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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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Kwik.ID Aspires to Maximise Agent Productivity

At Kwik.ID, instant customer onboarding via Video KYC and a high completion rate has always been at the heart of the company, but none of this is possible without exemplary customer service, achieved only by maximising agent productivity. From about 90,000 5 star sessions and 1,00,000 completed sessions since February, we are always striving to be the best video KYC solution providers in the industry.

Our array of features includes call queueing, call scheduling, estimating call times and more, to ensure you achieve an 85% completion rate and 100% customer satisfaction. To onboard customers seamlessly, it is imperative for our agents to monitor these queues and schedules for the best results. Here’s what goes into maximising their output and minimising your call time. 

Call scheduling by agents

In case the agent initiates the onboarding journey with a customer, he can schedule the call based on customer availability, to ease the process and maximise productivity, while ensuring there is no back and forth.

Link sharing made easy

In an agent-initiated Video KYC journey, the customer is sent a link to join the call. In the event that the link does not reach the customer via SMS, the agent can use any other social messaging platform integrated with our website, including email, WhatsApp or any other that the customer is comfortable with. This minimises the back and forth of requesting the link, as the agent can confirm immediately whether the customer has received it or not.

Low network bandwidth

AI plays an integral role in our digital KYC tool, be it for face recognition, liveliness, or OCR. We also integrate our AI feature to predict whether a call will be completed or not, taking into account factors like low bandwidth, customer location and more. If at any point the system detects that the call might not be completed, the agent isn’t patched in and the system requests the customer to schedule a call to enjoy a seamless process without any call drops.

Call scheduling by customers

Customers can match their availability with the agents and schedule a call to minimise the wait time at both ends. When booking a call, various dates and time slots are made available on the customer’s screen for easy access and instant scheduling.

Priority queueing

In the event that a potential customer has tried connecting previously but has dropped the call for a reason, or in case an agent fails to accept the assigned Video KYC call request or declines it within the threshold time, the customer is instantly added to the priority queue, which means he needn’t wait with another applicant again. The priority queue is also beneficial to customers in rural areas or those in areas with poor connectivity, to ensure their calls are prioritised and they don’t miss out on being onboarded soon. The priority queue is always checked before the standard queue. An active list of customers in the priority queue helps agents to align their time and schedule.

All of these options made available to both agents and customers, make the onboarding process much simpler. In addition, agents have access to live dashboards to quickly monitor customer data and statistics, as well as their own performance, so that they can keep striving for more.

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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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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.

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Video KYC -The ‘New Normal’ across Industries

With social distancing becoming the new normal and businesses going completely online, Digital KYC is now at the forefront to onboard customers instantly, while keeping a check on their records and doing what’s best for business.

Having adopted the best video KYC tools available for their business, both financial as well as non-financial companies find it a boon that lets their business move swiftly. With features like OCR, Facematch, geo-tagging, fraud detection, functioning Video KYC at low bandwidth, Video recording and more, businesses are quickly moving to digital KYC. Here’s a look at how this much-needed tool works, or will work across various sectors.

Banking, Financial Services and Insurance

Banks: For every customer who opens an account with a bank, whether demat, current, savings, or any other, RBI mandates a digital KYC for onboarding the customer. Using Video KYC verification helps banks keep a record of each and every customer via their Aadhaar Card, and link it to the corresponding bank account to track transactions. In order to update customer details regularly, banks also use Video KYC for Re-KYC which makes the entire process much simpler and quicker. 

Asset Management Companies: For all Asset Management Companies regulated by the SEBI, Video based KYC identification offers full KYC to minimise the risk of money laundering. The authentication process is swift, precise, and paperless, leading to a reduction in costs as well as onboarding time. AMCs have now started using Video KYC not only for individuals but while onboarding SMEs and other larger enterprises too.

Insurance: Video KYC’s Liveliness Detection, Facematch and personal discussion features, like the ones offered by Kwik.ID are salient for insurance companies where fraud is more likely. These features enhance the experience for clients and reduce digital risk for companies.

Lending: SMEs and Fintechs choose to use Video KYC verification for lending processes to make quick and informed decisions, while also making the lending process faster and smoother for the borrower. Many NBFCs use digital KYC for individual lending too.

Wallets: Online wallets are quickly becoming the top video KYC users. All this while, customers were asked to adopt the traditional means of submitting their Aadhaar manually at a centre. But with Video KYC in the picture, e-wallet onboarding can be done in less than 3 minutes from the comfort of your home.

