Month: April 2020

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BFSI Customeronboarding Digital transformation DigitalKYC Digitalonboarding Fintech Gaming Insurance KwikID KYC Payment Banks Social Distancing Travel V-CIP Video KYC VideoKYC Wallets

Embracing a Digital Future

With social distancing being the need of the hour, businesses have to find ways to ensure their continuity. This largely revolves around companies making their products and services available online.

The COVID-19-induced lockdown and consequent social distancing norms have especially opened up new avenues for companies offering digital customer verification. Most sectors have witnessed a boom in demand for digital KYC, including online education, matrimonial companies, gaming, crypto exchanges, and more[1].

The Finance Ministry, in turn, has permitted 29 insurance companies and 9 stock/securities entities to undertake Aadhaar authentication services[2]. This will be particularly beneficial for small and retail investors vis-à-vis the current lockdown situation, as they don’t need to provide physical documents as proof for KYC.

Further, the IAMAI has indicated that the time is right to replace lengthy in-person verification processes with comprehensive remote e-KYC innovations. This will help the financial services and payments industry to tide over the temporary setback caused due to the infeasibility of carrying out physical KYC for a long time to come.

The lockdown is now also forcing the loan and card issuance industry to prioritize digital lending. Granting of unsecured loans and issuance of credit cards while sitting at home could and very likely become the new normal, and all with zero paperwork. Think of the possibilities wherein through VCIP Digital KYC solutions an official could validate the customer’s documents instantly over video!

The current KYC process doesn’t incorporate social distancing as it still requires an in-person verification for OSV (Originally Seen & Verified) of OVDs (Officially Valid Documents). This crucial step in the KYC process can seamlessly be eliminated by leveraging new technology solutions, like Video KYC, to enable digital onboarding of customers.

Video KYC verification also enables risk management solutions like tracking and cybersecurity and containment of financial fraud. The AI and data analytic tools embedded in these solutions can streamline the lending process, thereby resulting in better underwriting and further reductions of costs in lending and collections.

 It’s time for us to take a leap ahead.

The Future is Now!

Learn more on how to seamlessly conduct KYC using Kwik.ID’s Digital & Video KYC solution at https://getkwikid.com/ or write to us at info@getkwikid.com.

[1] https://ibsintelligence.com/ibs-journal/ibs-news/video-kyc-covid19-forcing-digitization-banks-online-education/

[2] https://www.deccanherald.com/business/29-insurance-cos-9-securities-related-entities-can-collect-aadhaar-for-kyc-829910.html

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BFSI Customeronboarding Digital transformation DigitalKYC Digitalonboarding KwikID KYC Social Distancing V-CIP Video KYC VideoKYC

4 Easy Steps to Improve Customer Onboarding Experience

38% of banking industry customers claim that customer experience is the most important criterion in choosing an appropriate bank.[1] Creating rewarding and positive customer experience should be a priority for all financial institutions (FIs).

Advancing with digital times, most customers today expect their experience to be convenient, friendly, digital and personalized. This is only possible if they incorporate the best Video KYC tools and bring about Digital KYC verification for the customers.

A large number of customers drop out of the onboarding process because of frustration with paper or the volume of information required.[1] According to Accenture Banking 2020[2], digital transformation has improved customer experiences by up to 25% in the banking sector alone.

The onboarding process is the first point of interaction between a financial institution and its customers, and a great onboarding creates the foundation of a longer value-driven relationship. The current offline and physical onboarding of new customers is a long process and is especially difficult for customers in remote areas, far from branches. Institutions have been investing in digitizing the onboarding process for years now, creating experiential improvements, rendering Video based KYC identification possible, with lowered costs, and higher value for customers.

We feel that great onboarding is built on some easy principles – Some easy steps for improving the onboarding process to provide users with the experience they desire are as follows:

1. It’s all about first impressions

In the digital medium, FIs have less than 20 seconds to persuade a potential customer to stay on with their site/ offer. Also, digital channels are converging. That is why developing an effective landing page for both mobile and laptop for potential and returning customers is where truly top-quality customer acquisition/onboarding begins. The no-frills example of Google Search page is one of the greatest case studies in this area.

2. Do not limit a customer’s options

Financial institutions need to cater to omnichannel customer journeys. Customers may begin their journey on one channel and can complete it via another channel. Providing different channels (mobile application, website, call centres, business correspondents and/or in-person), managing critical information flow seamlessly in real-time, and creating Aha! moments gives customers the required flexibility and increased satisfaction.

3. Be dynamic

Traditional experiences were static. If you ask the same question twice, you get the same answer. Modern technologies bring dynamism to the operations. When people repeat a question, it often means that they were not satisfied with the first answer. The onus of better comprehension is suddenly on the institution. This is where most leading institutions use advanced analytics, machine learning and AI to understand customers and recommend services/ offers to them. Most of these capabilities are back-end investments to create front-end moments. But for onboarding, our focus should be to minimise the effort that a consumer has to make while enrolling.

