Tag: Video KYC verification

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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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Choosing the Right Video KYC Vendor

With work from home becoming the new normal, businesses too have adapted to digital platforms, and everything that once happened in-person, now happens online. From reaching out to your customers, onboarding them and providing them with the best customer service. But how does one choose a Video KYC (V-KYC) tool to onboard customers instantly?

Traditionally, video-based customer identification process (V-CIP) took days, but with the best Video KYC tools, it can be done in less than 3 minutes!

Here’s what to look out for when choosing a V-KYC platform.

Security and Fraud Prevention

For financial institutions and banks, nothing matters more than protecting their data and ensuring that no fraudulent activities occur in the onboarding process. Any step in the process is a major concern—from storing video data, customer details, adhering to regulations, et al., to making sure there is no data tampering or leakage. With a V-KYC tool like Kwik.ID, which offers end-to-end encryption and AI-assisted Liveliness, Facematch and OCR, businesses are promised complete data security and customer authenticity. The Liveliness tool also captures the customer in real-time, thereby eliminating the risk of any bot breaching the platform’s security.

Demo V-KYC

How often have you been told to buy it only after you try it? When you invest in a V-KYC tool that is important for your business, you deserve nothing but the best. Make sure you are given a guided demo of the preferred V-KYC tool. Right from the ease of operation to the user dashboard, security measures, multilingual interface, low bandwidth mode, your V-KYC vendor should have everything ticked off the list that your business needs for a smooth onboarding experience. Pick the right one only when you are completely satisfied with the KYC demo. You can also register for Kwik.ID’s demo here.

Drop-off Rate

At Kwik.ID we understand how frustrating call drops can be, which is why we are strong advocates of low bandwidth compatibility. With a speed of 176 kbps, we noticed over 85% success rate with fewer call drops and more customer satisfaction with quick onboarding. When your customers are spread across the country, they could be in remote areas without enough access to high-speed internet. In such cases, you need to ensure that your V-KYC/ Video KYC vendors offer a low bandwidth mode, so that no matter where your agent or customer are located, business does not cease due to poor network.

RBI Compliance

For businesses, especially Video KYC for Banks and financial institutions, adhering to the policies and norms is an integral element. Ensure that the V-KYC tool you choose is 100% RBI compliant, ISO certified, and driven by an RE official and an auditor who are trained and authorized to work on a V-KYC platform. Kwik.ID’s V-KYC tool also offers easy deployment on RE’s cloud domain as well as its data centres.

Cost Reduction

Remember the time, effort and money spent sending field agents across areas to complete the customer verification process? Or the wait time customers spent in a queue to get documents verified?

Choosing a time-efficient V-KYC vendor will eliminate all of that. From onboarding 5 customers in an hour, you can onboard up to 20 in an hour! Not only does a good Video based KYC identification tool save time and complete the verification process in < 3 minutes, it also helps reduce travel and documentation cost by  ~80%.

V-KYC Accuracy

After making sure that your V-KYC tool matches all your requirements, you certainly need to assess its ROI via a dashboard that monitors and manages all your data and details stored. Check that your dashboard offers key metrics like drop-off rate, completion rate, call wait time and more, so you can track agent efficiency and check on how to improve your onboarding service. Other accuracy checks involve AI-assisted tools like Facematch and Liveliness, which verify customer authenticity and allow no room for error.

Choosing the right V-KYC platform is just as important as training your agents and employees to get it right. If you are investing in a tool that eases your business process, you will prefer to invest in the best. With V-KYC vendors like Kwik.ID, you are promised all of the above and swift onboarding in just 2 minutes.

Choose wisely!

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PFRDA Allows Onboarding Subscribers via Video KYC (V-CIP)

The Pension Fund Regulatory and Development Authority (PFRDA) permitted its intermediaries on October 6 to use Video based Customer Identification Process (V-CIP) for new onboarding and/or account withdrawals by National Pension System (NPS) subscribers. PFRDA’s announcement comes on the heels of IRDAI allowing life and general insurers to leverage video KYC facility, to vet customer credentials for new customer onboarding. Earlier this year, the RBI had amended the KYC norms, thereby allowing all banks and lending institutions to use V-CIP. Not to forget that most NPS distributors are regulated by the SEBI and RBI, who had already approved video based KYC. It is not surprising that  PFRDA has followed suit.

The need and benefits are many, some obvious, and some not so much.

Why was the VCIP process required?

PFRDA which regulates NPS has been constantly introducing new methods of subscriber authentication and various modes of KYC to make the overall process seamless and subscriber friendly. It has already announced a slew of measures like offline Aadhaar based onboarding, third-party reliance for KYC, OTP/ eSign based onboarding and e-exit for eNPS Subscribers.

Still, NPS subscribers were facing many challenges. For instance, they had to be present for in-person verification at the POP (Points of Physical Presence) which resulted in a delay in the process of withdrawal as well as exit. Video-Based Customer Identification Process (VCIP) will do away with the requirement of compulsory physical presence. 

VCIP allows for remote/ at-home opening of NPS account

With the COVID-19 pandemic forcing everyone into their homes, the turnaround time for onboarding processes has gone up significantly. Residential buildings have multiple rules around allowing visitors, for instance, which adds to further inconvenience and friction.

