Category: data privacy

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Prevent Identity Theft by Implementing Digital KYC

Identity theft happens when someone steals your personal information like Aadhar card number, PAN details, or credit card information to make an online purchase, access your financial accounts, create a new bank account, or commit any other type of fraud.

Identity thefts are far more common than you think. According to Norton Cyber Security Insights 2021, nearly 2.7 crore Indians were affected by identity threats in 2020 – that is, 45% of adult Indian internet users. With such high levels of risk, financial institutions need to re-evaluate their current KYC processes to reduce instances of fraud while engaging with new customers. As instances of fraud will see an upward trend, it is time for financial institutions to opt for secure Digital KYC processes in place of legacy practices.

Before we understand how to reduce risk, let us know how one becomes vulnerable to identity theft.

  • Unsecure and public browsing: For the most part, accessing the internet is safe. But, unsecured websites and public Wi-fi increase the risk of data, landing into hackers’ hands.
  • Data breach: A data breach is a security incident where sensitive information is accessed without authorisation. This year, personally identifiable information of 5,00,000 Indian police personnel was hacked into and put up for sale online, which was traced to a police exam conducted in December 2019.
  • Malware activity: Malwares are malicious programs that perform several functions like stealing, altering code, hijacking, deleting sensitive data, and encrypting.
  • Phishing: In this type of attack, a fraudulent communication appears to come from a reputable source, which, when clicked on, lands data in identity thieves’ hands.
  • Physical theft: Sometimes, losing a credit card or mobile phones makes data available at ease, to thieves.
  • Card skimming: In credit card skimming, thieves use a small device to steal payment card (credit card, debit card or ATM card) information. When the card is swiped through this device, it captures all the data from the card’s magnetic strip.

Digital KYC to Address Identity Theft

KYC (‘Know Your Customer’ or ‘Know Your Client’) is a process by which institutions verify the identities of their customers to gauge their identity and credibility. Banks, insurance companies and financial institutions heavily rely on KYC before opening a new account.

Identity verification with KYC mainly addresses identity theft. Despite RBI guidelines for KYC, forged documents and financial fraud continue to be a problem. Recently, in Delhi, a group of fraudsters cheated several popular banks and utilised 22 PAN cards, 9 Aadhar cards, and 21 voter ID cards for their operation.

The current KYC processes are heavily dependent on outsourced vendors and are susceptible to both customer and employee fraud. Kwik.ID provides both Digital and Video based KYC identification to address the issues that KYC processes currently face. Our Video KYC process is used for customer identification as mandated by RBI, SEBI, IRDAI, and PFRDA. The process uses end-to-end encryption for maximum data security and prevents your risk of breach or theft with an on-premises setup.

We verify all officially valid documents (OVD) like PAN, Aadhar, Driver’s License, and Voter ID card from the Central Government Database using our Digital KYC offering. Using Optical Character Recognition, our software recognises characters in ID documents within seconds. Besides incorporating security questions to verify details, AI-enabled image processing is an integral part of our Digital KYC process.

We establish identity consistency by comparing user images on selfies, institutional photographs, and photograph on official ID. We also detect liveliness using AI with live-action commands. Both these steps together significantly minimise instances of fraudulent customers.

Get in touch with us to know more about our streamlined Digital and Video kyc process – we can customise a solution based on your requirement.

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Banking on the Unbanked

Before we delve into the subject of unbanked and underbanked, here’s a look at some statistics – Seven countries across the globe account for 50% of the world’s unbanked population, and India is second on the list. 11% of India’s population is completely unbanked, and even more are underbanked. Although there has been a decline in figures in recent times, there is no ignoring the fact that a large part of the population still needs to be catered to.

Who is an unbanked or underbanked customer?

An unbanked customer is one who doesn’t have any savings or current account with a bank, owing to which they cannot use traditional banking services either. On the other hand an underbanked customer has access to savings and current accounts, however, these are through alternative financial institutions and not banks.

There are plenty of reasons as to why someone may be unbanked. Some of these being

  • Not having enough savings
  • Having concerns about privacy and security
  • Not wanting to pay bank charges; and more.

But the primary concern, at least in India, continues to be that firstly, rural areas don’t have enough transport facilities to reach the bank. Secondly, the interiors do not have enough bandwidth to support online banking processes, even if the branch is distant.

Why you need to bank on the unbanked?

