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Signzy is continually working on building global digital trust system for banks, NBFCs, and other famous financial institutions. With the amalgamation of Artificial Intelligence and Machine Learning, they are continually working on the betterment of digital video verification in the KYC processes.Website:

How eKYC in Digital Onboarding for Banks can Lend a Helping Hand to Financial Institutions? SC Judgement, PDP Bill, and NPD Framework — The Saga Of Data Privacy In India. The base for data privacy and protection is crucial for an upcoming data-driven economy like India.

SC Judgement, PDP Bill, and NPD Framework — The Saga Of Data Privacy In India

India hosts almost 450 million Internet users and a consistent growth rate of 7–8%, as per Forbes. The transition to a digital economy is radically underway. However, this implies that the processing of personal data is already on the verge of becoming universal. The population of mobile phone users in India has already crossed the 750 million mark. This number is expected to reach 490 million by 2022. The Gen Z generation processes data faster. Under section 43A of the (Indian) Information Technology Act, 2000, a body corporate who is possessing, dealing, or handling any sensitive personal data or information, and is negligent in implementing and maintaining reasonable security practices resulting in wrongful loss or wrongful gain to any person, then such body corporate may be held liable to pay damages to the person so affected. Technology used in the video KYC Process. Demystifying IPA For Finance. In a digitally advancing world, the need for automation is more than ever.

Demystifying IPA For Finance

This is mainly due to tech-savvy fintech and a surge in the demand for personalized user experience. Today, Intelligent Automation holds the power to accelerate growth. This can be done by integrating robots to digitize processes and systems. What do we mean by Robots? Robotic Process Automation (RPA) has been widely used by institutions. Across financial institutions, IA has already helped companies drive productivity.

Digital KYC In Health Insurance. Health insurance policies are a vital instrument in the insurance industry.

Digital KYC In Health Insurance

The Insurance Regulatory & Development Authority Of India (IRDAI), which acts as the regulatory body for all insurance companies in India, has allowed the use of paperless KYC collection, or e-KYC. This e-KYC will also be very useful in the current lockdown in the country. To enable this the government has allowed insurers to avail of the Aadhaar-based authentication services of the Unique Identification Authority of India IRDA has amended the Anti-Money Laundering (AML) guidelines which apply to general Insurers. This was done by circular no. How Digital KYC can transform Onboarding in the Indian Life Insurance Sector. Life insurance policies play a crucial role in the insurance industry.

How Digital KYC can transform Onboarding in the Indian Life Insurance Sector

The Insurance Regulatory & Development Authority Of India (IRDAI) is the regulatory body for all insurance companies in India. IRDAI has now allowed the use of paperless KYC collection or e-KYC. To enable this, the government has allowed insurers to avail the Aadhaar-based authentication services of the Unique Identification Authority of India (UIDAI) Insurance fraud is a reality in this day and era. Many people who commit such frauds do so without realizing that their actions result in higher premium rates that have to be paid by other people. Moreover, the smaller cases are most harmful as they get ignored. About Digital KYC Onboarding. A Brief Summary Of Video KYC In The Indian Insurance Industry. The Insurance Regulatory and Development Authority of India (IRDAI) has permitted insurance companies to issue policies on the basis of a video KYC (know-your-customer) process.

A Brief Summary Of Video KYC In The Indian Insurance Industry

Moneycontrol had first reported the regulator’s plan of allowing insurers to adopt video-based KYC for policy issuance. It has already allowed insurers to use digital modes for validating policyholders’ signatures on documents. Earlier, the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI), too, had allowed entities such as banks and mutual funds to use video-based tools to complete the mandatory KYC process. Video KYC- An Easy and Hassle-Free Process.

Innovation Of No Code AI In US Banking & Its Impact On Customer Experience. AI-powered machines are tailoring recommendations of digital content to individual tastes and preferences, designing clothing lines for fashion retailers, and even beginning to surpass experienced doctors in detecting signs of cancer.

Innovation Of No Code AI In US Banking & Its Impact On Customer Experience

For global banking, McKinsey estimates that AI technologies could potentially deliver up to $1 trillion of additional value each year.2 Many banks, however, have struggled to move from experimentation around select use cases to scaling AI technologies across the organization. Reasons include the lack of a clear strategy for AI, an inflexible and investment-starved technology core, fragmented data assets, and outmoded operating models that hamper collaboration between business and technology teams.

