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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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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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Financial Inclusion and the Potential of Video KYC

Financial-Inclusion-and-the-Potential-of-Video-KYC

Financial inclusion has always been at the heart of India’s economic policy and with the introduction of Video KYC across sectors, we have come one step closer to achieving this very feat. Video-based remote KYC has paved the way for underbanked and unbanked areas in an attempt to provide equal financial access to all. Financial inclusion makes it easy for SMEs, millennials, professionals, entrepreneurs and others to apply for and receive loans, credit cards, and buy insurance policies, now more than ever, with easy Video KYC verification and completion of tedious procedures in minutes. 

Video KYC is especially key to tier 2 and tier 3 cities where bank branches are far and few, but essential banking services remain more imperative. Kwik.ID is designed to ensure that our Video KYC tool reaches even the farthest of rural areas with provisions for a low bandwidth mode and a guided step-by-step processes; all of which we believe bridge the gap between customers and businesses, all across India.

Since its launch, the potential of Video KYC has been immense, and with the lockdown, the market for Video KYC vendors continues to flourish. So far, people stuck indoors resorted to online payments via different avenues, but what about those who didn’t have a bank account? Going physically to the bank and submitting documents was risky because it involved close contact. Luckily for us, just prior to the lockdown, Video based KYC was introduced and adopted by different sectors for opening bank accounts, demat accounts, Forex, online wallets and more, which made business much smoother for many.

In the most recent circular issued by the IRDAI, the regulatory board also permits Video KYC for insurance companies, which proves to be a game-changing move for the sector that for so long, suffered from the lack of customers during the lockdown.

With the introduction of Video KYC for Banks and Aadhar-based KYC, lenders now have access to customer data, with their consent. As per RBI guidelines, banks need to update the KYC details periodically to maintain a record of their account holders. In addition to Video KYC processes carried out while opening an account, account holders are requested to go through a re-KYC and submit the necessary documents, albeit online.

Video KYC proves to be a boon for fin-tech companies too, because owing to the limited manual KYC centers, very few customers thought of tech finance as a viable option, as the process wasn’t streamlined online. There was a 40% drop in manual KYC as compared to digital KYC. Being entirely online, features like OCR, Facematch, Liveliness detection, Geo-tagging are of great use to fintech companies, especially start-ups who want to minimize cost. These features validate the evidence and also rectify inconsistent data, thereby eliminating discrepancies and saving time.

Slowly and steadily, Video KYC has seeped into every sector and every industry, be it finance or otherwise. Digital KYC hasn’t just digitized the process, but accelerated it, as well. The entire process from application to disbursal that would once take up to 10 days, now takes barely a few hours.

India’s powerful digital ecosystem coupled with the potential Video KYC can unleash, are key to the country’s economic progress by driving financial inclusion.

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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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Our Learnings from Completing 50,000 Video KYC Sessions

When we started Kwik.ID, it was with the simple idea of offering a ‘Kwik’ solution to organizations across every financial sector, who want to expedite their KYC processes and onboard customers almost instantly. Today, we have to our credit over 50,000 video KYC sessions and a loyal clientele who encourage us to push the envelope.

Having worked with almost every finance-based segment out there, including Banks, NBFCs, Insurance organizations, FinTechs, and even Gaming and Forex, among others, our journey along with 50,000+ Video KYC verification sessions has taught us plenty.

On average we conduct 1500 sessions a day and can handle 15 parallel sessions at any given point of time. All these sessions across markets gave us an insight into how each customer is unique in terms of requirement. How then does a single product benefit them all?

We learnt that one of the key factors that organizations feared with online KYC, was frauds and identity theft. Our immediate response was to include a Fraud Check that verifies customer identity with AI-powered Facematch. Our Liveliness engine protects against fraudsters by ensuring they are physically present and do not use digital photos/printed photos at any time during the process. Features like central database verification of OVDs, fuzzy text matching between details on all OVDs, and document tampering risk score are some of the additional measures that we incorporated to protect organizations’ interest.

Another problem we witnessed were the rejections due to lack of awareness among customers and the drop-offs owing to internet connectivity. While the former has seen immense growth, with more organizations moving towards a quicker video KYC approach for their business, the latter was a matter of concern because we didn’t want to disappoint keen customers. We configured our solution to work on low bandwidth mode and support lower android versions too, (currently supporting 4.4+ which is compatible with 97% of handsets in India), to ensure that customers and agents (authorized personnel from an organization) both enjoy a seamless journey, no matter where they access our Kwik.ID solution from.

Apart from all of this, we aspire to cater to our clientele with an easy 4-step process and scheduling of calls for a suitable time, so customers can attend the video KYC session as per their convenience and your business can #KeepMoving too. Win-win for all!

One of the greatest learnings came in January 2020, when we went live with one of the largest FinTech organizations in India with our 100% API driven solution which supports IOS, Android and Web. It has reduced the organization’s KYC timeframe drastically with a session lasting an average of 1.5 minutes, instead of the traditional week-long KYC process. Tests were carried out across tier 1, 2, and 3 cities, and we found that there have been zero bugs since we went live. 

