Kwik.ID Reports a 300 percent Surge in the Company's Service
Kwik.ID by Think Analytics, which is a computer vision and AI enabled Video KYC solution, has recently reported a 300 percent jump in the adoption of their services across various verticals including banking, housing finance, lending, forex, fintech and wallets. Kwik.ID VideoKYC complies with all RBI requirements and ensures a streamlined process for agents and their customers. It’s 100 percent RBI compliant and a number of financial institutions are associated with it. The latest to join the company’s roster are New India Cooperative Bank and RupeeRedee. This surge is a result of the RBI allowing banks and other lending institutions to use Video-based Customer Identification Process, which is helping in easier digital onboarding of customers remotely.
“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, online deliveries or conducting meetings. Online activities which involve money is directly proportional to risk due to the increasing cybercrimes and in such cases, verifying and ID risk assessment plays a crucial role to conduct paperless documentation process successfully,” says Monish Salot, Co-founder & Chief Product Officer, Think Analytics. “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 are a true testament to our quality of services and technical expertise. This is also indicative of the upcoming inflection point in the Video KYC segment in India,” he further adds.
The Video KYC platform has also been adopted by New India Co-operative Bank for KYC completion of their existing customers. “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 customer onboarding. The AI-powered solution ensures better identification, process integrity and customer security,” says Ketan Muni, Head - Strategy & Operations at New India Co-Operative Bank Limited, speaking about the partnership.
Recently, RupeeRedee - the digital platform offering short term loans - awarded the Video KYC mandate to Kwik.ID as well. “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 basis this new Customer Due Diligence Process,” says Jitin Bhasin, MD, RupeeRedee.