Non-Financial institutions

Employee Onboarding: For large organisations, especially those with over a 100 employees, choosing the best Video KYC tool is the smartest way to store employee data, so as to transfer salaries and EPF and safeguard the interests of the company incase of any fraud.

Online Alcohol Delivery: With online alcohol delivery becoming the ‘new normal’, sellers have to be extremely cautious that the alcohol isn’t reaching the wrong hands. Here’s where Digital KYC comes into play. Right from age-restriction checks, geo-fencing, and address verification, KYC – platforms like KwikI.D are designed for Regulated Entities, thereby adapting themselves to simpler customer onboarding.

Telecom industry: Something that we’ve all witnessed is getting authenticated via KYC while being issued a new SIM card. With the shift in selling SIM cards online, network providers are gradually moving towards Video KYC for contactless and quick verification.

Rental/shared vehicle economy: While customers have to opt for Video KYC verification to add money to their wallets, transport apps have to go through it too, to register themselves and keep their accounts operational.

Co-working spaces: As entrepreneurs and businessmen have begun investing heavily in co-working spaces, their safety becomes a matter of concern for the property owner. The easiest way to keep a record of all the employees is via a video based KYC identification.

Educational platforms & exams:  While this seems to be in the making, with the pandemic, it won’t be long before schools and colleges use Digital KYC to enrol students, especially for competitive exams where cheating is rampant.

Gaming: Gaming is one of the largest sectors that witness cybersecurity and fraud because there’s plenty of money involved that can be easily tampered with. Luckily, because of Video KYC’s AI integrated Facematch Liveliness and fraud detection tools, like the ones we offer, make it easier to detect and shut down these fraudsters.

At Kwik.ID, we understand the importance of security and the need to constantly evolve, especially while doing business online. As leading video KYC solution providers, we aspire to facilitate easy digital KYC across every sector, big or small.


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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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Our Learnings from Completing 50,000 Video KYC Sessions

When we started Kwik.ID, it was with the simple idea of offering a ‘Kwik’ solution to organizations across every financial sector, who want to expedite their KYC processes and onboard customers almost instantly. Today, we have to our credit over 50,000 video KYC sessions and a loyal clientele who encourage us to push the envelope.

Having worked with almost every finance-based segment out there, including Banks, NBFCs, Insurance organizations, FinTechs, and even Gaming and Forex, among others, our journey along with 50,000+ Video KYC verification sessions has taught us plenty.

On average we conduct 1500 sessions a day and can handle 15 parallel sessions at any given point of time. All these sessions across markets gave us an insight into how each customer is unique in terms of requirement. How then does a single product benefit them all?

We learnt that one of the key factors that organizations feared with online KYC, was frauds and identity theft. Our immediate response was to include a Fraud Check that verifies customer identity with AI-powered Facematch. Our Liveliness engine protects against fraudsters by ensuring they are physically present and do not use digital photos/printed photos at any time during the process. Features like central database verification of OVDs, fuzzy text matching between details on all OVDs, and document tampering risk score are some of the additional measures that we incorporated to protect organizations’ interest.

Another problem we witnessed were the rejections due to lack of awareness among customers and the drop-offs owing to internet connectivity. While the former has seen immense growth, with more organizations moving towards a quicker video KYC approach for their business, the latter was a matter of concern because we didn’t want to disappoint keen customers. We configured our solution to work on low bandwidth mode and support lower android versions too, (currently supporting 4.4+ which is compatible with 97% of handsets in India), to ensure that customers and agents (authorized personnel from an organization) both enjoy a seamless journey, no matter where they access our Kwik.ID solution from.

Apart from all of this, we aspire to cater to our clientele with an easy 4-step process and scheduling of calls for a suitable time, so customers can attend the video KYC session as per their convenience and your business can #KeepMoving too. Win-win for all!

One of the greatest learnings came in January 2020, when we went live with one of the largest FinTech organizations in India with our 100% API driven solution which supports IOS, Android and Web. It has reduced the organization’s KYC timeframe drastically with a session lasting an average of 1.5 minutes, instead of the traditional week-long KYC process. Tests were carried out across tier 1, 2, and 3 cities, and we found that there have been zero bugs since we went live. 

Other features like providing software updates for free, eliminating the need for additional applications, being 100% RBI Complaint, and providing daily, weekly and monthly statistics for monitoring growth, are add-ons that other organizations enjoy and trust us with. All of these add up to our excellence in Video based KYC identification.

As they say, success is a 2-way street. While organizations rely on us, we rely on them to help us better our product. So that we can design a finely-honed solution that effectively delivers on all the stringent KYC norms, and promises you the ease of doing business, wherever, whenever.

