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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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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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Video KYC – A Game Changer for the Insurance Market

Following in the footsteps of RBI, the Insurance Regulatory and Development Authority of India, most recently released a draft circular allowing Video KYC for insurance companies, giving many companies and policy buyers relief to do business at ease. The announcement came earlier this month as board regulators strive to ease compliance processes and minimize physical contact, while keeping business moving, ensuring no industry misses out.

With the new guidelines, the insurance sector shifts its KYC operations to a completely paperless approach, thereby doing away with Traditional KYC which had its own limitations. Some of these being:

  • Offline processes of document collection are risky as documents can be tampered with, or misused while changing hands and information maybe leaked
  • Completing the process manually might lead to errors, which often leads to KYC drop-offs because customers aren’t willing to repeatedly pay physical visits. This also lengthens the process of onboarding customers and hampers the overall customer experience, thereby affecting company’s goodwill
  • The turnaround time taking longer leads to higher costs of file processing and hence, higher costs of acquiring customers
  • In smaller cities and rural areas, insurance agents and company outlets are few, with poor access to these facilities. A Video KYC tool makes it convenient for companies to widen their reach across these areas so as to bring in more business while bridging the gap between urban and rural facilities.

As tech takes over and insurance companies are starting to implemenet the Video KYC Onboarding process, here’s how the best Video KYC tools from Kwik.ID can help make a difference:

  • Being 100% RBI compliant, highly accurate, and 100% secure as well, our premium Video KYC tools puts you at no risk of losing or leaking out information
  • Now, the process isn’t just RBI complaint, but 100% IRDAI compliant too, leaving no room for errors
  • Insurance involves money, and that’s something nobody wants to play around with. With our AI-enabled Facematch and Liveliness tools, we’ll ensure you don’t have to. These tools work in real time and match the person on the screen, with the photo on the documents, thereby eliminating the risk of bots
  • With the process lasting for barely 3 minutes and being a smooth sailing one, Video KYC drop-offs are minimum. So you can expect at least an 85% success rate while reaching out to potential customers
  • Making the process easier for smaller towns and rural areas, we at Kwik.ID also offer a low bandwidth mode that lets business continue, anytime, anywhere. Our chat feature and Natural Language feature also enables easy conversation between the authorised agent and the potential customer
  • Moreover, customers are kept well informed and given a guided tour well in advance to make sure all documents are in place and they are prepared, not leaving them overwhelmed during the video KYC process in any way
  • Queueing, routing and scheduling by Kwik.ID’s Video based KYC identification helps streamline processes better as busy customers are kept well informed and need to make themselves available only when asked to, as opposed to Traditional KYC, where multiple physical meetings maybe expected.
  • Built-in OVD verification services are used for instant verification by Regulated Entities

With business being low for a while, this new move by IRDAI gives new impetus to insurance companies to #KeepMoving forward and doing business smoothly with potential policy buyers, while not losing out. Why would they, when all it takes is 3 minutes?

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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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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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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.

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Alcohol e-commerce seems simple. But is it?

Why ID Verification is Key for Alcohol E-Sellers

The Indian government’s decision to permit the sale of liquor has come as a sweet relief to alcohol aficionados across the country, especially considering we are merely emerging from the shutting down of all liquor establishments which had led to an extra dry summer.

The liquor industry is hit hard this year; every year, March to June is the peak season for liquor sales, generating 40% of the year’s revenue [1] for the retailer, as well as the State. State excise duties on liquor is the second or third largest contributor of approximately 10-15% to the State’s Own Tax revenue[1]. As soon as the central government allowed the sale of liquor during the lockdown, the long queues outside each store, the stories of “very large” transactions, and a subsequent flouting of all social distancing norms bore testimony to the customer demand for liquor (as an essential item), along with the inherent risks associated with liquor sales. States were quick to roll back the permissions, while they figure out alternate mechanisms. Allowing home delivery of liquor – whether through online sales or through direct sale by liquor shops has emerged as a viable idea. Chhattisgarh and Punjab have already gone ahead and allowed specific partners to enable liquor sale online[2].

Selling liquor online is the perfect solution to ensure social distancing and other precautionary measures. This could help maintain social distancing norms while generating additional business for retail outlets. [2]

From where we see it – there are three huge risks of allowing liquor sales in the current scenario (especially online):

  • Social distancing – home delivery allows us to manage social distancing.
  • Health practices – Most restaurants and open businesses are actively talking about the norms they follow for best health practices – infrared thermometers, cleanliness, use of sanitizers, etc. Liquor businesses are not known to follow these.
  • Identity risk – Alcohol cannot be sold to under-age customers. And neither can (or should) it be sold above certain volumes.