What is more, several trends in digital engagement have accelerated during the COVID-19 pandemic, and big-tech companies are looking to enter financial services as the next adjacency. Websites and landing pages with Webflow (ours is built with it!) The Saga Of KYC In US Banking Regulations — BSA To Patriot Act And The Road Ahead In The Digital Age. KYC regulations have critical implications for consumers in the financial space.

The Saga Of KYC In US Banking Regulations — BSA To Patriot Act And The Road Ahead In The Digital Age

Banks need to comply with KYC to limit fraud. However, they also pass down that requirement to those with whom they do business. Know Your Customer or KYC is used by banks and financial institutions to verify the identities of their clients. It is also a way to assess any potential risks of forming a business relationship with them. The goal of KYC is to prevent banks from being used, intentionally or not, for money laundering and other illegal activities. The Era Of Digitization-Fintech Strategy of Digital Onboarding And What’s In Store For The Future. The world fintech market share across 48 unicorn fintech companies is north of $187 billion.

The Era Of Digitization-Fintech Strategy of Digital Onboarding And What’s In Store For The Future

This amounts to more than 1% of the global financial industry. A sensible question that comes to mind is, how are they doing this? Fintech startups are considered underdogs in the financial ecosystem especially when compared to financial behemoths that are already present. Nonetheless, they are growing at a tremendous pace posing a challenge to these traditional giants.

KYC in the USA- The Origin, Evolution, and Future of America’s Frontier Against Financial Fraud. In 2017 a survey from FDCI revealed that 25% of all US households were unbanked or underbanked.

KYC in the USA- The Origin, Evolution, and Future of America’s Frontier Against Financial Fraud

This meant that more than 30 million households did not have a bank or credit card account. Importance of KYC For Rental/Shared Economy In India. In India, there are many instances in which people choose to rent goods or services for mostly two reasons.

Importance of KYC For Rental/Shared Economy In India

Youngsters do not know which city they might have to live in when they relocate for work purposes. Second, many items ranging from clothing to furniture may have a price tag that may not be suitable with one’s income. People who need formal wear for a special occasion may not wish to wait a year to purchase it. There are other instances as well. There are people who might have transferable jobs and require frequent travel or need to relocate on a yearly basis. Video KYC in Banking: How it’s Making a Difference. The Video KYC process is simple and hassle-free. A person can complete the video KYC process from the comfort of his home. There is no need to visit the bank branch, and the whole process takes just a few minutes, which means you are free to go about your daily business. In the video KYC process, the bank executive video chats with the user.

How Video KYC Solutions can Combat the Growing Identity Frauds? Entrepreneurs and market players have realized the true potential of digitalization the most in this pandemic era. With the global lockdowns all across the globe, the entire banking and financial industry is the one that is currently reaping the maximum benefits out of digitalization in the form of video KYC solutions. Since customers are going digital, businesses are even experiencing numerous challenges to balance a great customer experience along with high security. At this point, video KYC onboarding is the ideal solution that assures real-time user onboarding and tackles the ever-evolving financial landscape.

Understanding video KYC solutions. Video KYC: A Quick and Safe Customer Onboarding Solution. Video KYC process is a process in which “Know Your Customer” requirements are fulfilled by having a video call with the user by the bank/financial institute expert. Video KYC ensures that new/old users are genuine; they are not fraudsters. Many times banks fail to check the background of a user, which becomes troublesome for banks/financial institutes later on. Video KYC verifies the user, and the whole process takes just a few minutes. A Year In Review — APIs, AI & NO-CODE.

This has been a crazy year by every count. Doctors now do physical checkup scans using video, US election saw 2x more mail votes than in-person votes, Staycation is now a travel category and of course, Banks are now onboarding users completely remotely without a salesperson or branch touchpoint (Purposely skipping the pandemic part, to keep spirits high !!). So year-end summaries would make for an interesting read. And you might have got multiple such new year messages from feel-good ones to the ones with the 2020 year reviews and ones that predicted 2021.