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Minimizing fraud with Video KYC

Financial institutions are mandated by law to carry out KYC to meet strict regulatory guidelines. It not only allows them to understand who their customer is but also functions as a pre-emptive safeguard against any potential illegal transactions.

While carrying out stringent KYC is quite a meticulous process, it is being remedied through the use of Adaptive AI. Wherein technology implements the necessary KYC processes and also incorporates learnings gained by observing the behavior of customers to differentiate between legitimate behavior patterns and suspicious ones.

By automating the KYC process, Video KYC securely verifies identities whilst detecting frauds and spoofing attempts on a real-time basis. This is done via the assimilation of a clear fraud decision-making framework coupled with robust data gathering and analysis. The different types of fraud checks during Video KYC verification are as follows:

Document Tampering: Kwik.ID’s AI based technology enables a quick face match between the selfie & photo on the identity document of the customer to check if the person submitting the documents matches the picture in them to avoid identity theft. Through its access to the central database, it also quickly verifies the legitimacy of the documents.

Further, an inbuilt feature in the video KYC solution checks if the official government ID provided has been tampered with. A risk score is generated to determine the legitimacy of the document. This ensures that the documents provided are the originals and not just a color photocopy.

Location Spoofing: Kwik.ID delivers very robust location intelligence to identify safe customers. At the beginning of Video based KYC identification, the live location (lat/long) of the customer through web browser/mobile is captured and in subsequent steps instant OCR of the POA document is done. Both the locations are fed into the distance algorithm and the address of POA is converted to lat/long. The distance between both location is calculated & if distance < 300 meters (configurable) then the current location gets tagged as HOME LOCATION.

Security Questions: A security question that needs to be answered by the customer undergoing the video KYC is included in this process to ensure that it is a live video session and not a pre-recorded one made by hackers.

All these features are integrated into Kwik.ID’s Video KYC solution to make it a comprehensive AI and data-driven decision-making platform.  This will serve as a valuable tool for FIs and other organizations to easily and seamlessly validate actual KYCs from fraudulent ones on a real-time basis.

To know more, reach out to us on info@getkwikid.com

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Physical KYC v/s Video KYC – Advantages & Limitations

KYC is essential to verify that the customers are who they claim to be and enables institutes to understand their customers better. This is vital for companies operating in the banking and financial sector that need to adhere to strict KYC and AML (Anti-Money Laundering) norms prescribed by regulatory authorities.

FIs also have to assure their customers that the sensitive personal data they are required to share to complete such procedures are in safe hands. While FIs need to ensure that the people signing up for their services are legitimate and not blacklisted or liable to commit illegal transactions, their clients need to know that their identity documents will not be misused.

Physical KYC requires customers to visit the company’s branch office to submit their identity documents and proof of address. While this is a very secure form of KYC, it is also very time consuming and inconvenient, especially for customers residing in towns where the company does not have a branch office.

Thus, a physical face-to-face KYC is not always a feasible option in a large country like India. So, companies need other alternatives to tap the vast market that exists in tier II and tier III cities and their suburbs.

Video KYC verification (approved method of KYC as per recent regulations) has emerged as a strong contender in recent times to resolve a myriad of KYC operational issues. It is a cost-effective and speedy way for organizations to ensure better customer experience while maintaining requisite process-adherence.

Unlike Digital KYC that still required a visit to the customer’s doorstep or nearest access point, video KYC makes the entire process digital. It not only provides companies remote access to potential customers but has also made the entire process paperless as there is no need for a wet signature. The videos and recordings taken during the KYC are encrypted to ensure data security.

Here are the overall advantages of Video KYC over Physical KYC:

Physical KYC Video KYC
INR 150+ per application INR 20-50 per application
8-10 applications per agent
per day
100+ application per agent per day
Asynchronous identity check Real time identity verification
Delayed audit; error prone Concurrent audit
Outsourced vendor; data risk On premise; secure – RBI compliant
High training & operational cost Negligible; on-job prompts
Susceptible to customer, DSA, employee fraud Extremely potent against fraud

As a fast, regulatory compliant and secure KYC process, video KYC leaves everyone feeling a winner. The additional value generated through cost reduction makes it a must-have in the KYC paraphernalia. However, the only limiting factor of Video KYC is the heavy dependency on network bandwidth. But with the penetration of mobile handsets into every household, coupled with a minimum 4G data offered by telecom operators, this issue can be tackled smoothly.