The financial services ecosystem has gone through a turbulent ride since the onset of the dreaded COVID-19 pandemic, and one of the more positive outputs of the same undoubtedly happens to be the acceptance of VideoKYC as a remote onboarding solution. VideoKYC is currently playing an imperative role in remote onboarding and customer verification protocols and hold promising opportunities in playing an even greater role in the impending days. The likes of SEBI and IRDAI are now following RBI’s direction, sanctioning VideoKYC to be carried out by the entities that they manage. In effect of RBI’s recent amendment to the KYC norms, banks and lending companies are warming up to the adoption of VideoKYC quite promptly on account of the abrupt onset of the global pandemic, enabling accelerated onboarding of new customers through VideoKYC.
We see many tech investments happening in this space to make the system more robust and ensure the integrity of the video KYC process, here are some of the technology SaaS based companies who are helping the banking giants implement the same.
Signzy: With headquarters in Bengaluru, Signzy is one of India’s leading RegTech startups. Their Video Conferencing tool offers industry-leading security and privacy for one-to-one interactions and is best suited for banks, insurance companies and other organizations where security and privacy of communications is a critical requirement . They recently got in a partnership with Mastercard for the global rollout of their video-based KYC solution for banking customers.
Ameyo: Ameyo is an omnichannel customer engagement platform based out of Gurugram. They offer a video KYC solution that has capabilities like scheduling and reminding customers to complete the KYC process. Their video KYC solution enables Regulated Entities (REs) to reduce onboarding dropoffs by 20% and reduce the cost of KYC by up to 90%. Ameyo also partnered with The Muthoot Group as their Video KYC solution provider for the Loan@Home service.
InVoid: The New Delhi based inVOID offers AI-driven SaaS-based eKYC and video-KYC to help businesses streamline and automate customer onboarding and verification. The AI-driven platform claims to verify the authenticity of the documents uploaded by customers using facial recognition tools for video-KYC and automate onboarding. At present, the company conducts more than 15K KYCs on a daily basis, compared to pre-COVID times, where it was doing close to 6K KYCs per day.
WorksAppS’: Pune based WorkApps’ video platform enables banks in the sector to migrate business processes and customer interaction to video channels. This includes 14 key processes such as KYC, credit verification, loan and wealth advisory, customer support, online assistance during digital onboarding, video Medical Examination Report, and asset verification among others.