Tag: Video kyc

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

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

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

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

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

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

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

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

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

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

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AadharXML BFSI covid19 customer identification Customeronboarding Digital transformation DigitalKYC Digitalonboarding Fintech Insurance KwikID KYC Offline Aadhar Social Distancing socialdistancing V-CIP Video KYC VideoKYC

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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BFSI customer identification Customeronboarding Digital transformation DigitalKYC Digitalonboarding Face AI face match Fintech KwikID KYC Payment Banks Social Distancing V-CIP Video KYC VideoKYC

Is your organisation eligible for digital KYC?

Recent regulatory changes have enabled financial institutions (banks, NBFC, fintechs, lending start-ups, insurance, etc.) to perform Video based KYC identification to on-board customers remotely.

  • Amendment to Master Direction (MD) on KYC by RBI, 9th January 2020
  • Clarification on KYC process and Usage of Technology for KYC, by SEBI, 24th April 2020
  • Press release by IRDA regarding Paperless KYC process through Aadhaar Authentication Services of UIDAI, 24th April 2020

Digitally streamlined KYC verification has spread through the industry like a breath of fresh air, even as it eases the customer onboarding process for financial and non-BFSI companies.

Owing to the much-needed easing of the burden on time and manpower costs, industry experts have welcomed this decision allowing them to leverage digital channels for the Customer Identification Process (CIP). The video-based customer identification process will make presence-less and paperless banking a reality.

This Video KYC verification is carried out by capturing a live photo of the customers and their official valid document during video sessions using smartphones. Geotagging done by capturing the latitude and longitude of the location where the photo was taken will confirm if the customer was in India while submitting the proof.

As customers do not need to submit physical copies of identity proof, the possibilities for identity theft are eliminated. This, coupled with the advantages of lower KYC costs and seamless onboarding experience for borrowers, definitely makes it an attractive alternative to the current physical KYC.

Even though this method is powered by artificial intelligence (AI) and advanced face-matching technology to establish the user’s identity, the real onus of customer identification remains with the official. Hence, it is mandatory that this task will have to be performed only by officials of the Regulated Entities (REs).

This has definitely come as a blessing to fintech start-ups as they will not be required to invest in any equipment nor bear the cost of sending an official to remote locations for customer identification. Any organization looking to reap the benefits of Digital KYC will need to find the perfect technological partner who can provide them with the right tools to simplify their customers’ KYC journey.

The easing of the KYC norms by the Government might have made your company eligible for Digital KYC but is your organization tech ready to harness it?

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

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BFSI Customeronboarding Digital transformation DigitalKYC Digitalonboarding Fintech Gaming Insurance KwikID KYC Payment Banks Social Distancing Travel V-CIP Video KYC VideoKYC Wallets

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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BFSI Customeronboarding DigitalKYC Digitalonboarding KwikID KYC Social Distancing V-CIP Video KYC VideoKYC

Is Video KYC a Leap Forward for the Financial Ecosystem?

The Scenario

Banks need secure, fast, simpler and scalable solutions (compliant with RBI guidelines) for customer on-boarding, to ensure they neither lose interest from potential customers nor increase the inherent identity risk in their portfolio. For the financial sector, until a 2018 ban by the Supreme Court on use of Aadhaar-based KYC by Regulated Entities, Digital KYC was an efficient means of streamlining their onboarding process. Paperless, cost-efficient, and highly productive – the benefits were significant. RBI later amended its master direction on KYC norms in 2019, allowing regulated entities to open new accounts using Aadhar verification, with consent from the Aadhaar card holder.

More recently, in January 2020, India became the first country to allow Video based KYC identification of customers of Regulated Entities (REs). If done right, Video KYC verification can make the entire process of account opening and enrollment seamless, faster, simpler and more secure, without compromising on the quality of customer information. All of these are key (and possibly the only) ingredients to success in challenging times like we face today. If one ever had a doubt about conducting KYC remotely, #COVID19 has reminded us that digital is as powerful as physical – from office meetings to operational processes.

The Challenges Today

To continue to move forward with our businesses, while maintaining social distance today, Video KYC is the perfect answer to day-to-day operational challenges faced by most banks, NBFCs, Telecom companies and more. It enables digital customer identification process through algorithmically designed and managed video sessions. There are no more physical documents or scheduled visits – there is sufficient masking of data so that your agents don’t have to wear masks.

The Solution

Kwik.ID by Think Analytics is a lightweight plug-and-play Digital and Video KYC solution is 100% compliant and allows REs to conduct Video-based Customer Identification process. From on-boarding to ongoing authentication, Kwik.ID can digitize your customer identification and verification processes. Kwik.ID is packed with cutting edge artificial intelligence, computer vision, big data analytics, and smart workflow design features

Functional and Operational Benefits:
  • Seamless: Works across multiple OVDs.
  • Live Photos: It enables banks to take a live customer photo along with proof of possession of OVDs as evidence of identity and address to complete the KYC process
  • Geo-tags: Live geo-tagging of customers’ location
  • Face Match: Match images across different OVDs, Selfie, etc
  • Audit Records: Record for concurrent audit by RE
  • Efficient: Reduces substantial amount of time and expenditure for banks by eliminating paperwork
  • Effective: Complete customer onboarding in 2-3 minutes
Technical Benefits:
  • Customer Experience: Instant customer onboarding using Artificial Intelligence (AI)
  • Error Reduction: Reduces the risk of human errors by using Optical Character Recognition (OCR) functionality
  • Secure: Eliminates the chances of frauds and forgery of documents
  • Multi-platform: Accessible on any kind of device – laptop, smartphone or tablet
  • Secure Records: All the interactions during Video KYC are recorded and stored for future reference
  • Smart Scheduling: Workflow load balancer for agent productivity management

Additionally, you can get real-time verification and authentication of Officially Valid Document (OVD) like Aadhaar, PAN, Voter ID, Driver’s License, etc. with a registered database. Meanwhile, our Optical Character Recognition (OCR) further speeds up the customer on-boarding process by digitizing the OVDs.