4. Reduce average customer TAT for onboarding

In certain lending journeys, for a customer, the end to end TAT (from being a first stage lead/ prospect to starting her journey with the institution) can be more than 30 days! In the current age and time, it sounds like a civil offence to make someone wait that long for delivering the product/ service.

Whether it is the core components, such as KYC for a regulated entity, or process ingenuities, such as Tele-verification/ Tele-PD, customers expect ease, flexibility, and instant gratification.

For instance, the entire onboarding journey for a FI can be 3-5 minutes, without significantly compromising the expected prudence/ risk management/ policy standards. From Document/ ID verification, Video KYC, bureau checks, referral checks, tele-verification, document signing, payment/ bank account verification, disbursal – most processes are ready to be moved to their digital equivalents.

With RBI approval of Video KYC, banks enable their customers to complete the KYC process from the comfort of their homes using Video based Customer Identification Process. This improves the customer experience and sets a positive tone encouraging further cooperation.

But how can banks conduct Video KYC?

Kwik.ID by Think Analytics provides for instant verification through the usage of cutting-edge technologies like OCR, Database verification, Face Matching, Liveliness detection and Video KYC in simple UX supporting Aadhaar XML, PAN, DL, Passport & Voter ID.

To find out more about how Kwik.ID can help you ease the process of customer onboarding, do write to us at info@getkwikid.com.

[1] https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/technology/lu-digital-onboarding-financial-services-digital-natives-112017.pdf

[2] https://www.accenture.com/us-en/insights/banking/commercial-banking-top-trends-2020

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BFSI Customeronboarding DigitalKYC Digitalonboarding KwikID KYC Social Distancing V-CIP Video KYC VideoKYC

Is Video KYC a Leap Forward for the Financial Ecosystem?

The Scenario

Banks need secure, fast, simpler and scalable solutions (compliant with RBI guidelines) for customer on-boarding, to ensure they neither lose interest from potential customers nor increase the inherent identity risk in their portfolio. For the financial sector, until a 2018 ban by the Supreme Court on use of Aadhaar-based KYC by Regulated Entities, Digital KYC was an efficient means of streamlining their onboarding process. Paperless, cost-efficient, and highly productive – the benefits were significant. RBI later amended its master direction on KYC norms in 2019, allowing regulated entities to open new accounts using Aadhar verification, with consent from the Aadhaar card holder.

More recently, in January 2020, India became the first country to allow Video based KYC identification of customers of Regulated Entities (REs). If done right, Video KYC verification can make the entire process of account opening and enrollment seamless, faster, simpler and more secure, without compromising on the quality of customer information. All of these are key (and possibly the only) ingredients to success in challenging times like we face today. If one ever had a doubt about conducting KYC remotely, #COVID19 has reminded us that digital is as powerful as physical – from office meetings to operational processes.

The Challenges Today

To continue to move forward with our businesses, while maintaining social distance today, Video KYC is the perfect answer to day-to-day operational challenges faced by most banks, NBFCs, Telecom companies and more. It enables digital customer identification process through algorithmically designed and managed video sessions. There are no more physical documents or scheduled visits – there is sufficient masking of data so that your agents don’t have to wear masks.

The Solution

Kwik.ID by Think Analytics is a lightweight plug-and-play Digital and Video KYC solution is 100% compliant and allows REs to conduct Video-based Customer Identification process. From on-boarding to ongoing authentication, Kwik.ID can digitize your customer identification and verification processes. Kwik.ID is packed with cutting edge artificial intelligence, computer vision, big data analytics, and smart workflow design features

Functional and Operational Benefits:
  • Seamless: Works across multiple OVDs.
  • Live Photos: It enables banks to take a live customer photo along with proof of possession of OVDs as evidence of identity and address to complete the KYC process
  • Geo-tags: Live geo-tagging of customers’ location
  • Face Match: Match images across different OVDs, Selfie, etc
  • Audit Records: Record for concurrent audit by RE
  • Efficient: Reduces substantial amount of time and expenditure for banks by eliminating paperwork
  • Effective: Complete customer onboarding in 2-3 minutes
Technical Benefits:
  • Customer Experience: Instant customer onboarding using Artificial Intelligence (AI)
  • Error Reduction: Reduces the risk of human errors by using Optical Character Recognition (OCR) functionality
  • Secure: Eliminates the chances of frauds and forgery of documents
  • Multi-platform: Accessible on any kind of device – laptop, smartphone or tablet
  • Secure Records: All the interactions during Video KYC are recorded and stored for future reference
  • Smart Scheduling: Workflow load balancer for agent productivity management

Additionally, you can get real-time verification and authentication of Officially Valid Document (OVD) like Aadhaar, PAN, Voter ID, Driver’s License, etc. with a registered database. Meanwhile, our Optical Character Recognition (OCR) further speeds up the customer on-boarding process by digitizing the OVDs.

