Bank of Baroda awards video KYC mandate to Kwik.ID
By Edil Corneille
Bank of Baroda has selected Kwik.ID, a video KYC platform, to move into the video customer onboarding space. This is said to be the Indian bank’s second initiative towards digitisation as well as last-mile connectivity after the announcement of its WhatsApp banking launch.
Founded in February 2020, Kwik.ID is said to have completed approximately 2,00,000 Video KYC sessions and will enable the customers of Bank of Baroda to complete their onboarding in under 2 minutes from any part of the country. The plug and play solutions provider has an 85% completion rate that percolates efficiently to low-bandwidth regions just as well as well-connected/urban areas.
Kwik.ID also works with organisations like New Co-operative Bank, HDFC Life, Fino Payment Bank and RupeeRedee to provide video-based assessment solutions across India and abroad. Their solutions have been implemented not only in the banking sector but also in the fields of sectors such as telemedicine.
With a socially distant world with low-touch points, a video has become the standard procedure and norm for customer engagement and onboarding. The process has been further enhanced by players like Kwik.ID by being able to complete it within 2 minutes and in the lowest possible bandwidth scenario.
A customer now can simply open the banking website and opt for the video KYC procedure, along with showcasing their relevant paperwork in the process. They no longer have to lug physical forms or paperwork and wait in queues for hours.
Even as the COVID-19 situation is expected to improve, banks are partnering with FinTechs to offer digital solutions so that customers find it easy to conduct their banking activities. Customers who were not tech-savvy are now getting accustomed to digital ways of banking. This trend is expected to continue even post the COVID-19 pandemic era.
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December 01, 2023
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