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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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Exploring Aadhar XML verification journey with Kwik.ID

There clearly exists a need to move closer to a completely online customer onboarding process, as we’ve established earlier. However, as we move deeper into a digital age, data protection and privacy become central issues for any institution to take into account.

Kwik.ID is one such smart solution for customer onboarding and Digital KYC, which has an inbuilt option for Aadhar verification while limiting the sharing of users’ personal data. It allows users to voluntarily use it and complete the onboarding procedure without disclosing information such as Aadhaar number or sharing their biometrics with the REs.

How does it work?

The Aadhaar offline verification route is a fairly simple process which requires an individual to ping the UIDAI website download the XML and share the XML ZIP file along with the Share Code to the financial institution. The information generated will include the name, address, photo, gender, date of birth, registered phone number (as a comparable hash for protecting the user’s privacy), and registered e-mail address (as a comparable hash for protecting the user’s privacy). This information is obtained from UIDAI through the approved Aadhaar Offline Paperless XML process.

All the information obtained through the Offline Paperless XML process is stamped with UIDAI’s digital signature computed uniquely for each person, we check this digital signature every time upon decrypting the ZIP file to ensure that it wasn’t tampered with.

To avail this feature, it is imperative that the customers’ mobile number be linked to their Aadhar card. With that in place all a customer needs to do is to perform the following 3 steps to generate the XML:

  • Key in the Aadhaar number
  • Enter the captcha code and share code
  • Enter OTP received on registered mobile

The Aadhar XML route is a secure and user-friendly way for instantaneous online KYC verification. It will not only enable seamless onboarding of customers but also eliminates data breaches by limiting the data that needs to be shared.

The Kwik.ID Aadhaar Verification module powered by the approved Offline Paperless XML process is available as an independent module ready to be integrated in your digital journeys. Furthermore, it is also available pre-embedded in our Video KYC offering, wherein the XML generation, retrieval and verification process takes place live in the active Video KYC session entirely on the customer’s device ensuring the same compliance and security standards. In addition, it is important to note that we use best Video KYC tools to ease your KYC verification.

To know more about Kwik.ID’s Aadhaar Verification module, please write to info@getkwikid.com.

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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

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

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

Opportunity for Banks

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

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

The Silver Lining

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

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

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

#KeepMoving with Kwik.ID

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

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

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

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

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