When banks don’t engage with the unbanked and underbanked, many financial institutions lose out on the opportunity to reach out to them as well, because they don’t appear on the financial map. Additionally, owing to the current digital shift, there is a growing need to reach out even to the hinterlands because digital is the future, and the only way to be all-inclusive is to reach one and all and offer a standardised payment process for all. 

Some other reasons why you should focus on the unbanked include:

  • Higher revenue for financial institutions
  • Connects you to an emerging market
  • Safeguards the interests of the lower income groups

Here’s how you can reach them:

Eliminate barriers: Many people from rural areas fear banking, offline or online, because of illiteracy or language barriers. Using technology like chatbots, translators, Neurolinguistic programming, virtual assistance, etc, you can assure your potential customers that they can bank on someone who understands their needs well and is willing to guide them thoroughly with every step of the process.

Reduce physical branches: If the underbanked find it difficult to go to banks, you bring the bank to them. With digital opportunities like Video -KYC onboarding and internet banking, customers don’t need to step out anymore to complete the banking formalities. Promise your customers that the system is completely secure with AI based features like liveliness, facematch, and two-step authentication, so they don’t have any security concerns. At Kwik.ID we noticed that these additional security features in our V-KYC tool made a huge difference while onboarding customers who were worried about their data being misused.

Offer a low-bandwidth facility: How are customers going to opt for digital banking if high data requirements won’t let them complete their procedures? Building a low-bandwidth infrastructure for your unbanked and underbanked population is imperative for noteworthy results. Let media upload sizes be at a minimum, and let your software adjust to data speeds as low as possible. Offering a data speed as low as 170 kbps, we noticed that our Video kYC onboarding call drops reduced drastically and we had an 85% success rate owing to low bandwidth and easy accessibility.

Encourage financial education: Another significant reason why the unbanked don’t invest is because they aren’t aware of banking benefits in the first place. Train your employees and agents to educate them better. They can use digital media in the form of short videos, flowcharts, images and more, to explain the onboarding and banking process, needs for savings, credit application, and many other topics that can easily be conveyed over video. Connect your customers to regional agents who are comfortable speaking the language and can understand the client better. This is necessary especially during the Video -KYC onboarding process, or any other video interaction that makes the conversation more smooth-sailing.

Banking the unbanked isn’t as tough as it looks and doing so has its advantages for both – the banks and the customers too. With the right technology, the right V-KYC tool, and the right goals, the 11% of unbanked India can soon be well-banked and serviced too.

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Addressing the Five Challenges Customers Experience during a KYC Process

KYC compliance is a double-edged sword for financial institutions. On one hand, customers expect quick onboarding with minimum checks and documentation. On the other hand, regulators penalise financial institutions for inconsistencies in identity verification and risk assessments. To bridge the gap, banks, NBFCs and fintech companies continuously focus on revamping their KYC processes to comply with the latest norms while providing customers a seamless onboarding experience.

Here we address the five common challenges customers face during the KYC process and how financial institutions can resolve those using Video KYC (V-KYC). Reach out to us to know more about how Kwik.ID can help you fast-track your KYC compliance.

Challenge 1: Geographical Constraints

The traditional KYC process required customers to submit the application form and the necessary documentation in person. This meant that customers could only opt for banks in their vicinity, based on their current geographical location.

Solution 1: Online Video KYC with Geotagging

In the V-KYC process, the entire verification procedure (including remote onboarding) is conducted online through a live video call. Instead of standing in long queues, a customer can simply schedule a call by registering on the website. Even address verification happens in minutes through geo-tagging using Google Maps.

Challenge 2: Elaborate Documentation

Traditional KYC is a tedious process fraught with endless paperwork. It usually involves lengthy application forms, photocopies of identity and address proofs, and other documents like bank statements and utility bills.

Solution 2: API-Integrated KYC Verification

APIs that aggregate primary data from various verified sources, using e-documents like OVD (Officially Valid Documents) or PAN card, can replace the need for paper-based documentation. Additionally, the use of AI-powered facial recognition tools using Video based KYC identification ensures better accuracy than manual verification.

Challenge 3: Delay in Onboarding  

Conventionally, onboarding is a laborious process. Customers in need of urgent funds often turn to other (informal) sources at higher interest rates given the delays in assessment and onboarding.

Solution 3: Real-time KYC verification

Since identification happens in real-time digital, it removes the need for physical signatures and visits from bank officials. This feature makes the onboarding process smoother, allowing customers to have quick access to financing.

