Central Bank of India aims to bring digitised processes in rural India

By Leandra Monteiro

With an aim to bring better onboarding and digitisation practices, Central Bank of India has selected Kwik.ID to implement digital KYC, video KYC and eKYC for its expansive network across India. Central Bank of India (CBI), one of India’s largest public sector banks, had an 8-month long gruelling evaluation process on technology and product experience followed by a reverse auction commercial round for this selection to ensure a robust partner for the implementation. This partnership will support the bank in driving its digital transformation agenda and supporting digital finance initiatives championed by the Government of India.

With Kwik.ID — India’s fastest and first ever AI-based fully compliant Video KYC solution — CBI aims to digitize 10 million customers’ onboarding annually and streamline their end-to-end processes. The plug and play model by Kwik.ID has the industry’s highest completion rate of 85% that percolates seamlessly to low-bandwidth regions, thereby catalysing the public bank’s efforts towards rural digitisation and financial inclusion.

Kwik.ID is a flagship product by Think360.ai — a full-stack AI firm with market-leading products, solutions and advisory services — that has conducted over 1.5 million such sessions for some of India’s biggest digitisation, customer onboarding and KYC practices for Bank of Baroda, RBL Bank, Bajaj Finserv and Spice Money, among others.

Amit Das, CEO and Co-founder, Think360.ai said, “This partnership with Central Bank of India is the starting point for building a relationship focused on delivering customer-centric services while addressing the gap in the availability of financial services across tier 2 tier 3 and rural areas. PSU banks are undoubtedly at the centre of driving financial inclusion and inching towards financial accessibility to otherwise isolated tier areas.”

“Video KYC tools that reach even the farthest rural areas with provisions for low bandwidth mode and guided step-by-step processes are essential to increase financial access to all community segments. Kwik.ID’s features for fraud prevention, including AI-assisted facematch, liveliness detection and OVD verification with government databases, combined with CBI’s vast rural and semi-urban presence will ensure the delivery of financial products and services, in a low-cost and transparent manner,” Amit further added.

Abhishek Joshi, Product Manager of Kwik.ID added, “Our common goal with the CBI team is to offer a convenient digital banking experience to millions of new and existing CBI customers, with our technology expertise and understanding of financial services. This is definitely one of the landmark moments in making the ‘Digitally Inclusive Bharat’ dream come true. We will first be going live with video KYC, followed by an implementation of digital KYC for the bank’s on-ground business correspondents, which will act as an assisted model for the non-tech savvy customer segment.”