The potential of information technology, however, can positively be utilized better by banks and financial institutions in processes relating to prevention of frauds, unique identification of customers for effective adherence to KYC/AML/CFT norms and generally putting in place risk based transaction monitoring systems in the larger interest of consumer protection and safeguards.
Further, there is an overarching need to integrate technology in the field of KYC  2  BIS central bankers’ speeches  compliance in the present scenario. That is one more reason why RBI has advised banks very recently to implement e-KYC across various customer service points (CSP) through appropriate software solutions that can best integrate UIDAI defined Application Programming Interface(API) protocols.