Kwik.ID an RBI complaint AI-based video KYC solution developed by Think Analytics has recorded an increase of 300% in the adoption of its services across verticals like banking, financial institutions, forex, fintech, and e-wallet companies.
KwiK.Id in its press release said, “This surge is a result of the RBI allowing banks and other lending institutions to use a video-based customer identification process that has helped to ease digital onboarding of customers remotely.” “It has also onboarded new clients like New India Cooperative Bank and RupeeRedee,” the statement added.
Speaking on the development, Monish Salot, Co-founder & Chief Product Officer at Think Analytics said, “Gone are the days when digitization was just a matter of convenience. It has now become the way we all operate in our daily lives, be it investing in online deliveries, or conducting meetings. Online activities that involve money are directly proportional to risk due to the increasing cyber crimes and in such cases, verification and ID risk assessment plays a crucial role in conducting paperless documentation processes successfully.”
“We are enthralled that clients are finding our robust technology infrastructure favorable in completing their KYC onboarding end-to-end. Kwik.ID’s adoption across several verticals by some of the largest organizations is a true testament to our quality of service and technical expertise. This is also indicative of the upcoming inflection point in the Video KYC segment in India,” Monish added.
Commenting on the Partnership with Kwik.ID, Jitin Bhasin, MD – RupeeRedee said, “Covid-19 pandemic is likely to have a far-reaching impact on the way financial services are delivered and consumed. As a digital lender with a stated objective of leveraging technology across the supply chain, we decided to accelerate our product development roadmap to introduce the much-needed Video KYC process to serve our customers in a safe, efficient and contactless manner. We are now able to offer larger ticket size loans for longer tenures based on this new Customer Due Diligence Process.”
Adding to the statement, Ketan Muni, Head – Strategy & Operations at New India Co-Operative Bank Limited said, “Video KYC has simplified the KYC journey of the customers to a great extent. Kwik.ID, designed by the Think Analytics team, is a powerful yet simple video KYC solution for customers onboarding. The AI-powered solution ensures better identification, process integrity, and customer security.”