NOVEMBER 20208he Indian fintech software market is forecasted to touch $2.4 billion by 2020 from the current $1.2 billion, as per a report by Nasscom. With the changing macroeconomic determinants due to the outbreak of COVID-19, the FinTech Software market is presented with greater opportunities to address the needs of running a business in a contactless world. In this context, one of the core areas of disruption for financial institutions is digitally onboarding customers. Historically on-boarding has been a herculean task that involves gathering documents of the customers, conducting in-person verifications to comply with KYC regulations,etc. This means a good 4-6 weeks of effort to onboard a customer, resulting in poor user experience. Why contactless verification is need of the hour for the modern FinTech landscapeAs per RBI's new guidelines, agents hired by banks and Business Correspondents (BCs) can either carry out eKYC of borrowers or physically carry a biometric reader to a customer's residence for identity verification. Equipping lakhs of Direct Selling Agents with biometric readers can prove to be both time-consuming and cost-intensive. But, this is just the tip of the iceberg when it comes to the challenges plaguing the financial institutions and enterprises who want to onboard suppliers/vendors. The real problem arises in tier-II and tier-II cities, where branches are far, and a few, and the workforce required to cover the region is massive. This means most private sector banks and companies in the BSFI sector might choose to cut their losses by not servicing certain areas to keep the additional costs at bay. On the other hand,digitising customer onboarding processes enables lenders to future proof their operations and remain competitive in a crowded market. Adopting a transparent and customer-centric digital onboarding process allow banks to remotely authenticate the identity of their customers, thus TIN MY OPINIONBy Sandeep Anandampillai, CO-Founder & CPO, CrediwatchHeadquartered in Bangalore, Crediwatch is a data analytics platform that deploys scalable deep learning tools across disparate digital footprints left by private companies ( big and small) to provide real time insights on customers, vendors and competitors. Founded in 2016, the company has so far raised $4.8 million from Abstract Ventures and Artis Ventures. HOW TECHNOLOGY IS PAVING WAY FOR REMOTE ONBOARDING IN A CONTACTLESS WORLDSandeep Anandampillai, CO-Founder & CPO
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