Challenge 4: Dropping out of the Process 

Given the prolonged KYC process, several customers often drop out midway as they often patience (or the need for funds). Financial institutions lose out creditworthy customers too in this process.

Solution 4: Visibility and Tracking 

V-KYC helps customers complete processes faster while also providing visibility on the status of the verification. Banks can ensure customers finish the Video KYC for Banks by tracking what percentage of documentation is completed. 

Challenge 5: Cost of Compliance

Traditional KYC involves high costs due to factors like going to the bank in person, procuring several documents, etc., compromising a customer’s time and money. Financial institutions also spend significant amounts in verifying KYC, which is an additional burden to customers in the form of service charges and processing fees.

Solution 5: Internet-powered KYC verification

V-KYC’s internet-powered processes with the help of trustworthy Video KYC vendors make it accessible, affordable and convenient. It also enables considerable cost savings for the service provider, making financing more cost-effective for the customer.

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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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Video KYC -The ‘New Normal’ across Industries

With social distancing becoming the new normal and businesses going completely online, Digital KYC is now at the forefront to onboard customers instantly, while keeping a check on their records and doing what’s best for business.

Having adopted the best video KYC tools available for their business, both financial as well as non-financial companies find it a boon that lets their business move swiftly. With features like OCR, Facematch, geo-tagging, fraud detection, functioning Video KYC at low bandwidth, Video recording and more, businesses are quickly moving to digital KYC. Here’s a look at how this much-needed tool works, or will work across various sectors.

Banking, Financial Services and Insurance

Banks: For every customer who opens an account with a bank, whether demat, current, savings, or any other, RBI mandates a digital KYC for onboarding the customer. Using Video KYC verification helps banks keep a record of each and every customer via their Aadhaar Card, and link it to the corresponding bank account to track transactions. In order to update customer details regularly, banks also use Video KYC for Re-KYC which makes the entire process much simpler and quicker. 

Asset Management Companies: For all Asset Management Companies regulated by the SEBI, Video based KYC identification offers full KYC to minimise the risk of money laundering. The authentication process is swift, precise, and paperless, leading to a reduction in costs as well as onboarding time. AMCs have now started using Video KYC not only for individuals but while onboarding SMEs and other larger enterprises too.

Insurance: Video KYC’s Liveliness Detection, Facematch and personal discussion features, like the ones offered by Kwik.ID are salient for insurance companies where fraud is more likely. These features enhance the experience for clients and reduce digital risk for companies.

Lending: SMEs and Fintechs choose to use Video KYC verification for lending processes to make quick and informed decisions, while also making the lending process faster and smoother for the borrower. Many NBFCs use digital KYC for individual lending too.

Wallets: Online wallets are quickly becoming the top video KYC users. All this while, customers were asked to adopt the traditional means of submitting their Aadhaar manually at a centre. But with Video KYC in the picture, e-wallet onboarding can be done in less than 3 minutes from the comfort of your home.

Non-Financial institutions

Employee Onboarding: For large organisations, especially those with over a 100 employees, choosing the best Video KYC tool is the smartest way to store employee data, so as to transfer salaries and EPF and safeguard the interests of the company incase of any fraud.

Online Alcohol Delivery: With online alcohol delivery becoming the ‘new normal’, sellers have to be extremely cautious that the alcohol isn’t reaching the wrong hands. Here’s where Digital KYC comes into play. Right from age-restriction checks, geo-fencing, and address verification, KYC – platforms like KwikI.D are designed for Regulated Entities, thereby adapting themselves to simpler customer onboarding.

Telecom industry: Something that we’ve all witnessed is getting authenticated via KYC while being issued a new SIM card. With the shift in selling SIM cards online, network providers are gradually moving towards Video KYC for contactless and quick verification.

Rental/shared vehicle economy: While customers have to opt for Video KYC verification to add money to their wallets, transport apps have to go through it too, to register themselves and keep their accounts operational.

Co-working spaces: As entrepreneurs and businessmen have begun investing heavily in co-working spaces, their safety becomes a matter of concern for the property owner. The easiest way to keep a record of all the employees is via a video based KYC identification.

Educational platforms & exams:  While this seems to be in the making, with the pandemic, it won’t be long before schools and colleges use Digital KYC to enrol students, especially for competitive exams where cheating is rampant.

