first banks to
go live with enabling client onboarding via face authentication-based e-KYC. The authentication
is done via a mobile app newly developed by UIDAI, and no additional device is required to
perform the authentication. Further, it brings forth the convenience of significant time-saving as
it takes only a few minutes to complete the entire authentication process.
Currently, Kotak Mahindra Bank has offered this service to all savings account holders onboarding
via partner channels like BSS Microfinance and plans to extend this service to other channels in
due course. The Aadhaar-based face authentication method is used as an alternative to the
currently used fingerprint authentication on Kotak Bank Digital Savings Account. Customers who
visit the branch can provide consent for completing their KYC using Aadhaar-based
authentication. They will be authenticated using the Aadhaar authentication process as
prescribed in the bank regulations. A successful face authentication confirms that the physical face
being scanned for verification matches the one that was taken at the time of enrollment of
the Aadhaar number and verifies the identity of the person.

Puneet Kapoor, President-Products, Alternative Channels, and Customer Experience Delivery,
Kotak Mahindra Bank said, “Kotak Mahindra Bank believes in using the latest technology to bring
in new and improved digital banking solutions for our customers. We would like to thank UIDAI
for introducing the face authentication app through which we can offer this seamless digital
onboarding to our customers”

Onboarding via face authentication-based e-KYC will further help to reduce the cost of acquiring
as the cost pertaining to fingerprint device procurement and maintenance will go away. This
the modality will also provide resolution to fading fingerprint miniature capture issues and related
failures, especially for sourcing in the rural areas where farmer fingerprints change over the
period of time.

 

About Kotak Mahindra Bank Limited

Established in 1985, Kotak Mahindra Group is one of India’s leading financial services conglomerates. In February 2003, Kotak
Mahindra Finance Ltd. (KMFL), the Group’s flagship company, received a banking license from the Reserve Bank of India (RBI),
becoming the first non-banking finance company in India to convert into a bank – Kotak Mahindra Bank Ltd.
The Bank has four Strategic Business Units – Consumer Banking, Corporate Banking, Commercial Banking, and Treasury- catering
to retail and corporate customers across urban and rural India. The premise of Kotak Mahindra Group’s business model has concentrated in India and diversified financial services. The bold vision that underscores the Group’s growth is an inclusive one, with a
host of products and services designed to address the needs of the unbanked and insufficiently banked. As of 30th June 2022,
Kotak Mahindra Bank Ltd has a national footprint of 1,702 branches and 2,761 ATMs, and branches in GIFT City and DIFC (Dubai).
For more information, please visit the company’s website at https://www.kotak.com/.

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