Other features like providing software updates for free, eliminating the need for additional applications, being 100% RBI Complaint, and providing daily, weekly and monthly statistics for monitoring growth, are add-ons that other organizations enjoy and trust us with. All of these add up to our excellence in Video based KYC identification.

As they say, success is a 2-way street. While organizations rely on us, we rely on them to help us better our product. So that we can design a finely-honed solution that effectively delivers on all the stringent KYC norms, and promises you the ease of doing business, wherever, whenever.

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Minimizing fraud with Video KYC

Financial institutions are mandated by law to carry out KYC to meet strict regulatory guidelines. It not only allows them to understand who their customer is but also functions as a pre-emptive safeguard against any potential illegal transactions.

While carrying out stringent KYC is quite a meticulous process, it is being remedied through the use of Adaptive AI. Wherein technology implements the necessary KYC processes and also incorporates learnings gained by observing the behavior of customers to differentiate between legitimate behavior patterns and suspicious ones.

By automating the KYC process, Video KYC securely verifies identities whilst detecting frauds and spoofing attempts on a real-time basis. This is done via the assimilation of a clear fraud decision-making framework coupled with robust data gathering and analysis. The different types of fraud checks during Video KYC verification are as follows:

Document Tampering: Kwik.ID’s AI based technology enables a quick face match between the selfie & photo on the identity document of the customer to check if the person submitting the documents matches the picture in them to avoid identity theft. Through its access to the central database, it also quickly verifies the legitimacy of the documents.

Further, an inbuilt feature in the video KYC solution checks if the official government ID provided has been tampered with. A risk score is generated to determine the legitimacy of the document. This ensures that the documents provided are the originals and not just a color photocopy.

Location Spoofing: Kwik.ID delivers very robust location intelligence to identify safe customers. At the beginning of Video based KYC identification, the live location (lat/long) of the customer through web browser/mobile is captured and in subsequent steps instant OCR of the POA document is done. Both the locations are fed into the distance algorithm and the address of POA is converted to lat/long. The distance between both location is calculated & if distance < 300 meters (configurable) then the current location gets tagged as HOME LOCATION.

Security Questions: A security question that needs to be answered by the customer undergoing the video KYC is included in this process to ensure that it is a live video session and not a pre-recorded one made by hackers.

All these features are integrated into Kwik.ID’s Video KYC solution to make it a comprehensive AI and data-driven decision-making platform.  This will serve as a valuable tool for FIs and other organizations to easily and seamlessly validate actual KYCs from fraudulent ones on a real-time basis.

To know more, reach out to us on info@getkwikid.com

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Physical KYC v/s Video KYC – Advantages & Limitations

KYC is essential to verify that the customers are who they claim to be and enables institutes to understand their customers better. This is vital for companies operating in the banking and financial sector that need to adhere to strict KYC and AML (Anti-Money Laundering) norms prescribed by regulatory authorities.

FIs also have to assure their customers that the sensitive personal data they are required to share to complete such procedures are in safe hands. While FIs need to ensure that the people signing up for their services are legitimate and not blacklisted or liable to commit illegal transactions, their clients need to know that their identity documents will not be misused.

Physical KYC requires customers to visit the company’s branch office to submit their identity documents and proof of address. While this is a very secure form of KYC, it is also very time consuming and inconvenient, especially for customers residing in towns where the company does not have a branch office.

Thus, a physical face-to-face KYC is not always a feasible option in a large country like India. So, companies need other alternatives to tap the vast market that exists in tier II and tier III cities and their suburbs.

Video KYC verification (approved method of KYC as per recent regulations) has emerged as a strong contender in recent times to resolve a myriad of KYC operational issues. It is a cost-effective and speedy way for organizations to ensure better customer experience while maintaining requisite process-adherence.

Unlike Digital KYC that still required a visit to the customer’s doorstep or nearest access point, video KYC makes the entire process digital. It not only provides companies remote access to potential customers but has also made the entire process paperless as there is no need for a wet signature. The videos and recordings taken during the KYC are encrypted to ensure data security.

Here are the overall advantages of Video KYC over Physical KYC:

Physical KYC Video KYC
INR 150+ per application INR 20-50 per application
8-10 applications per agent
per day 		100+ application per agent per day
Asynchronous identity check Real time identity verification
Delayed audit; error prone Concurrent audit
Outsourced vendor; data risk On premise; secure – RBI compliant
High training & operational cost Negligible; on-job prompts
Susceptible to customer, DSA, employee fraud Extremely potent against fraud

As a fast, regulatory compliant and secure KYC process, video KYC leaves everyone feeling a winner. The additional value generated through cost reduction makes it a must-have in the KYC paraphernalia. However, the only limiting factor of Video KYC is the heavy dependency on network bandwidth. But with the penetration of mobile handsets into every household, coupled with a minimum 4G data offered by telecom operators, this issue can be tackled smoothly.

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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