Month: October 2020

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customer identification Customeronboarding Digital KYC DigitalKYC financial inclusion KwikID KYC video based kyc Video KYC Video KYC for Banks Video KYC vendors Video KYC verification

Kwik.ID’s Video KYC sees a 300% Surge as Banks and Financial Institutions Move to Digital Customer Onboarding

This increase in the company’s service adoption has been attributed to the digital onboarding and Video KYC processes by banks and other financial institutions like New India Cooperative Bank and RupeeRedee

August 11, 2020, National: Kwik.ID, a computer vision and AI-enabled Video KYC solution provider recently reported a 300% jump in the adoption of their services across verticals like banking, housing finance, lending, forex, fintech and wallets. The latest to join the company’s roster are New India Cooperative Bank and RupeeRedee. This surge is a result of the RBI allowing banks and other lending institutions to use Video based Customer Identification Process that has helped in easier digital onboarding of customers remotely.

Kwik.ID is a leading VCIP Digital KYC solutions provider, known for their superior technological infrastructure and an unparalleled completion rate of 85% compared to the industry standard of 40-50%. With the completion of over 50,000 KYC sessions already, Kwik.ID allows users to complete verification in 2 minutes with their swift feature of instant OCR of PAN, Aadhaar documents irrespective of low bandwidth network.

Speaking about the rapid adoption of Kwik.ID among several organizations and the growth spurt of Video KYC at large, Monish Salot, Co-founder & Chief Product Officer, Think Analytics said, “Gone are the days when digitization was just a matter of convenience. It has now become the way we all operate in our daily lives, be it investing, online deliveries or conducting meetings. Online activities which involve money is directly proportional to risk due to the increasing cybercrimes and in such cases, verifying and ID risk assessment plays a crucial role to conduct paperless documentation process successfully.”

“We are enthralled that clients are finding our robust technology infrastructure favorable in completing their KYC onboarding end-to-end. Kwik.ID’s adoption across several verticals by some of the largest organizations are a true testament to our quality of services and technical expertise. This is also indicative of the upcoming inflection point in the Video KYC segment in India” he further added.

The Video KYC platform has also been adopted by New India Co-operative Bank for KYC completion of their existing customers. Speaking about the partnership, Ketan Muni, Head – Strategy & Operations at New India Co-Operative Bank Limited said, “Video KYC has simplified the KYC journey of the customers to a great extent. Kwik.ID, designed by the Think Analytics team, is a powerful yet simple video KYC solution for customer onboarding. The AI-powered solution ensures better identification, process integrity and customer security.”

Recently, RupeeRedee- the digital platform offering short term loans – awarded the Video KYC mandate to Kwik.ID as well. Jitin Bhasin, MD – RupeeRedee said “Covid-19 pandemic is likely to have a far-reaching impact on the way financial services are delivered and consumed. As a digital lender with a stated objective of leveraging technology across the supply chain, we decided to accelerate our product development roadmap to introduce the much-needed Video KYC process to serve our customers in a safe, efficient and contactless manner. We are now able to offer larger ticket size loans for longer tenures basis this new Customer Due Diligence Process.”

KwiK.ID is an RBI compliant AI-based Video KYC solution by Think Analytics. This AI-driven SaaS company ensures a streamlined process wherein verification goes under multiple stages such as geo-tagging and time-stamped for concurrent audit backed by RE’s domain and infrastructure.

Early this year, the Reserve Bank of India amended the Know Your Customer (KYC) rules and introduced the Video KYC option to onboard customers.

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Five Lessons the Insurance Industry Can Learn from Banks about Video KYC

The IRDAI’s recent decision to allow insurance companies to leverage vKYC (video KYC) technology marks an inflection point for the industry. Insurance companies now have the opportunity to transform their KYC process and potentially grow the number of, the speed with, and the efficiency for the customers they onboard, even in the middle of this pandemic. A recent PwC report estimates that the pandemic has resulted in a 30 percent decline in business for key insurance players.

The banking industry has been an early adopter of the new Video based KYC identification technology, with RBI approving V-CIP processes back in January 2020, and can provide some templates for the Insurers to understand the big opportunities of ‘new’ customer experiences, as well as the potential hurdles that wait ahead. While there are many more, let’s take a look at the top five lessons the insurance industry can learn about vKYC from the banking sector.

