Transforming Customer Onboarding in Lending: A Contemporary Digital Strategy
The final quarter of FY 2022-23 witnessed a remarkable surge in Aadhaar Verification API transactions, with over 84.8 crore transactions, representing an 18.53% increase from the previous quarter. This growth trajectory continued into December, culminating in 32.49 crore e-KYC transactions—an impressive rise from the preceding month. By April 2023, the momentum was unmistakable with more than 250 million Aadhaar e-KYC transactions and a staggering 1.96 billion Aadhaar authentication transactions. This marked a robust 19.3% year-over-year increase, demonstrating the expanding reach of Aadhaar across all age groups with a saturation level of 94.8%, signaling near-universal adoption among the adult population. Aadhaar’s API has revolutionized the way customer acquisition costs are managed across various sectors, particularly in financial and telecom services. By March 2023, the cumulative count of Aadhaar e-KYC transactions had exceeded 14.7 billion, underscoring its critical role in bot