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Monitoring and Evaluating your Video KYC Sessions

When you invest in a new tool to speed up your business, you most certainly want to analyse your return-on-investment over a period of time. No matter how big or small a business is, you want every penny’s worth, and at Kwik.ID that’s what we want too – to help you get your money’s worth.

While our 100% RBI-Complaint Video KYC Solution enables your business to #KeepMoving, monitoring and evaluating these sessions to assess the result and the success of this new intervention is what matters the most. This is imperative, especially when you need to study the company’s continuous performance, efficiency and effectiveness of the solution. Let us help you with that.

Along with umpteen benefits that our tool offers, our real-time dashboard plays an integral role in gauging your Video KYC success. The Kwik.ID dashboard offers a range of statistics and measures for you to improve your performance and get the best out of Video KYC.

Some of its features include:

  1. Real-Time Statistics – No matter when you log in, you’ll see an updated data dashboard that’ll give you an overall insight on historic and live sessions details and help you analyse areas of improvement. Statistics like Video KYC sessions, requests rejected, accepted, and approved, along with a graph of sessions completed, will help make decisions for future Video KYC sessions.
  • Anytime, Anywhere – This real-time data dashboard is available at all hours, all year round. Additionally, being a low bandwidth platform, you can enjoy Video KYC at low bandwith on the go.
  • AI-powered – Be it our Facematch and Liveliness feature, or data driven analytics, each and every step in Video KYC verification is Artificial Intelligence reliant. Techniques like automated data extraction, machine learning, and streamlining complex processes, all rely on Artificial Intelligence, which gives you a clear picture.
  • Customisation – Kwik.ID’s Video KYC dashboard offers you the option to choose the types of charts you want to focus on and presents you with data based on your preferences. You can choose an overall summary, a chart to analyse how well your agents are performing, another to gauge how many sessions you conducted, and even where your calls are coming from, so you can focus on consumer segments differently.
  • Easy – At Kwik.ID we strive to make Video based KYC identification accessible and easy-to-comprehend for all, owing to which our dashboard is clear, crisp, and simple.

With a holistic approach to providing you with every minor detail that’ll help boost your Video KYC sessions, our statistics include the following:

  • Video KYC requests rejected and requests approved
  • The Video KYC  request approved are further divided into results rejected or approved
  • Average session duration to help minimise your call time and maximise productivity
  • Average queue wait time because you definitely don’t want to keep customers waiting
  • Time taken by an agent to respond to a request
  • Daily, weekly, monthly statistics for you to keep track of everything, everyday.

Data-centric dashboards are not just an additional offering, but a necessity, especially when you’re doing business online. Find out more by registering for a demo of the Video KYC in India offered by Kwik.ID, today.

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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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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.