Guiding user journeys: the key to VCIP success

Users want a simple, quick, and relatively pain-free experience. All the time. This requires building a robust back-end to limit bottlenecks that could affect performance, as well as implementing a user-friendly, mobile-forward interface that users won’t have to wrestle with. Among banks, there’s a vast disparity in vKYC completion rates, from 40-45 percent at the lower end of the spectrum, all the way up to 85 percent with solutions from some key industry players. Successful players design user journeys with users at the centre, and not technology. Consistent, well-guided, and convenient user journeys lie at the heart of successful virtual customer identification.

Automated queue management: an overlooked customer experience factor

When it comes to a high traffic function like Video KYC verification, the insurance industry can benefit immensely from automated queue management. Given the agent-interaction (manual) layer – intelligent queuing is a necessity for vKYC. AI-enabled and automated queue management can substantially reduce the time involved in setting up, sequencing, and following through on individual KYC applications, eventually leading to a higher completion volume per day. Automated queue management can deliver a much more productive vKYC completion rate, thanks to lower processing time and a more responsive process. Practically, a well automated vKYC queue can deliver 10-15x more productivity for each agent, by cutting down the friction in user switching (imagine traveling from one customer’s residence to another’s).

Concurrent auditing and automation

Concurrent auditing is a security and compliance requirement baked into both the RBI’s and IRDAI’s decisions in favour of vKYC. Conventional concurrent audits are limited, sampled and error-prone. Automated concurrent auditing, on the other hand, can be expanded to full audit at a fraction of time, cost and resources. Automated concurrent auditing technology, with augmented intelligence (fuzzy logic, document checks, etc.), that tracks every transaction, flags problem transactions as they occur. Automated concurrent auditing can ensure 100% visibility and transparency, as well as the reduction in overall compliance costs.

Managing innovation and adoption with insight

Understanding the impact of vKYC in terms of time, effort, and money saved, is vital to its greater adoption. Decision-makers benefit immensely from effective insights dashboards, helping them identify trends in completion rates, flag issues, and view quantitative insights into the impact of Video KYC India, both for the customer onboarding experience and the overall bottom line. Quite often, the intelligence from a system change is deferred for later. For best-in-class vKYC processes, they’ve been a part of the product strategy. Often the insight layer is critical for agile innovation to deliver the highest possible value in the short term.

Freeing the user and expanding (market) possibilities 

A vital advantage of vKYC on a whole — and something insurers stand to benefit from in this time of extreme isolation —users can complete onboarding from anywhere (as long as they’re within India, according to geotagging). It allows businesses to identify “similar” markets where they can expand to, onboard customers (with confidence), and unlock the potential that an innovation like vKYC can bring to the table. Unlike the past, when we are competing with digital-first insurtech innovators, the cycle time to test these decisions needs to be high and our offerings need to be competitive (across both, product and customer experience). Considering the 80-85% journey success rates that Video KYC solution providers like Kwik.ID is delivering, even in low bandwidth locations – there is an opportunity to open new markets in rapid succession and create experiments that unlock long-term value.

Conclusion

There is an all-pervasive uncertainty, and steps like vKYC are great regulatory nods to keep businesses moving forward without inherently exposing people (or the business itself) to greater risks. Insurance penetration in India is low, and there is an opportunity for the best in class players to use this ongoing crisis as an opportunity and transform the customer acquisition landscape for the industry at large. How well and with what urgency the industry players jump on this rocket-ship will likely determine the pace at which the sector recovers to its pre-COVID growth trajectory.

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AI BFSI Completion rates covid19 customer identification Customeronboarding data privacy Digital KYC Digital transformation DigitalKYC Digitalonboarding Face AI face match financial inclusion Fintech fintechs fraud checks fraud detection Gaming Insurance IRDA KwikID KYC lending liquorecommerce liveliness OCR Offline Aadhar Payment Banks Physical KYC RBI Social Distancing socialdistancing spoofing tech savvy telecom Travel V-CIP video based kyc Video KYC Video KYC for Banks Video KYC vendors Video KYC verification VideoKYC Wallets

Video-KYC sees a huge leap in 6 months, start-up Kwik.ID reports a jump of 1,00,000 sessions completed since February

With the regtech market evolving to facilitate compliance management while minimising regulatory risks, Video KYC solution Kwik.ID expects 3x growth in monthly sessions by March 2021

13 October, National: India’s fastest AI-enabled Video KYC solution providers, Kwik.ID has announced that they have crossed over 1, 00,000 successful Video KYC sessions since February 2020, with an 80%+ 5* user rating, and an overall NPS score of 90. Since the pandemic has shattered in-person customer identification to a large extent over various sectors of customer onboarding, Kwik.ID has made speedy headway in its growth trajectory. 