Gaming: Gaming is one of the largest sectors that witness cybersecurity and fraud because there’s plenty of money involved that can be easily tampered with. Luckily, because of Video KYC’s AI integrated Facematch Liveliness and fraud detection tools, like the ones we offer, make it easier to detect and shut down these fraudsters.

At Kwik.ID, we understand the importance of security and the need to constantly evolve, especially while doing business online. As leading video KYC solution providers, we aspire to facilitate easy digital KYC across every sector, big or small.

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Call Queues and Scheduling Made Easy With Kwik.ID

At Kwik.ID, we understand the importance of good customer service, so apart from striving to be the best Video KYC solution providers in the industry, we also strive to make the Digital KYC tools smooth and quick-paced. From handheld processes, AI-powered Facematch and Liveliness, to Video KYC at low bandwidth, we offer it all. Among the array of features are our call queue and scheduling feature, which promises 100% efficiency and customer satisfaction.

To onboard Digital KYC customers seamlessly, it is imperative to monitor these call queues consistently and lower the average call queue time to as low as 1 minute. This results in new sales opportunities, goodwill, and encourages brand awareness.

Here’s why queue call management matters if you want to achieve an above 85% completion rate from your video KYC verification:

Low Call Abandonment Rates: The longer your potential customer is kept waiting, the higher the chances of him dropping off from your business entirely and choosing a competitor. Moreover, by reducing call abandonment rates, your business can handle a higher volume of calls.

2. High First-Call Rates: Attending to a customer on the first call indicates that your business is a good service provider.

3. Minimised Costs: When you schedule a digital KYC session call with a potential customer, you reduce the hold time to free up the toll-free lines and receive more calls.

Sometimes, these rates tend to be low and costs aren’t minimised enough, leading to your Video KYC verification tool not working effectively enough. This can happen because of the following reasons:

1. Outdated Technology: One of our top priorities at Kwik.ID is to make our Video KYC tools compatible with every Android and iOS device, while offering Video KYC at low bandwidth. While outdated technology is definitely something that can lead to call drops even after queueing and scheduling, we promise a smooth process by offering comprehensive customer information before agents answer the call.

2. Under-staffing: Inspite of offering a host of features, even the best video KYC tool is nothing without enough agents who’ll handle the calls. Your calls might keep piling up and there’d be nobody around to respond to them.

3. Long Handling Times: A call attended to might take longer than expected because the agent isn’t cooperating with the caller or interrupting the caller.

With Kwik.ID’s video KYC verification, rest assured these problems won’t come into play with our carefully segmented call queues and scheduling, to maximise your success rate to over 85%. Our process begins by segregating the queues into two – standard queue and priority queue. Every potential customer is first put into the standard queue by default before they are assigned an agent. Based on the age, if the customer is a senior citizen, and/or based on location if a customer belongs to a rural area, he is placed in the priority queue. Also, in case a customer’s call is disconnected by an agent once or an agent is unable to respond to the customer’s request within the threshold wait time, he is placed in the priority queue. This queue exists to ensure that the applicant is served at priority and does not have to wait with another applicant again. Further, it eases the process for customers and helps them at each step, if they aren’t technologically equipped or are functioning on low bandwidth mode. The priority queue is checked before checking the standard queue. After assigning all the priority customers to agents, we then proceed to the standard queue.

For the best digital KYC call queueing and scheduling practices, we suggest the following:

1. Call Management: Keep call wait time shorter than 2 minutes to avoid call drops.

2. Queue Management: Monitor LIVE data from our dashboard

3. Funnel Management: Study what stage of the call customers are dropping off at, so you can identify the problem and rectify it instantly

4. Agent Management: Track your agents’ data carefully so you can solve any issues with their performance

Kwik.ID’s queueing and scheduling of call functionality, coupled with live dashboards for admin monitoring, makes Kwik.ID one of the best Video KYC tool for your business.

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Monitoring and Evaluating your Video KYC Sessions

When you invest in a new tool to speed up your business, you most certainly want to analyse your return-on-investment over a period of time. No matter how big or small a business is, you want every penny’s worth, and at Kwik.ID that’s what we want too – to help you get your money’s worth.

While our 100% RBI-Complaint Video KYC Solution enables your business to #KeepMoving, monitoring and evaluating these sessions to assess the result and the success of this new intervention is what matters the most. This is imperative, especially when you need to study the company’s continuous performance, efficiency and effectiveness of the solution. Let us help you with that.