And come to think of it, we are just getting started. Video KYC can pave the way for a whole new era of video-driven customer engagement. #SocialDistancing or not!

To know more about how to get started with Digital/Video KYC using Kwik.ID, please write to info@getkwikid.com

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BFSI Customeronboarding DigitalKYC Digitalonboarding KwikID KYC V-CIP Video KYC

The RBI Video KYC Circular

On 9th January 2020, RBI released the much awaited circular comprising guidelines around performing Video KYC aka. Video Customer Identification Process (V-CIP).

Prior to this circular, it was mandatory for institutions regulated by the RBI (such institutions are referred to as REs or Registered Entities) to conduct an IPV (in-person verification) of their customers prior to account opening. This makes KYC (and in-effect account opening) a time, manpower and cost intensive process.

Video KYC is a much awaited relief and a boon for the financial sector as the RE’s can now do the in-person verification process/customer KYC over a video call. Besides, nowadays, Video KYC verification is also available for all with the latest and the best Video KYC tools.

This alternative customer verification process enables and promotes efficiency in time and cost investments and manpower management while improving security, auditability, and demographic penetration. Moreover, RE’s have also been advised (allowed) the usage of AI based solutions like face matching, OCR, liveliness check, etc to further speed up the process and reduce fraud.

Below are the key features from the RBI’s Video KYC (V-CIP) circular:
  • The Video KYC process is to be divided into two parts –
    • The Video KYC Session
    • The Concurrent Audit
  • Video KYC must be performed only by an RE authorized employee over a two way video + audio call with the customer.
  • The process must take place on RE’s domain only – WhatsApp, Google Hangouts/Duo, Skype and other similar soultions cannot be used for this purpose
  • A geo-location check must be enabled to ensure that the customer is in India whilst in the Video KYC session.
  • For the purpose of POI OSV – the RE personnel must capture a live picture of the customer’s PAN card during the process (except in cases where e-PAN is provided by the customer) – the same has to be checked against NSDL database.
  • Additionally, an OVD amongst the following can be used for POA:
    • Aadhaar
    • Driving License
    • Voter ID
    • Passport
  • The RBI circular provides that while Aadhaar is not a mandatory document,
    • Banks can make use of Aadhar e-KYC service made available by UIDAI directly.
    • Other RE’s wishing to use Aadhaar as an OVD can opt for
      1. e-Aadhaar
      2. Offline Aadhaar XML
      3. SecureQR code based Aadhaar verification.
    • The latter two must not be more than 3 days stale from the date of carrying out the Video KYC session.
    • Moreover, proof of possession of the Aadhaar number is considered satisfactory – so additionally, in case the customer has a physical copy of the Aadhaar card with them, a live picture of the same akin to the PAN process must be captured during the Video KYC session.
  • If Aadhaar is treated as an OVD, Aadhaar images must be stored with the first 8 digits of the Aadhaar number redacted/masked away; same goes for the aadhaa
  • During the process, the RE must also capture a live photo of the customer and ensure that the photo on the OVD matches the live customer.
  • A set of random questions have to be presented to the customer to ascertain liveliness and protect against fraud and collusion. These questions can be unique per customer and can be picked up from the details they filled in the application form. Alternatively, they can be completely random as well.
  • The complete process must take place over a secure communications channel, be real-time and seamless.
  • The session must be recorded, time and geo-stamped and kept in a secure location; available for retrieval as proof and for audit.
  • Once the Video KYC process (stage 1) is complete, a Concurrent Audit must mandatorily be performed to further cross-validate customer details and to ensure sanctity of the Video KYC process to rule out any collusion/fraud possibilities. The Concurrent Audit includes a complete check of the Video KYC session recording along with customer details.
  • To ensure that no fraud/collusion takes place, the Concurrent Audit and Video KYC session should be performed by two separate authorized employees of the RE.
  • Only when the Concurrent Audit marks all documents as clear can the customer’s account be opened.

The RBI Video KYC Circular URL – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11783

Kwik.ID Video KYC is a fully RBI compliant Video KYC / V-CIP solution that additionally features Facematch, OCR, Aadhaar XML, e-Aadhaar, PAN, DL, Voter ID verification, Liveliness detection and a concurrent audit portal; it also comes packaged with scheduling, routing, link-based initiation, suport for low-bandwidth connections, customizability, compatibility with mobile apps as well as websites and a lot more features.

With over 1500 sessions daily and over 50K sessions in total, Kwik.ID Video KYC is testing waters and evolving continuously.

So… what are you waiting for?

Visit getkwikid.com/video-kyc.html for more deatils.