VCIP, apart from making the overall process paperless and instantaneous, also helps subscribers avail NPS services without being physically present at the POPs. The truly remote and secure nature of VCIP allows for better customer experience

Cost-effective vis-a-vis Physical KYC

Video KYC is as much about speed as it is about cost effectiveness. Processes can be designed for minimal steps (UI) and great User experience (UX). Opting for digital video identification solutions also brings down the cost compared to physical KYC. Additionally, a single agent delivers 15-20x productivity of an in-field agent. If the average cost of physical KYC of the customer would cost Rs 200, the video-based process cost will come down to 10-20 percent of the entire cost over the medium to long term.

VCIP reduces dependency on third party service providers and facilitates 2 mins onboarding process

The traditional KYC process can often take 10-15 days as there are were too many steps, entities, and checks and balances involved. On the other hand, a direct two-way audio video communication between the customer and authorized agent of the regulated entity can be established, thereby eliminating the dependency on any third party. One can complete KYC and onboarding through VCIP in a single video call, powered by intelligent queuing and experience management algorithms, as it will be a direct interaction between the customer and the representative. The humanisation of digital channels creates seamless, empathy and higher conversion rates. Well designed journeys can be executed in less than 2 minutes

Video KYC makes life easier for intermediaries as well

As per the the new guidelines, Points of Presence (PoPs) registered with PFRDA, must adhere to the V-CIP guidelines, issued by regulators for performing NPS related activities. By doing this the PFRDA intermediaries will not have any extra burden due to the introduction of the VCIP facility.

Technologists often speculate about the next wave of customer engagement. Video, with the decreasing cost of bandwidth and increasing adoption of internet based communication (such as Whatsapp Videos, Tik-Tok, Zoom, etc.), is the next big of driving customer interactions, and will increasingly be used by businesses to drive B2C interactions. The introduction of VCIP across products will also drive positive impact  in financial inclusion initiatives; bringing people who were hitherto unable to avail financial services due to geographical and access challenges, time constraints or cost factor, into the mainstream.

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A Look at How AI is Transforming the Insurance Sector

With IRDAI introducing Video KYC for insurance companies, the sector gets much relief to operate swiftly, as people turn to digital businesses and onboarding. Of course, with the introduction of this new digital tool comes the introduction of Artificial Intelligence (AI) in the Insurance space, which the industry is slowly but surely adapting to.

AI makes life simpler not only for the parent companies, but for insurance agents as well, who can now get detailed insights into customer interests, understand their insurance needs better, and onboard them in a jiffy, and do all of this, online. With the introduction of Video based KYC in insurance, we at Kwik.ID have noticed an instant willingness to adopt AI, among customers, agents, and companies. Here are some reasons that explain its growth trajectory.

The digital age welcomes the power of AI seeping into insurance

AI and the Insurance Sector

AI technologies aren’t a new term for businesses and are widely used across operations and applications including data analytics, automation, and natural language processing which helps understand the customer better. With AI, agents are assured of better insights regarding customers which thereby culminate into better customer service. Apart from that, AI eliminates the risk of fraud, encourages better productivity and even helps market and up-sell insurance products better. It is believed that by the next decade, AI will reshape the insurance sector with insights regarding a client’s idiosyncratic risks.

Customer Service

AI-powered chatbots add value to your business by providing top-notch support and services. They work without human intervention and also answer complex queries while supporting NeuroLinguistic Programming, which interprets and analyses the customer’s verbal statements and provides an accurate answer. These AI bots can be integrated not only into your website, but across social platforms and other digital interaction tools, so as to streamline your customer data and interactions with them. This helps the company achieve better customer engagement and productivity.

Fraud Detection and Prevention

Fraud detection is a knowledge-intensive activity which is applied across industries like banking and insurance. AI analyses historical data and identifies a set of patterns using Big Data and IoT (Internet of Things) to unlock hidden insights. Moreover, it supports e-signatures, and face detections so as to prevent any kind of fraud. At Kwik.ID, our cutting-edge Video KYC tools are integrated with AI-powered Liveliness and Face Recognition which ensures that the customer being dealt with is real and genuine.

KYC Process

Various regulators and industries have begun noticing the potential of V-KYC for a superior customer driven process that helps onboard them in minutes. IRDAI recently released a circular that permits Video KYC for insurance companies as well as for agents, which benefits everyone, including policy buyers, who can now buy with ease. The compliance process has been made simpler, physical contact has been minimised and business continues to move faster than ever before, owing to a quick video KYC process. It takes barely two minutes to onboard a customer now with our video KYC tools, so we can certainly vouch for it being a swift process.

Claims Management

AI technologies make information systems more adaptive and improve the interaction between humans and computer systems. Bots can review claims, verify policy details, check for fraud, and process payments, making the process much faster and efficient. Underwriters have a more accurate risk assessment, and applications are processed in just a fraction of time.

Insurance executives believe that AI will significantly transform the industry in the near future by enhancing the customer experience with automated personalized services. As customers embrace the digital age and AI adoption gains momentum across industries, insurance companies have begun to show signs of stepping up and transforming their processes with cutting edge technologies like AI.

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

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

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

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

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

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

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

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

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

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

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

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

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

Guiding user journeys: the key to VCIP success

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

Automated queue management: an overlooked customer experience factor

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

Concurrent auditing and automation

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

Managing innovation and adoption with insight

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

Freeing the user and expanding (market) possibilities 

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

Conclusion

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

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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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Advanced Chat Solutions for Customer Growth

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

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

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

AGENT BENEFITS –

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

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

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

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

CUSTOMER BENEFITS –

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

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

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

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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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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.