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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 – A Game Changer for the Insurance Market

Following in the footsteps of RBI, the Insurance Regulatory and Development Authority of India, most recently released a draft circular allowing Video KYC for insurance companies, giving many companies and policy buyers relief to do business at ease. The announcement came earlier this month as board regulators strive to ease compliance processes and minimize physical contact, while keeping business moving, ensuring no industry misses out.

With the new guidelines, the insurance sector shifts its KYC operations to a completely paperless approach, thereby doing away with Traditional KYC which had its own limitations. Some of these being:

  • Offline processes of document collection are risky as documents can be tampered with, or misused while changing hands and information maybe leaked
  • Completing the process manually might lead to errors, which often leads to KYC drop-offs because customers aren’t willing to repeatedly pay physical visits. This also lengthens the process of onboarding customers and hampers the overall customer experience, thereby affecting company’s goodwill
  • The turnaround time taking longer leads to higher costs of file processing and hence, higher costs of acquiring customers
  • In smaller cities and rural areas, insurance agents and company outlets are few, with poor access to these facilities. A Video KYC tool makes it convenient for companies to widen their reach across these areas so as to bring in more business while bridging the gap between urban and rural facilities.

As tech takes over and insurance companies are starting to implemenet the Video KYC Onboarding process, here’s how the best Video KYC tools from Kwik.ID can help make a difference:

  • Being 100% RBI compliant, highly accurate, and 100% secure as well, our premium Video KYC tools puts you at no risk of losing or leaking out information
  • Now, the process isn’t just RBI complaint, but 100% IRDAI compliant too, leaving no room for errors
  • Insurance involves money, and that’s something nobody wants to play around with. With our AI-enabled Facematch and Liveliness tools, we’ll ensure you don’t have to. These tools work in real time and match the person on the screen, with the photo on the documents, thereby eliminating the risk of bots
  • With the process lasting for barely 3 minutes and being a smooth sailing one, Video KYC drop-offs are minimum. So you can expect at least an 85% success rate while reaching out to potential customers
  • Making the process easier for smaller towns and rural areas, we at Kwik.ID also offer a low bandwidth mode that lets business continue, anytime, anywhere. Our chat feature and Natural Language feature also enables easy conversation between the authorised agent and the potential customer
  • Moreover, customers are kept well informed and given a guided tour well in advance to make sure all documents are in place and they are prepared, not leaving them overwhelmed during the video KYC process in any way
  • Queueing, routing and scheduling by Kwik.ID’s Video based KYC identification helps streamline processes better as busy customers are kept well informed and need to make themselves available only when asked to, as opposed to Traditional KYC, where multiple physical meetings maybe expected.
  • Built-in OVD verification services are used for instant verification by Regulated Entities

With business being low for a while, this new move by IRDAI gives new impetus to insurance companies to #KeepMoving forward and doing business smoothly with potential policy buyers, while not losing out. Why would they, when all it takes is 3 minutes?

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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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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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Optical Character Recognition: Revolutionizing the Know-Your-Customer Process

Traditional KYC procedures are infamously labour-intensive. They generally involve making a trip to a branch office and manually filling out forms that are time-consuming, costly, and limited to office hours.

Customers today expect instant gratification and will accept nothing less than real-time digital services round the clock. With digital competitors lurking around every corner to entice dissatisfied customers, it is imperative that companies don’t appear to be creating unnecessary hurdles whilst adhering to regulatory guidelines. This, coupled with the physical challenges of conducting business-as-usual during a global lockdown, creates more room for innovation than we’ve ever witnessed before.

Innovation in Isolation

Optical Character Recognition (OCR) is a technology that recognizes text within a digital image and is used to convert virtually any kind of images containing text into machine-readable data. Prior to OCR technology, the only way to digitize printed paper documents was to re-type the text manually. This was not only time consuming but also increased the possibilities of human error.

While OCR is commonly used to recognize text in scanned documents, its technology is also used in data entry automation, indexing documents for search engines, automatic number plate recognition, as well as assisting the blind and visually impaired. It has been exceedingly useful in transforming historic newspapers and texts into searchable formats by digitizing them.

Optimizations through Machine Learning

A few common problems encountered by OCR over the years, such as blurs, glares, incorrect image capture are now being tackled by the use of Machine Learning. Obviously, conversion accuracy is important, and most OCR software delivers 98% to 99% accuracy.[1]

OCR solution by Kwik.ID:

The OCR solution offered by Kwik ID enables instant verification of OVD’s like Aadhaar, PAN, VoterID, Passport, and Driver’s License. It makes it easier to detect frauds through signature matching tools and leverages ML to spot problematic information. Furthermore, Kwik.ID also promises its customers of Video KYC at low bandwith with its collection of the Best Video KYC tools.

We have built a state of the art OCR engine that extracts meaningful information from the image of an identity card using the following module

  • Rotation and cropping of Image
  • Raw text detection from natural image
  • Extraction of meaningful data from Raw text
  1. Rotation and cropping of Image

For the text detection module to work properly, it’s essential to remove the background noise and make the ID card image horizontal with 0 degrees. However, since the image of the ID card is provided by an end-user, it may contain a lot of background noise & can be at any angle. This module helps in the perfect alignment of the image & removal of the background noises.

Raw image
Output after processing

2. Raw text detection from natural image

Once the card image is cropped and rotated, it is provided to the ML engine that detects text in the image. These detected texts are then extracted from the image along with their corresponding coordinates.

3. Extraction of meaningful data

In the final step, we extract meaningful information from the detected text in step two. However, just detecting raw text is not enough. We need to identify which text represents which information. For example, if two names are detected in an image, which one is the father’s name, and which one is the card holder’s name should be segregated. 

Here the coordinates extracted with each text play the role. Based on different types of cards, the extraction engine contains different templates for each type of ID card to identify the position of details.

While not a new technology, OCR has been fine-tuned via AI & ML making it an indispensable tool for quicker customer onboarding and thereby ensuring smoother Video KYC verification.

To know more about Kwik.ID’s seamless e-KYC solution, please write to info@getkwikid.com.


[1] https://tdwi.org/articles/2018/03/05/diq-all-how-accurate-is-your-data.aspx