India’s largest asset management company introduces biometrics-based KYC service

April 11, 2016 - 

ICICI Prudential Asset Management Company (AMC), India’s largest AMC has introduced a paperless, biometrics-based know your customer (KYC) service across its major centres.

According to a report in IIFL, clients can complete the KYC process with a fingerprint scan and make transactions of any amount instantly. Advisors no longer have to stock application forms or require multiple signatures from investors. This feature will soon be rolled out to ICICI customer centers across India.

This feature will also be available on IPRUTOUCH, the distributor mobile app that lets distributors and independent financial advisors on-board customers instantly. Distributors should also be able to facilitate transactions for the investor immediately after the fingerprint authentication.

“As technology is changing the world and our lives in a profound manner, this facility can empower distributors to help investors invest in mutual funds by simply using a fingerprint,” said Nimesh Shah, MD and CEO, ICICI Prudential Asset Management Company. “This is yet another step to fulfil our objective of streamlining the key processes and minimizing of paper work while on boarding investors. “

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About Stephen Mayhew

Stephen Mayhew is the publisher and co-founder of Biometrics Research Group, Inc.. His experience includes a mix of entrepreneurship, brand development and publishing. Stephen attended Carleton University and lives in Toronto, Canada. Connect with Stephen on LinkindIn.