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Know the future of Banking and Insurance Sector-Video KYC

The Reserve Bank of India mulled over some new modes of electronic verification methods concerning the financial institutions of India. Video KYC (Know Your Customer) was one of the most likely options among the others. Signzy understands the power of Artificial Intelligence and how it can solve the number of problems that are associated with the financial institutions of India. Just read out the PPT you will come to know what was the clumsy old KYC Verification method and its proposed solution none other than the video-based online identity verification method.

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Know the future of Banking and Insurance Sector-Video KYC

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  1. The Future of Banking and Insurance Sector - Video KYC

  2. Introduction In December 2018, the Reserve Bank of India (RBI) mulled over some new modes of electronic verification methods pertaining to the financial institutions of India. Video KYC (Know Your Customer) was one of the most plausible options among the others. As Aadhaar based biometric customer verification is out of the picture now, Signzy, an active working committee member of the IAMAI (Internet and Mobile Association of India), has suggested video KYC (Know Your Customer) as an alternative solution.

  3. Power of Artificial Intelligence at Signzy • We at Signzy understand the power of Artificial Intelligence (AI) and how it can be leveraged to solve numerous problems associated with the financial institutions of India. • We are aiming to build a global digital trust system with three major components: • Identify an individual/entity accurately • Know all the essential background Information of an individual/entity • Feature to reward or penalize the individual/entity to build a trust factor

  4. The Cons of Clumsy Old KYC Verifications • Let’s have a look at some of the factors that showcase the clumsiness in the current offline KYC verification method: • Maintenance of physical files, which requires time, manpower and space • The offline process of documents collection brings the threat of misuse of documents • The turnaround time (TAT) per file increases which hampers the customer experience • In-person verification requires customer’s availability which further delays the onboarding process • These pointers are enough to highlight where the real problem lies.

  5. Online Identity Verification the Ultimate Solution We at Signzy understand the time and cost involved from a banker’s point of view and customer’s experience in the whole process. This challenge has given us an opportunity to figure out a more affluent solution which will simultaneously abide all the regulatory requirements. The proposed solution is none other than the video-based online ID verification method.

  6. Why is Online Identity Verification the Ultimate Solution? Online identity verification often leverages the artificial intelligence and computer vision technology. • Some of the features are: • Providing best-in-class face match score by matching the photo Identity with the real-time video session to eliminate the possibility of fraudulent activity. • Detection & elimination of static photographs or pre-recording videos • Liveliness is checked by matching the audio with the numbers or sentence that are asked to speak by the user.

  7. Signzy has a secure and compliant solution Signzy reduces identity and behavioural fraud risk at digital onboarding through our proprietary Computer Vision Engine – ‘(K)Netra’ which brings human-like intelligence on people & documents and our Machine Learning (ML) based engine ‘Mimasa’ which detects behavioural risk using massive digital data.

  8. Contact Details About Signzy: Signzy helps financial institutions transform current semi-manual processes into real-time digital systems, using Artificial Intelligence and Blockchain. This ensures that the new processes are user-friendly, yet secure and compliant. Mumbai office “Rise” 1902, 19th Floor, Peninsula Business Park, Tower B, Lower Parel, Mumbai – 400013 Bangalore office BPL building, 11th KM, ArakereBannerghatta Rd, Bengaluru, Karnataka – 560076 Website : https://signzy.com/ Email : reachout@signzy.com

  9. Follow Us On https://www.linkedin.com/company/teamsignzy https://www.facebook.com/TeamSignzy/ https://twitter.com/TeamSignzy

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