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.
- Video-based Know Your Customer (V-KYC) for customer onboarding
- Open savings and fixed deposit accounts
- 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.
- Take a selfie
- Provide proof of possession of Officially Valid Document (OVDs)
- 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 firstname.lastname@example.org