With KwikID, at least the identity assessment and risk can be managed. Right from age-restriction checks, geo-fencing, address verification, VCIP Digital KYC solutions – KwikID has been designed for Regulated Entities, and has adapted itself to similar and simpler customer onboarding.

Using inbuilt functionalities like OCR, face match & real-time verification/authentication of government-issued documents, Kwik.ID enables the customer verification journey to be completed within a minute.

The age verification can be completed with just 2 simple steps:

  • Take a selfie
  • Provide valid government-issued ID proof like Aadhar, PAN, Driver’s license, Voter ID or Passport

Enabling alcohol sales through technology is a great idea. It helps keep these liquor shops viable, their staff employed, people happy, and state funds flowing. For delivery apps, liquor as a category increases the average order value and generates higher customer retention. Using smart Digital KYC partners like Kwik.ID can curtail the risk of delivery to underage customers, ease the verification process for retailers, reduce the task of delivery agents at the doorstep of the customer & enhance customer experience thereby creating a win-win situation for retailers, delivery apps and customers.

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


[1] https://indianexpress.com/article/explained/explained-why-states-are-so-keen-about-excise-duty-on-liquor-6393643/

[2]https://www.deccanherald.com/business/coronavirus-lockdown-30-liquor-industry-demands-govt-to-allow-online-sale-home-delivery-of-booze-833485.html

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Is your organisation eligible for digital KYC?

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

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

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

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

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

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

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

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

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

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

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Optical Character Recognition: Revolutionizing the Know-Your-Customer Process

Traditional KYC procedures are infamously labour-intensive. They generally involve making a trip to a branch office and manually filling out forms that are time-consuming, costly, and limited to office hours.

Customers today expect instant gratification and will accept nothing less than real-time digital services round the clock. With digital competitors lurking around every corner to entice dissatisfied customers, it is imperative that companies don’t appear to be creating unnecessary hurdles whilst adhering to regulatory guidelines. This, coupled with the physical challenges of conducting business-as-usual during a global lockdown, creates more room for innovation than we’ve ever witnessed before.

Innovation in Isolation

Optical Character Recognition (OCR) is a technology that recognizes text within a digital image and is used to convert virtually any kind of images containing text into machine-readable data. Prior to OCR technology, the only way to digitize printed paper documents was to re-type the text manually. This was not only time consuming but also increased the possibilities of human error.

While OCR is commonly used to recognize text in scanned documents, its technology is also used in data entry automation, indexing documents for search engines, automatic number plate recognition, as well as assisting the blind and visually impaired. It has been exceedingly useful in transforming historic newspapers and texts into searchable formats by digitizing them.

Optimizations through Machine Learning

A few common problems encountered by OCR over the years, such as blurs, glares, incorrect image capture are now being tackled by the use of Machine Learning. Obviously, conversion accuracy is important, and most OCR software delivers 98% to 99% accuracy.[1]

OCR solution by Kwik.ID:

The OCR solution offered by Kwik ID enables instant verification of OVD’s like Aadhaar, PAN, VoterID, Passport, and Driver’s License. It makes it easier to detect frauds through signature matching tools and leverages ML to spot problematic information. Furthermore, Kwik.ID also promises its customers of Video KYC at low bandwith with its collection of the Best Video KYC tools.

We have built a state of the art OCR engine that extracts meaningful information from the image of an identity card using the following module

  • Rotation and cropping of Image
  • Raw text detection from natural image
  • Extraction of meaningful data from Raw text
  1. Rotation and cropping of Image

For the text detection module to work properly, it’s essential to remove the background noise and make the ID card image horizontal with 0 degrees. However, since the image of the ID card is provided by an end-user, it may contain a lot of background noise & can be at any angle. This module helps in the perfect alignment of the image & removal of the background noises.

Raw image
Output after processing

2. Raw text detection from natural image

Once the card image is cropped and rotated, it is provided to the ML engine that detects text in the image. These detected texts are then extracted from the image along with their corresponding coordinates.

3. Extraction of meaningful data

In the final step, we extract meaningful information from the detected text in step two. However, just detecting raw text is not enough. We need to identify which text represents which information. For example, if two names are detected in an image, which one is the father’s name, and which one is the card holder’s name should be segregated. 

Here the coordinates extracted with each text play the role. Based on different types of cards, the extraction engine contains different templates for each type of ID card to identify the position of details.

While not a new technology, OCR has been fine-tuned via AI & ML making it an indispensable tool for quicker customer onboarding and thereby ensuring smoother Video KYC verification.

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


[1] https://tdwi.org/articles/2018/03/05/diq-all-how-accurate-is-your-data.aspx