Key in your details in our contact form and we will reach out to you at the earliest to get you rolling – getkwikid.com/video-kyc.html#contact-us

Mat Darona, Kwik.ID Karona!

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BFSI Customeronboarding DigitalKYC Digitalonboarding KwikID KYC Uncategorized V-CIP VideoKYC

How Banks Can Acquire Customers Within 3 – Minutes Amid Covid Lockdowns

With challenges comes change and banks have stood witness to a massive behavioural change over the past few weeks of global turmoil. As the internet took centre seat in every household across India, even the most reluctant of customers was forced to navigate their way through internet banking. This accompanied by the re-activation of dormant customers, all looking to make non-cash related payments through IMPS/NEFT/UPI etc., purchase goods or services or transfer funds, saw internet banking KPIs sail well past their yearly targets.

Opportunity for Banks

With the current market scenario spooking even the most seasoned investor, we are likely to follow a trend of withdrawals from the equity market and deposits into safer term deposits for the foreseeable future. With saving bank interest rates also falling, even the slightest variation in a bank’s offering can lend them a competitive edge in acquiring new customers. Even though bank liquidity would seem higher for the present quarter, eventually when the manufacturing and consumer goods markets come into action, bank’s assets would be re-directed into these segments. This gives banks a huge opportunity to expand their existing customer base and onboard new customers at the present time.

But how can banks seize this opportunity and reach out and onboard new customers in a time where our world has shifted from outdoors to online?

The Silver Lining

In its circular dated 9th January 2020, Reserve Bank of India enabled the onboarding of customers remotely through digital channels, using a Video-based Customer identification Process (V-CIP). A savvy bank can now stitch together a customer’s experience that seamlessly conducts the following.

  1. Video-based Know Your Customer (V-KYC) for customer onboarding
  2. Open savings and fixed deposit accounts
  3. Transfer money into these accounts

These legs of the user’s journey with a new bank, which earlier took hours, possibly days and multiple trips to the bank, can now be completed within 3 minutes. Yes, this is possible with the best Video KYC tools that you can avail from the premium Video KYC solution providers.

#KeepMoving with Kwik.ID

Think Analytics was quick on the uptake and released a coherently designed Video-KYC solution, Kwik.ID to enable banks to enter the digital era of customer onboarding.

The 3-Minute journey captures the following steps essential for a user to complete KYC.

  1. Take a selfie
  2. Provide proof of possession of Officially Valid Document (OVDs)
  3. Answer a few random questions to ensure liveliness

With over 50,000 KYC sessions successfully completed, endless learnings extracted and incorporated, Kwik.ID is a succinct tool which can be used for 3-minute customer onboarding, optimizing agent bandwidth and managing customer experience.

To know more about how Kwik.ID can help your customer onboarding please write to info@getkwikid.com

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Customeronboarding Digitalonboarding KYC VideoKYC

How to Keep Moving in a Socially Distanced World

With an ever-changing world bringing to us an ever-mounting set of challenges, it often feels hard to keep up and keep evolving at the same pace. However, when we dig deeper, we realize that our development never really slowed down; it just required a pinch of innovation added to help us adapt to a new world order.

Challenging times (à la Covid-19) often serve as this much-needed impetus to get our innovative juices flowing. Over the last couple of weeks, we have noticed that the pandemic (as declared by the World Health Organization) we are facing as a civilization has in fact, opened a plethora of alternatives, especially for businesses.

The role of technology as a bridge between client and customer often goes unnoticed in our daily lives. But when daily life comes to a standstill, technology finally comes into its own. The Government of India is urging people to move towards digital banking services, despite India being a heavily cash-based society. Moreover, a lot of Banks, NBFCs and Fintech companies have come up with new emergency credit line schemes to help individuals and businesses affected due to COVID-19, meet their liquidity.

Reacting swiftly to current events, we at Think Analytics, in a very short span of time, have put in place the right infrastructure, technology and access to ready our employees as well as our clients for remote working and ace this period of social distancing.

For one, our Digital KYC product, Kwik.ID, provides an opportunity for banks and other financial lending institutions to continue their operations remotely, by using consent-based Video Customer Identification Process (V-CIP) for the customers’ on-boarding and verification. Amongst other capabilities, key features of our Digital KYC product, Kwik.ID, include:

  • Fully compliant with Amendments to Master Direction – Know Your Customer (KYC) Direction, 2020
  • Provides OVD verification, live photo capturing & geo-tagging of customers
  • With the use of liveliness detector, fuzzy match of identification details on OVDs, etc. it helps prevent fraudulent practices
  • Supports end to end encryption of customer data

We, at Think Analytics, are committed to providing viable and easily implementable VCIP Digital KYC solutions. Even as we unleash the power of data and build platform solutions, our goal remains to solve for an organization’s need of the hour.

Learn more and get down to business at https://getkwikid.com