TradeSmart introduces AI enabled e-KYC to fast-track Demat account opening

By Leandra Monteiro

India’s discount brokerage firm, TradeSmart, has introduced the latest e-KYC feature to enhance the entire digital onboarding procedure. A digital-first platform for discount brokerage services in the stock, commodity, and currency trading segments, the brand anchors artificial intelligence (AI) and automation to expedite the digital onboarding process with no scope for errors.

As one of the first discount brokerage firms to introduce this advanced feature, TradeSmart brings forth an intelligent system for automated identity verification as per government-issued documents. The feature has replaced lengthy and tedious physical verification procedures with an accurate process for faster activation of Demat accounts. In fact, TradeSmart enables consumers to sign up, complete the entire verification process, and open a Demat Trading Account on the same working day by leveraging cutting-edge tools.

Our system scans through all the documents uploaded by the users and verifies the details by picking up data from authorised docs such as Aadhar Card and PAN Card copies. Secondly, it uses real-time selfies authenticate and compare the customer’s picture with official documents.

On introducing the new process, Vikas Singhania, the Chief Executive Officer (CEO) of TradeSmart, said, “Even before the pandemic disrupted our lives, the world was changing drastically. And, if we are to survive in this fast-paced world, we must evolve with it. At TradeSmart, we are thrilled to take the lead in introducing automated verification in the discount brokerage ecosystem. We firmly believe that this will expedite the accuracy, speed, and scalability of the digital onboarding procedure cost-effectively. As opposed to physical or manual verification, automatic and digital verification procedures mitigate the possibility of errors while also accelerating the entire process.”

He further added, “The improved e-KYC is already live, and it can automatically verify documents, and complete face recognition steps, all within a few seconds. We believe that with this added value, we will be able to open more accounts and provide a better experience to the users coming on to our platform. Understanding the pain points of consumers and the needs of a digitally enabled world, TradeSmart strives to constantly innovate and make trading an easy and simple process.”