IMPACT OF DIGITAL KYC AND ONLINE ACCOUNT OPENING ON CUSTOMER EXPERIENCE IN STOCK BROKING FIRMS

Abstract

Customers' interactions with stock broking companies have changed as a result of the financial services industry's fast digitization, especially with the arrival of online account opening platforms and digital Know Your Customer (KYC) processes. By doing away with paperwork, cutting down on verification time, and allowing account activation in a matter of minutes, these advancements have made the initial setup procedure simpler. With a focus on convenience, effectiveness, security, and satisfaction, this study investigates how digital KYC and online account creation affect the client experience in the Indian stock brokerage industry.
People who have used digital onboarding services provided by popular stock brokerage companies, were given a structured questionnaire via Google Forms, which was used to gather primary data for the study. Descriptive methods of statistical analysis were used to analyse the responses in order to find customer opinions and trends. The results show that by simplifying the account creation and verification procedures, digital KYC and online account opening have significantly boosted client ease, accessibility, and overall satisfaction. The report does, however, pay attention to persisting worries about data privacy, technological issues, and the lack of personalized support for new users.
Based on the study's overall findings, online account opening and digital KYC have improved and modernized the client experience by speeding up and simplifying stock market participation. However, companies must continue enhancing user interface design, customer support, and cybersecurity safeguards to provide an uninterrupted and reliable digital onboarding experience.