BOB Financial Solutions Limited (BFSL), a wholly-owned subsidiary of Bank of Baroda has selected RegTech firm Signzy, in a bid to digitize its customer verification through ‘Video KYC’. With this alliance, BFSL has now enabled a quick, zero-contact and paperless KYC that omits the requirement for physical submission of KYC documents.
By leveraging Signzy’s Artificial Intelligence and Machine Learning-enabled Video e-KYC solution, BFSL would now be able to easily onboard more than one lakh new credit card customers every month. The solution will help in delivering 98 percent faster KYC processing in comparison to the traditional process, ensuring an instant onboarding experience to a client. It also ensures end-to-end security in the entire KYC process to both financial services providers as well as their users.
Shailendra Singh, MD & CEO, BOB Financial Solutions Limited said, “We are evolving our front-end and back-end systems with digital at the core of this transformation. Operationally we redefined ourselves by adopting Fiserv technology for card processing & issuance and now this is another step in delivering digital customer experience. Bank of Baroda Credit Card is now eyeing on every digital innovation and prioritizing its investments to ensure that we leverage new technologies for servicing and delighting our customers”.
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Arpit Ratan, co-founder of Signzy said, “We are excited to have partnered with BOB Financial to support their digital customer onboarding through our industry-leading Video KYC solution. This partnership also benefits from the core of what Signzy had been building for the last five years and we are glad to also bring our years of implementation experience to this engagement. Our solution is designed to benefit both financial institutions and their customers by cutting downtime and costs for onboarding new customers while simultaneously delivering much superior customer experience.”