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BOB Financial Solutions picks Signzy for video KYC

Source: Signzy

BOB Financial Solutions Limited (BFSL), a wholly-owned subsidiary of Bank of Baroda, today announced that it has selected RegTech firm Signzy, for digitizing customer verification through ‘Video KYC’.

With this partnership, BFSL has enabled a quick, zero-contact and paperless KYC that replaces the need for physical submission of KYC documents.

Leveraging on Signzy’s Artificial Intelligence and Machine Learning-enabled Video e-KYC solution, BFSL has equipped itself to easily onboard well over a lakh new credit card customers every month. The solution delivers 98% faster KYC processing than the traditional process, providing an instantaneous onboarding experience to a customer. It also delivers end-to-end security during the KYC process to both financial services providers as well as their users.

On this occasion, Mr 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”.

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 down time and costs for onboarding new customers while simultaneously delivering much superior customer experience.”

Benefits of VKYC
ENABLES Socially Distant, Remotely Connected, Paperless & Hassle-free Verification
LEADING TO Secure Customer On-boarding

How does VKYC work?
Through video-KYC, BFSL representative can initiate a remote video interaction or video call with the customer, after receiving their consent, to check and verify their documentation along with their identity. During this process, the customer is required to show actual PAN card to the Verification Officer.
During the video call, when the customer is showing their PAN Card, their Officially Valid Document (OVD) or any other document, the Verification Officer is also allowed to take appropriate screenshots to capture the same.
The entire process is done in three simple steps.
Step 1: Log-in using the link provided by BFSL representative through SMS on your registered mobile no.
Step 2: Follow screen instructions and show all required documents over the call to BFSL representative
Step 3: Once everything matches, VKYC is complete

How customer should get ready for VKYC?
• Pen & Paper: A blank white sheet of paper and a blue / black pen
• Identity Proof: Offline Aadhaar (Aadhaar XML Not older than 3 days), PAN & Voter ID
• Address Proof: Aadhaar Card (Front & Back Side), Offline Aadhaar (Aadhaar XML Not older than 3 days), Driving License (Front & Back Side), Passport
• Webcam & Mic: Ensure the mobile device or desktop/laptop you shall use for VKYC is front-camera & microphone enabled
• Good Internet Connectivity: A min. of 200 Kbps to perform Video KYC. Ensure to keep your location turned ON
• No VPN: Ensure you are NOT using any VPN /Proxy server as it is not in compliance with Video KYC guidelines

VKYC link can be opened through Chrome, Firefox, Microsoft Edge, Opera or Safari on desktop/laptop or mobile. It supports both iOS & Android devices.

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