And come to think of it, we are just getting started. Video KYC can pave the way for a whole new era of video-driven customer engagement. #SocialDistancing or not!

To know more about how to get started with Digital/Video KYC using Kwik.ID, please write to info@getkwikid.com

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BFSI Customeronboarding DigitalKYC Digitalonboarding KwikID KYC V-CIP Video KYC

The RBI Video KYC Circular

On 9th January 2020, RBI released the much awaited circular comprising guidelines around performing Video KYC aka. Video Customer Identification Process (V-CIP).

Prior to this circular, it was mandatory for institutions regulated by the RBI (such institutions are referred to as REs or Registered Entities) to conduct an IPV (in-person verification) of their customers prior to account opening. This makes KYC (and in-effect account opening) a time, manpower and cost intensive process.

Video KYC is a much awaited relief and a boon for the financial sector as the RE’s can now do the in-person verification process/customer KYC over a video call. Besides, nowadays, Video KYC verification is also available for all with the latest and the best Video KYC tools.

This alternative customer verification process enables and promotes efficiency in time and cost investments and manpower management while improving security, auditability, and demographic penetration. Moreover, RE’s have also been advised (allowed) the usage of AI based solutions like face matching, OCR, liveliness check, etc to further speed up the process and reduce fraud.

Below are the key features from the RBI’s Video KYC (V-CIP) circular:
  • The Video KYC process is to be divided into two parts –
    • The Video KYC Session
    • The Concurrent Audit
  • Video KYC must be performed only by an RE authorized employee over a two way video + audio call with the customer.
  • The process must take place on RE’s domain only – WhatsApp, Google Hangouts/Duo, Skype and other similar soultions cannot be used for this purpose
  • A geo-location check must be enabled to ensure that the customer is in India whilst in the Video KYC session.
  • For the purpose of POI OSV – the RE personnel must capture a live picture of the customer’s PAN card during the process (except in cases where e-PAN is provided by the customer) – the same has to be checked against NSDL database.
  • Additionally, an OVD amongst the following can be used for POA:
    • Aadhaar
    • Driving License
    • Voter ID
    • Passport
  • The RBI circular provides that while Aadhaar is not a mandatory document,
    • Banks can make use of Aadhar e-KYC service made available by UIDAI directly.
    • Other RE’s wishing to use Aadhaar as an OVD can opt for
      1. e-Aadhaar
      2. Offline Aadhaar XML
      3. SecureQR code based Aadhaar verification.
    • The latter two must not be more than 3 days stale from the date of carrying out the Video KYC session.
    • Moreover, proof of possession of the Aadhaar number is considered satisfactory – so additionally, in case the customer has a physical copy of the Aadhaar card with them, a live picture of the same akin to the PAN process must be captured during the Video KYC session.
  • If Aadhaar is treated as an OVD, Aadhaar images must be stored with the first 8 digits of the Aadhaar number redacted/masked away; same goes for the aadhaa
  • During the process, the RE must also capture a live photo of the customer and ensure that the photo on the OVD matches the live customer.
  • A set of random questions have to be presented to the customer to ascertain liveliness and protect against fraud and collusion. These questions can be unique per customer and can be picked up from the details they filled in the application form. Alternatively, they can be completely random as well.
  • The complete process must take place over a secure communications channel, be real-time and seamless.
  • The session must be recorded, time and geo-stamped and kept in a secure location; available for retrieval as proof and for audit.
  • Once the Video KYC process (stage 1) is complete, a Concurrent Audit must mandatorily be performed to further cross-validate customer details and to ensure sanctity of the Video KYC process to rule out any collusion/fraud possibilities. The Concurrent Audit includes a complete check of the Video KYC session recording along with customer details.
  • To ensure that no fraud/collusion takes place, the Concurrent Audit and Video KYC session should be performed by two separate authorized employees of the RE.
  • Only when the Concurrent Audit marks all documents as clear can the customer’s account be opened.

The RBI Video KYC Circular URL – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11783

Kwik.ID Video KYC is a fully RBI compliant Video KYC / V-CIP solution that additionally features Facematch, OCR, Aadhaar XML, e-Aadhaar, PAN, DL, Voter ID verification, Liveliness detection and a concurrent audit portal; it also comes packaged with scheduling, routing, link-based initiation, suport for low-bandwidth connections, customizability, compatibility with mobile apps as well as websites and a lot more features.

With over 1500 sessions daily and over 50K sessions in total, Kwik.ID Video KYC is testing waters and evolving continuously.

So… what are you waiting for?

Visit getkwikid.com/video-kyc.html for more deatils.

Key in your details in our contact form and we will reach out to you at the earliest to get you rolling – getkwikid.com/video-kyc.html#contact-us

Mat Darona, Kwik.ID Karona!