The regtech start-up witnessed a significant surge in its Video KYC session volumes, with an 85% + completion rate, significantly higher than industry averages, promising each session to be completed in under 2 minutes. In a market full of incumbents, albeit a late entrant, Kwik.ID already works with clients across multiple verticals – Fintech, NBFCs, Banks, Insurance, Lenders, Forex,  and the list goes on. 

MonishSalot, Co-Founder and Chief Product Officerof KwikID said, “Design and technical excellence, and superior performance has led us to reach such a wide audience in a short duration. Our product is naturally scalable to 100x of the current volumes. We always strive to do better than before and aim to fulfil the needs of today’s businesses and audience by staying relevant to them.”

The platform is expecting a 300%+ growth in daily sessions from November, as most institutions have shifted their customer onboarding tracks online for a seamless, accurate and remote process, and as the businesses open up. 

Adding to Monish’s viewpoint, Abhishek Joshi, Co-founder and Product Manager of KwiK.ID further added, “The pandemic has taken a toll on every aspect of our life and we need to come up with digital solutions to keep going. Kwik.ID Platform will continue to simplify the otherwise tedious process of safe and compliant customer onboarding and customer engagement. In today’s time, every time you get a face to face interaction with a customer, you have to make it count. It is not just about KYC. It’s about a memorable experience as well. ”

Various regulators and industry bodies have started seeing the potential of Video driven customeronboarding and KYC processes. This was only after the Insurance Regulatory and Development Authority (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA) has permitted Video based customer identification process for NPS account opening. As per Frost & Sullivan research, the global regtech market is expected to reach $6.45 billion by 2020.  

~Press Release Ends~

About Kwik.ID:

Kwik.ID, an incubated start-up by Think Analytics is a lightweight plug-and-play Digital and Video KYC solution which is 100% compliant and allows to complete Video-based KYC Identification process within 2 minutes. Kwik.ID is a cross-platform presence-less KYC solution covering Video KYC, government database integration across all major OVDs, image recognition, liveliness detection, asynchronous agent handling, concurrent audit, and much more.  It was one of the first products with RBI’s V-CIP guidelines that came in January; the product really turns customer onboarding into a very seamless process, especially in the current COVID context where meeting customers in person is a limited option. For more information, visit: https://getkwikid.com/

Think Analytics India is an analytics solution and services company founded in 2014.  The team has built multiple solutions and is continuing to invest in products with a potential of disrupting the mobile data and analytics ecosystem. The organization has actively worked with some industry giants like ICICI Bank, Aditya Birla Finance, IDFC First Bank, SREI Equipment Finance, Navi Technologies, Ola Financial, Future Group among others and have affiliations with the likes of EY, Bain and Company, PwC, IAMAI.

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Kwik.ID Aspires to Maximise Agent Productivity

At Kwik.ID, instant customer onboarding via Video KYC and a high completion rate has always been at the heart of the company, but none of this is possible without exemplary customer service, achieved only by maximising agent productivity. From about 90,000 5 star sessions and 1,00,000 completed sessions since February, we are always striving to be the best video KYC solution providers in the industry.

Our array of features includes call queueing, call scheduling, estimating call times and more, to ensure you achieve an 85% completion rate and 100% customer satisfaction. To onboard customers seamlessly, it is imperative for our agents to monitor these queues and schedules for the best results. Here’s what goes into maximising their output and minimising your call time. 

Call scheduling by agents

In case the agent initiates the onboarding journey with a customer, he can schedule the call based on customer availability, to ease the process and maximise productivity, while ensuring there is no back and forth.

Link sharing made easy

In an agent-initiated Video KYC journey, the customer is sent a link to join the call. In the event that the link does not reach the customer via SMS, the agent can use any other social messaging platform integrated with our website, including email, WhatsApp or any other that the customer is comfortable with. This minimises the back and forth of requesting the link, as the agent can confirm immediately whether the customer has received it or not.

