back Back

Bank of Baroda awards video KYC mandate to Kwik.ID

By Edil Corneille

January 14, 2021

  • Bank of Baroda
  • India
Share, bank of baroda, video kycBank 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.

ALSO, READ: Digital payments well entrenched in Indian households: PRICE and NPCI

Previous Article

January 14, 2021

Global investment management firm selects Fenergo to boost investor lifecycle management

Read More
Next Article

January 14, 2021

CRG Solutions selected as SingleStore’s value-added reseller partner

Read More

IBSi Daily News Analysis


July 19, 2024

Bank of Baroda

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 19, 2024

Sopra Banking Software partners with Finom

Read More

July 15, 2024

Daiwa Capital Markets Europe selects Delta Capita for CLM service

Read More

July 12, 2024

DCB Bank taps CyberArk to deliver secure services to customers

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024