V3I3P58

A study on the effectiveness of digital KYC in enhancing customer onboarding experience in the banking industry with reference to IDBI bank

Yogapriya K^1*, Sivaharini N², Ajai Kumar V³, Abhilash V⁴

Abstract

The study aims to examine the effectiveness of Digital KYC in enhancing the customer onboarding experience in the banking industry, with specific reference to IDBI Bank. The research focuses on evaluating the efficiency of Digital KYC compared to conventional KYC methods, particularly in terms of processing time, cost-effectiveness, operational accuracy, and user convenience. The study also analyses customer satisfaction levels by assessing factors such as ease of use, accessibility, transparency, and overall service quality. In addition, it identifies the major challenges encountered during the implementation of Digital KYC, including technical glitches, data privacy concerns, cybersecurity risks, and issues related to digital literacy among customers. From the banking perspective, challenges such as system integration, regulatory compliance, and infrastructure limitations are also examined.

Keywords:

Digital KYC, Customer Onboarding, Banking sector, IDBI bank, Customer Satisfaction