Low network bandwidth

AI plays an integral role in our digital KYC tool, be it for face recognition, liveliness, or OCR. We also integrate our AI feature to predict whether a call will be completed or not, taking into account factors like low bandwidth, customer location and more. If at any point the system detects that the call might not be completed, the agent isn’t patched in and the system requests the customer to schedule a call to enjoy a seamless process without any call drops.

Call scheduling by customers

Customers can match their availability with the agents and schedule a call to minimise the wait time at both ends. When booking a call, various dates and time slots are made available on the customer’s screen for easy access and instant scheduling.

Priority queueing

In the event that a potential customer has tried connecting previously but has dropped the call for a reason, or in case an agent fails to accept the assigned Video KYC call request or declines it within the threshold time, the customer is instantly added to the priority queue, which means he needn’t wait with another applicant again. The priority queue is also beneficial to customers in rural areas or those in areas with poor connectivity, to ensure their calls are prioritised and they don’t miss out on being onboarded soon. The priority queue is always checked before the standard queue. An active list of customers in the priority queue helps agents to align their time and schedule.

All of these options made available to both agents and customers, make the onboarding process much simpler. In addition, agents have access to live dashboards to quickly monitor customer data and statistics, as well as their own performance, so that they can keep striving for more.

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Advanced Chat Solutions for Customer Growth

The pandemic has changed how businesses communicate with their customers in order to thrive. While face-to-face business takes a backseat and online engagement becomes the new trend, companies and customers, both take to the chat box as a support channel to communicate and boost professional growth.

In fact, at Kwik.ID, we too believe that a major part of our 85% completion rate success is credited to our own chat feature which we offer during the Video KYC process. Instant interaction with the agent via chat support, makes it quick, efficient, and convenient to onboard clients instantly without any hassle. As digital business picks pace, the chat feature seems to get better with time, enhancing its functionality and being integrated for complete support.

Not only does a good chat feature boost agent productivity and enhance customer experience but as chat features and chatbots get more advances, here’s why they are much talked about in the digital space:

AGENT BENEFITS –

Boosts productivity: When on a phone call, an agent needs to focus only on one call at a time, which may even get prolonged. With a dashboard, agents can analyse the call duration and the wait time, so as to prioritise chat sessions and upcoming calls, better.

Boosts customer engagement: If your chat option is worth it, you’ll naturally see customer growth because most people today, prefer using a chat option rather than working over emails and calls. Instead of a potential customer skipping your product midway, they now have an option to reach out to you and know more about your product, instantly, thereby leading to more interactions and queries. This also helps to gauge which potential buyers are genuinely interested in your product. You could also personalise the chat to give it a friendly touch.

Reduces customer repetition: In fast-paced business, customers have no time to repeat their personal details or share their queries over and over again. Modern business calls for modern methods like reviewing all customer details, while they share their enquiries on chat. Saving a chat will also allow both, customer and agent, to read through previous chats and resolve queries faster.

Streamlined feedback: A traditional onboarding would end with a phone call. Today, the chatbot type feature enables you to do a lot more. After ending a customer call, you can set up an auto-emailer, asking the customer for feedback. This would help put together more accurate feedback and improve your product offerings, if needed.

CUSTOMER BENEFITS –

Customer onboarding and acquisition made easy: Live interaction makes onboarding a breeze, when potential customers can’t get around the process soon enough and need added assistance. Often, customers from rural areas or those not familiar with the language may need added support, which they can access via the chat option, so the onboarding process is made easier. Kwik.ID’s multilingual chat functionality during VideoKYC provides ease of communication to the customers with the agent where language becomes a barrier.

Ease of access: Unprecedented call volumes may lead to disappointed customers who’ve waited long enough with their calls going unanswered. With a chatbot, an estimated wait time provided to potential customers keeps them informed about when they can expect an agent on chat, so they can manage their time better, as well.

Only adopting a digital KYC tool isn’t enough. What matters is adding a tool which is enabled with plenty of features to ensure that business keeps moving, even on the go. A chat channel helps build a loyal customer base that relies on you and enables quick communication, which is just what your business needs, today.