Along with umpteen benefits that our tool offers, our real-time dashboard plays an integral role in gauging your Video KYC success. The Kwik.ID dashboard offers a range of statistics and measures for you to improve your performance and get the best out of Video KYC.

Some of its features include:

  1. Real-Time Statistics – No matter when you log in, you’ll see an updated data dashboard that’ll give you an overall insight on historic and live sessions details and help you analyse areas of improvement. Statistics like Video KYC sessions, requests rejected, accepted, and approved, along with a graph of sessions completed, will help make decisions for future Video KYC sessions.
  • Anytime, Anywhere – This real-time data dashboard is available at all hours, all year round. Additionally, being a low bandwidth platform, you can enjoy Video KYC at low bandwith on the go.
  • AI-powered – Be it our Facematch and Liveliness feature, or data driven analytics, each and every step in Video KYC verification is Artificial Intelligence reliant. Techniques like automated data extraction, machine learning, and streamlining complex processes, all rely on Artificial Intelligence, which gives you a clear picture.
  • Customisation – Kwik.ID’s Video KYC dashboard offers you the option to choose the types of charts you want to focus on and presents you with data based on your preferences. You can choose an overall summary, a chart to analyse how well your agents are performing, another to gauge how many sessions you conducted, and even where your calls are coming from, so you can focus on consumer segments differently.
  • Easy – At Kwik.ID we strive to make Video based KYC identification accessible and easy-to-comprehend for all, owing to which our dashboard is clear, crisp, and simple.

With a holistic approach to providing you with every minor detail that’ll help boost your Video KYC sessions, our statistics include the following:

  • Video KYC requests rejected and requests approved
  • The Video KYC  request approved are further divided into results rejected or approved
  • Average session duration to help minimise your call time and maximise productivity
  • Average queue wait time because you definitely don’t want to keep customers waiting
  • Time taken by an agent to respond to a request
  • Daily, weekly, monthly statistics for you to keep track of everything, everyday.

Data-centric dashboards are not just an additional offering, but a necessity, especially when you’re doing business online. Find out more by registering for a demo of the Video KYC in India offered by Kwik.ID, today.

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All about AI based Facematch & Liveliness Detection

As technology seems to be taking over the world, businesses rely heavily on Artificial Intelligence (AI), for almost every aspect of work. AI has seeped not only into your personal life, but also your professional life – from handling everyday tasks, aiding critical problem solving, onboarding customers seamlessly, and improving the overall customer experience.

With Kwik.ID’s Video KYC verification, onboarding customers is certainly made easy, but what makes it trustworthy are the Facematch and Liveliness tools that detect frauds, and prevent impersonation or identity theft of any sort. With the recent advances in AI and deep learning technology, face recognition accuracy has significantly increased.

Facematch and Liveliness are probably the most essential security features which ensure that the user is authentic and there is no foul play involved. High-speed and extremely accurate face recognition technology is based on convolutional neural networks of the latest architecture and most progressive methods of training. The algorithm is based on the neural network and a machine learning approach, unlike “traditional” algorithms based on mathematical model. While active 3D techniques detect movements like eye-blinking and facial movements, passive 3D uses internal algorithms to detect frauds, together making spoofing difficult for the user.

Facematch and Liveliness tools have been pathbreaking innovations in recent times, that facilitate easy and hassle-free business no matter where you or your customers are.

It is no surprise then that so many industries and sectors choose a Video KYC process over a traditional KYC, to ensure that their onboarding process is 100% secure and smooth.

Apart from just adopting Video KYC, here are some industries/sectors that have begun transforming with these tools:

  • Banking: For the banking sector, customer security and fraud prevention is of utmost importance. Facial recognition allows users to log in securely from the mobile banking apps.
  • Finance and Fintech: Financial institutions opt for facial recognition and liveliness tools for instant loans or users making regular payments.
  • Hospitality: Facial recognition is a preferred choice for verifying and authorising guests, especially at check-in.
  • Marketing: The Facematch algorithm helps you analyse your customers’ gender and age and allows you to evaluate your marketing strategy.
  • Trading platforms and exchanges: Facematch and liveness tools can be integrated into the platforms for distant account registration and verification of the account owner.

Other similar fields that choose Kwik.ID’s video KYC for its automated AI tools include insurance companies, brokerages, e-wallets, and NBFCs too.

