Category: Video KYC for Banks

Categories
agent productivity Digital KYC DigitalKYC Digitalonboarding Face AI KwikID KYC one stop video kyc One stop video kyc solution VCIP Digital KYC solutions video based kyc Video based KYC identification Video KYC Video KYC for Banks Video KYC India Video KYC solution providers Video KYC vendors Video KYC verification

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!

Categories
customer identification KwikID KYC One stop video kyc solution video based kyc Video KYC Video KYC for Banks Video KYC vendors Video KYC verification

Customer Care 2.0

Business technology today is not what we are used to anymore. Social networking and online interactions have seeped into our professional lives and are clearly here to stay. Despite building all kinds of online connect though, we still yearn for that human interaction (evident in the last few months of the pandemic). This is where the online-offline balance comes into play—businesses need to focus on driving customer care and engagement with the same energy as they do with implementing technology into the system.

Video KYC, Video KYC for Banks and Video based KYC identification are also available at low bandwiths. They are really catering for the customers easing their worries more than ever.

The resulting customer support tools when designed for the future, enable swift business in just a few minutes, improve brand reputation, increase agent productivity, and help build stronger relations with customers. It is imperative for businesses now, to think beyond basic chatbots. They need to cater to current and potential customers with programs that simplify the customer journey, guide them through the process, and keep them engaged with real people at the end of the video platform. They need to focus on the future of customer care. This will involve:

Understanding that human interaction has never been more essential

Imagine your customer running into a technical problem or not comprehending a certain instruction and then being caught in the endless vortex of chatting with a bot, receiving auto-responses, but no human assistance. Needless to say, they’d get annoyed and drop off instantly, unlikely to return. The need for human assistance has been aggravated by COVID-19, especially in sectors like insurance and banking that encourage online business.

Through our own experience we noticed that when Video KYC was introduced in the banking and insurance sectors, along with the increased demand for the tool, there was also an increased demand for virtual assistance by real agents. Customers might begin by engaging with a chatbot, but eventually they will want some kind of a video interaction or an offline phone call with the agents. At the end of the day, chatbots cannot process empathy and react accordingly. That’s something unique to human beings.

Providing a more personalized and interactive voice response

The last thing customers want is to hear an annoying tune or the phone ringing incessantly during the wait time. Customer service providers (like us and many others) should incorporate an IVR system that keeps the caller engaged while the agent is away. This IVR system would introduce the caller to the various services the company offers or all the necessary details that they can demand from the tool they are using. Allowing callers to interact in their local language and adding a personalized touch with additional options and a welcome message are just some of the features this virtual assistant would offer.

Ensuring skill-based routing for agents

With modern technology enabled Video KYC for Banks and other customer service tools, calls coming through needn’t just go to any agent available but can be transferred to the one best suited for assistance. This feature, known as skill-based routing, categorizes agents based on their demographics like language, locations, area of expertise and more. After the IVR has interacted with the customer, the line is routed to the agent most qualified to resolve the issue. Needless to say, this elevates customer satisfaction.

Offering CRM integration

When your online service tool is integrated with a CRM software, agents have a 360-degree-view of all caller details, so that no matter who answers, customizing the experience for the caller gets easier once the details are right on the screen. Besides personal client information and call logs, agents also have access to previous tickets, cases, chat transcripts and other data, which offer a comprehensive view to make client interactions more efficient and effective.

Offering new services like instant onboarding, video KYC and others certainly require new technology that’ll help businesses improve completion rate, conversion rate, overall customer satisfaction and agent productivity.

As we progress into the ‘new normal’ business, we need to ensure that these tools and technologies are implemented in our customer care software to achieve speedy business and maximum ROI.

Categories
AI Artificial Intelligence BFSI Chat feature covid19 customer identification Customeronboarding digital banking Digital KYC Digital transformation DigitalKYC Digitalonboarding Fintech fintechs Insurance KwikID KYC One stop video kyc solution V-CIP video based kyc Video KYC Video KYC for Banks Video KYC vendors Video KYC verification VideoKYC

Insights into the Future of Digital Business

The pandemic has irreversibly changed the way we work. “Phygital” seems to be the current scenario and digital the future. Many businesses, however, had already shifted from offline to online processes long before the pandemic while the last six months have witnessed only online transactions and dealings.

Organisations have also revised their business priorities as they strive to find new solutions to accelerate the business pace and find long-term success. Traditional face-to-face methods have been replaced by tools like online wallets, e-commerce business, Video KYC for banks and insurance firms, AI-led instructions and more.

Organisations will soon start building their digital platforms while utilising advanced analytics with greater intensity. For example, DBS Bank understood the need to do more for its customers and adopted a RED mantra: Respectful, Easy to deal with, and Dependable. This involved tech-driven processes because they strongly believe that making banking joyful should involve making the ‘banking’ part, invisible.

Here’s how the country is paving the path for digital business growth.

