The Future of Banking and Insurance Sector: Video KYC

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Video KYCIn 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.

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 penalise the individual/entity to build a trust factor

That is our mission, and we voraciously work to achieve the goal in this dynamic market.

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. 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 identity verification method.

Why is Online Identity Verification the Ultimate Solution?

Online identity verification often leverages the artificial intelligence and computer vision technology, and views of a verification expert to deem whether the government-issued ID presented by the customer is legit or not.

At Signzy, we developed a solution which performs validity checks via a real-time video session to ensure that the individual holding the ID is the same being showed in the ID. 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
  • Use of video forensics to detect if the video has tampered in any way
  • Quick implementation of API, SDK, and Webcam for online video KYC
  • Faster results as it typically takes only a few minutes to verify (Which can also be automated!!!

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.

This innovation has been recognized several times in our journey including awards from Indian Banking regulatory Reserve Bank of India (July 16,18), IBM (August 16), Thomson Reuters (Nov 16), Forbes ( January 17) and HDFC Life (Mar 17), Monetary Authority of Singapore (Nov 17). Signzy today works with over 75 clients including the top public, private sector banks as well as large NBFCs.

About Signzy

Signzy (signzy.com) 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. You can reach out to our team at reachout@signzy.com.

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