CRMNEXT integrates with IDfy for video banking solutions

By Edil Corneille

Novato-based CRMNEXT has announced its integration with IDfy, a video banking solutions provider in Asia, to provide video banking, fraud detection and digital KYC solutions for banks. The facility of zero touch account opening, onboarding and servicing is available for customers who can start their journeys from any device with AI-enabled processes including video KYC.

Sushil Tyagi, Executive Director, CRMNEXT apprised, “Our new solutions will enable the banking industry to effectively acquire, onboard and serve new customers. Our customers are witnessing significant savings in costs, increased conversion and retention rates without any risks and frauds. We believe this will be a game-changing solution to power growth during the pandemic and the new normal thereafter.”

CRMNEXT is a banking, insurance, and financial customer experience and engagement solutions provider. Its customers include large global banks and insurance companies including State Bank of India, Kotak Bank, HDFC Bank, ICICI Bank, Axis Bank, TATA AIA, SBI Life Insurance, Bajaj Allianz, Metlife, Transunion CIBIL, etc.

Wriju Ray, Chief Business Officer, IDfy enunciated, “The Banking industry is poised for a transformation through the application of video across customer-facing processes. CRMNEXT customers will now have best-in-class Video Banking integrated into their world class CRM solution. This will benefit end customers with easier access to finances while keeping Banks safe and efficient.”

Banks like HDFC and Kotak Bank, payments companies like PayTM and PhonePe, NBFCs and FinTechs like BACQ and Bajaj Finserv use IDfy’s technology solutions to stay safe and compliant while onboarding customers remotely from the comfort of their homes.

The CRMNEXT integration with IDfy will help banks video-enable customer-facing processes, thereby allowing the financial institutions to acquire new customers remotely with a Video KYC process.

The new integrated video platform allows banks’ customers to connect on a live video call to complete all onboarding processes including the mandatory KnowYourCustomer (KYC) requirement.

The platform comes integrated with identification, authentication and verification APIs and allows flexibility for use cases across assets and liabilities like account openings, credit cards, fixed deposits, loans, and capital markets. The solution is compliance-ready with GDPR, AML, KYC, and other regulations.