Digitising Sales and Customer Processes

Businesses have begun to consider digital tools and processes, especially for selling a product and meeting customer process requirements. Companies are adopting and implementing a host of applications, digital payment methods, self-service platforms, digital documentation, onboarding and electronic signatures to ensure that internal operations, income and revenue continue to flow. Even the smallest of businesses have taken to digital to keep the customer inflow intact, by adopting the latest AI technology and tools like face recognition and biometric signatures, and they don’t seem to be going back to their traditional ways anytime soon.

The finance industry, including banks, NBFCs, fintech, insurance and many others now choose online processes to make business easier for customers, including opening an account through video KYC. Customers no longer need to visit the branch to complete all the formalities and fill out extensive forms. Video KYC speeds up the process ensuring they are onboarded in just two minutes!

Digital Marketing to Customers

The way companies market their products is also evolving rapidly. Given that industry gatherings have shut down, B2B companies like Slack and Zendesk have adopted new ways to engage customers via their digital video advertising strategy and generated new business leads. Digital content, especially ads directed via social media platforms need to be data-driven, personalised and displayed to the right customers for a continued boost of sales and marketing. This can also help improve efficiency and ROI.

Empowering Employees with the Right Tools

To ensure that employees reach their maximum potential in these times, it is imperative for companies to adopt technology that makes operations and processes easier and more efficient. Employees need to be educated about the latest technologies and trained on how to deal with new clientele, digitally, for maximum customer satisfaction.

For example, Kwik.ID, our Video KYC tool is enabled with customer queueing facility to reduce customer repetition. The analytics dashboard helps agents manage their time more efficiently. Finally, the Neuro Linguistic Programming software ensures agents understand and guide customers better, and (instantly) resolve their issues.

Using the Cloud for storage of enterprise applications, planning and management, workforce management, billing and many others, not only provides easier employee access to technology but also helps manage cybersecurity better as everything is housed together. It is also important for organisations to have all the documentation and customer data in one place—no matter where the agent or employee is, data can always be accessed remotely and work needn’t stop. At Think Analytics, we recommend working on-the-go, which our video KYC tool enables, by storing all the data in one place.

In the coming months, online tools like digital banking, e-wallets and video KYC can significantly benefit investors, insurance companies and agents, banked and unbanked sectors, non-banking entities and many others. While these tools boost business, they also help battle slow-moving business owing to the COVID crisis while ensuring that work continues seamlessly from anywhere across the globe.

Categories
Artificial Intelligence Digital KYC fintechs Insurance video based kyc Video KYC for Banks Video KYC verification

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.

Categories
customer identification Customeronboarding Digital KYC DigitalKYC financial inclusion KwikID KYC video based kyc Video KYC Video KYC for Banks Video KYC vendors Video KYC verification

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.

Categories
covid19 customer identification Customeronboarding Digital KYC Digital transformation DigitalKYC Digitalonboarding Insurance IRDA KwikID KYC V-CIP video based kyc Video KYC Video KYC for Banks Video KYC vendors Video KYC verification VideoKYC

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.

Categories
AI BFSI Completion rates covid19 customer identification Customeronboarding data privacy Digital KYC Digital transformation DigitalKYC Digitalonboarding Face AI face match financial inclusion Fintech fintechs fraud checks fraud detection Gaming Insurance IRDA KwikID KYC lending liquorecommerce liveliness OCR Offline Aadhar Payment Banks Physical KYC RBI Social Distancing socialdistancing spoofing tech savvy telecom Travel V-CIP video based kyc Video KYC Video KYC for Banks Video KYC vendors Video KYC verification VideoKYC Wallets

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.

Categories
agent productivity AI Artificial Intelligence BFSI Completion rates customer identification Customeronboarding Digital KYC Digital transformation DigitalKYC Digitalonboarding financial inclusion Fintech fintechs fraud checks fraud detection fraud prevention frauds Insurance IRDA KwikID KYC lending liveliness OCR Offline Aadhar Payment Banks Physical KYC RBI Social Distancing socialdistancing Travel V-CIP video based kyc Video KYC Video KYC for Banks Video KYC vendors Video KYC verification VideoKYC Wallets

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.

Categories
AI Artificial Intelligence BFSI covid19 crypto customer identification Customeronboarding Digital KYC Digital transformation DigitalKYC Digitalonboarding Face AI face match financial inclusion Fintech fintechs fraud checks Gaming Insurance KwikID KYC lending liveliness OCR Offline Aadhar Payment Banks Physical KYC RBI Social Distancing socialdistancing tech savvy telecom Travel V-CIP video based kyc Video KYC Video KYC for Banks Video KYC vendors Video KYC verification VideoKYC Wallets

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.

Categories
AadharXML AI alcoholecommerce Artificial Intelligence BFSI Completion rates covid19 crypto customer identification Customeronboarding data privacy Digital KYC Digital transformation DigitalKYC Digitalonboarding Face AI Fintech fraud checks fraud detection fraud prevention frauds Gaming Insurance KwikID KYC lending liquorecommerce liveliness multi browser support OCR Offline Aadhar Payment Banks Physical KYC RBI Social Distancing socialdistancing spoofing tech savvy telecom Travel V-CIP video based kyc Video KYC Video KYC for Banks Video KYC vendors Video KYC verification VideoKYC Wallets

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.