5 supplier companies digitalising the KYC process in India

By Edil Corneille

Financial institutions are increasingly adopting digital ways to carry out the Know Your Customer (KYC) requirements to not risk losing out on customers in wake of the COVID-19 pandemic. The Reserve Bank of India (RBI), which is the country’s central bank, approved Video KYC in January 2020, thereby allowing regulated entities such as banks to onboard customers using a live video-based interface created in compliance with the RBI’s KYC Master Direction. Many banks and financial institutions have announced the deployment of these solutions so that the process of onboarding is more convenient without the need for customers to leave their home premises. These Video KYC solutions are mostly procured from suppliers who are generally startups. Below is a list of the supplier companies that have developed the Video KYC solutions.

HyperVerge

In June, HyperVerge announced the release of Video KYC solution with Capital Float, according to media reports. The solution allows a customer to remotely authenticate KYC verification which does not require the customer to visit the branch premises. The procedure is said to take 2 to 5 minutes and eliminates the tedious traditional verification processes for the borrower. AI engines are used to augment the process. In July, HyperVerge announced SBI Card as its marquee customer of the solution.

inVOID

This New Delhi-based company has built a SaaS based e-KYC & Video KYC platform for streamlining and automating individual on-boarding and ID verification operations in India. inVOID is incubated at IIT – Roorkee and serves enterprises across India. After announcing a 250 percent revenue growth in July, New Delhi-based inVOID announced this month its plans to expand in the South East Asian markets of Singapore, Malaysia, Hong Kong, Philippines, Vietnam, and Myanmar over the next one year. The identity verification and fraud prevention AI platform company aims to acquire over 200 clients in these markets, across banking and FinTech industries.

WorkApps

Headquartered in Pune, WorkApps calls itself a communication solution for large enterprises. Features of its Video KYC solution involve hosting and data control; readymade APIs for integration into RE system; two-way video calling with recording on browsers; capturing photos from a live video feed, user access module for agents and auditors; AWS Rekognition – AI based face match tool; multi-device compatibility; customer routing module for call centre; concurrent auditor module and advanced security features.

FRSLABS

The customer can, through a stroke of a video call, chat directly with a banker. All the identity documents for verification of the customer can be provided to prove who they are. The account opening steps can be complete within a few minutes. And the video is streamed live to the banker. The Aldus Video KYC dashboard provides a seamless way to connect the agent and the customer through a video call and collates all of the ID documents and checks in one place with a full audit trail.

SignDesk

Bangalore-based SignDesk Video KYC has launched a product called Scan.it which helps users to submit KYC information through a video. The customer experience is said to be improved through digital video as several KYC costs can be saved. SignDesk Video KYC onboards customers securely and within seconds using AI-based technology. In February, the company also announced the rollout of its digitised e-stamping solution across India where their product SignDesk stamp.it provides services in this regard.