“We believe AI-powered solutions can greatly assist banks in completing re-KYC processes for Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts, especially given the challenges presented by a large segment using feature phones. Banks could deploy an AI-generated dynamic question flow tailored to each user’s profile. This approach would securely identify customers through context-based questions, eliminating complex steps. Importantly, it would be paired with a consent prompt, ensuring each step is user-initiated and authorized. By integrating such intelligent and accessible measures, banks can streamline re-KYC for all users while upholding regulatory standards. This AI-driven approach not only enhances digital trust but also ensures financial security by safeguarding sensitive customer data throughout the process.”
Mr. Ankit Ratan, Co-founder & CEO, Signzy