At Kwik.ID, your data security and privacy have always been our top priority, therefore adopting these AI-powered tools for our instant Video KYC process was a pre-requisite.

The biggest benefit to you is making sure you aren’t being spoofed by a potential customer. But there are so many more benefits too:

  • Aids organisations in speedy KYC / authentication process
  • Authentication methods are efficient and highly accurate
  • Saves time and resources
  • Convenient and cost-effective
  • Determines real user presence during any type of financial transactions
  • Prevents duplicate ids and multiple account registrations for the same user

All of these features make Kwik.ID’s Video KYC a promising tool, which when integrated with your business platform, seamlessly differentiates between actual customers and fake ones. Also with Kwik.ID you will be able to enjoy Video KYC at low bandwith.

So far, after conducting over 50,000+ sessions, and achieving a success rate of over 85% on Video KYC sessions, our biggest learning has been that AI-powered tools have been a major success factor to build trust among KwikID’s clientele, helping us help you.

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How to Achieve a Video KYC Completion Rate of Over 85%?

The world’s going digital with Video KYC verification to onboard customers instantly, and so are you, because you want what’s best for your business. But just as you’re closing the deal with a potential customer you lose connectivity and, in the bargain, lose your customer, too. That’s something you don’t have to worry about if you opt for Kwik.ID as your Video KYC solution providers.

Low bandwidth is just one of the many reasons why your business may not achieve its desired VKYC completion rate. Other factors include:

  • Customers being ill-prepared with insufficient documents before the Video KYC session.
  • Low lighting, which prevents the potential customer from being clearly detected by our Face Recognition Tool.
  • Customers not being tech-savvy enough.

There’s more to the list, but with Kwik.ID’s Video KYC solution one can be sure these hiccups don’t persist, and you achieve a completion rate of over 85% while onboarding customers in just 3 minutes. Every obstacle that lowers your completion rate is eliminated with our tools. 

  • Pre-session Guidance: Our tutorials make it easy for your customers to grasp the process better and stay prepared, well in advance, with the necessary official verification documents.
  • Low Bandwidth Support: One of the primary reasons for a poor Video KYC completion rate is low bandwidth, but with Kwik.ID you will enjoy all the benefits of Video KYC at low bandwith. In case the agent or the customer is located in an erratic network area, this feature will keep the session moving. Our minimum bandwidth requirement is also as low as 176 kbps. 
  • HD Quality: Our Facematch and Liveliness Tools are designed to adjust to low bandwidth, so no matter how poor the internet connection is, the data detected and captured is always HD quality.
  • Lighting Alert: Poor lighting is another major concern that leads to a drop in the completion rate. Before the session begins, our Light Detection tool studies the lighting around you and the customer and notifies you to move to a well-lit area so that the session can be swift and smooth. 
  • Inclusive Platform: At Kwik.ID, we push the envelope and endeavour to create an inclusive platform. To eliminate any language barrier and/or technical issues our Video KYC platform provides visual cues and assertive measures to guide with the process, so as to make it quick and intuitive. Our textual chat option also eliminates any linguistic issues that the agent or customer might face.
  • Tech Support: Customers who aren’t tech-savvy might shy away midway through a session, leading to a drop in the completion rate. To overcome this, our assisted Video KYC allows the customer to screen-share with the agent, requesting guidance for complex processes like Aadhaar XML Generation. 
  • Third-Party Elimination: Kwik.ID Video KYC’s straightforward interface connects the potential customer to an assigned agent with a quick click of a link, unlike many others that necessitate the need for an external app to carry out the session. You don’t need an app at all to do the Video KYC using Kwik.ID.

Apart from ensuring that your business can #KeepMoving with a high completion rate of VKYC sessions, some of our other advantages are:

  • Being 100% RBI Compliant.
  • Easy to integrate.
  • 100% Data Privacy.
  • Fraud Prevention.
  • Supports Chrome, Safari, Android, iOS.

So far our customers have achieved a completion rate of over 85% on Kwik.ID’s Video KYC sessions and apart from all the above elements that aid this success, our AI predictive technology is yet another factor that plays an important role in predicting a Video KYC completion. Using data like the customer’s location, psychographic, mobile carrier network, and more, the software predicts whether a VKYC session is going to be completed successfully or not. 

At Kwik.ID our business is to get your business moving. With an array of features and advantages, Kwik.ID promises to ease out your VKYC sessions, so you can onboard customer in just 3 minutes and conduct business, stress-free.