So writing this note as hard as I realized that maybe I have nothing new to add. But sometimes old incidents become very relevant today. Boomers, Gen X And Millennials- What Fintech Startups Get Right About Digital Onboarding? Onboarding a customer has always been a challenge to the Financial Industry. With the USA having less than 32 bank branches per 100,000 customers makes the entire procedure tedious for the customers. If creating an account online is not an option, they can spend days in the physical process of onboarding. Such bad customer experience and high customer drop-offs while onboarding is harmful to the institution. Understanding the Working of Online Identification Process. What is Video KYC and how can it Stop KYC-led Fraud. Impact of E-Stamping On Indian Rental Economy. E-Stamp paper or electronic stamp paper is an online application through which Stamp Duty can be safely paid to the Government. Government transactions need payment of non-judicial stamp duty.

However, doing so in a conventional way would be a time-consuming process. How Digital KYC Can Prevent Ponzi Schemes In The US. In the early 1920s, Charles Ponzi created one of the first Ponzi Schemes depriving people of their hard-earned money. After a century, similar scams are on a decade high in 2020. What is the Impact of KYC on Investment Scams, Bank Fraud and Other Financial Crimes In The US? Go Paperless With Remote Access-Video KYC. Valuable Tips to Choose the Right Digital Identity Verification Solution. What are the Important Tips for AI-Powered Digital Solutions to make Onboarding Quick? KYC’s Impact On Investment Scams, Bank Fraud, And Other Financial Crimes In The US. With a projected GDP of USD 24.9 trillion by 2023, The United States of America will remain to hold the title of the World’s Largest Economy. This position has always provided lucrative opportunities not just for genuine investors but also for fraudsters and scammers.

Fighting Financial Crime With UBO — The Final FinCen CDD Rule. In 2016, FinCEN introduced a new Customer Due Diligence (CDD) rule. It consisted of specific rules on Beneficial Owners. The rule required financial institutions to comply by May 11, 2018. The Final Rule indicates new FinCEN rules with the applicability date of May 11, 2018. What are the 3 Important Steps to Complete the KYC Process? Why should you opt for Digital Onboarding Instead of Traditional Onboarding Solutions? Why is KYC Compulsory, and why must Banking Institutions Perform it? Criminals and money launderers use fraudulent identities during the onboarding process to mask their true identities. KYC in banking requires banks to "get to know" their customers by using by confirming to a high level of assurance that those customers are who they say they are.

How Will Unified Data Protection Regulations Affect State, National, And International Banks In The Us? Introduction Consumers’ personal data is used by companies to sell their products and services, but when this data is personal or private, discretion and safety are essential. What Is Automation In Banking And How Has USA Used It To Thrive It’s Economy? Advantages and Guidelines of Implementing Video KYC System.

How KYB Would Have Stopped The Laundromat Movie From Happening. How NBFC-Account Aggregators Ease Financial Processes And Protect Privacy. Online ID Verification: An Answer to Tax Refund Fraud. KYC Onboarding Making Difference In This Digitized Era. Merchant Onboarding Is The Key To Streamline Revenue Retention & Business Workings. Digital Transformation of 5 Cs of Credit Analysis — New Trends in Lending. Key Benefits of Video KYC Process in Banks and Other Financial Institutions. KYC In Banking: Why Performing Due Diligence Is Important? What Role Performs by Online Video Identity Verification in The Present Times?

Innovations In Image Forgery Technology By Signzy. KYB Vs KYC — The What, The How and The Where. Digital Onboarding Come Up As Life Savior In This Pandemic Era. The Fincen Papers Incident & How KYB Could Change The Financial World. Benefits Of Video KYC In This Contactless Times. ID Verification Online Process Explained. Benefits of Video Liveliness Technology. Video Liveness Detection Technology Ensuring Safety & Seamless User Experience. How this Video Based Digital KYC Technology Is Transforming Key Business Processes? Past and the Future of Video KYC Process. The CKYC: India’s Integrated Identification System, Improved. Video KYC For Online Customer Verification. Customer Onboarding Using Video KYC Explained. How Video KYC Can Stop KYC-Led Financial Fraud In India. How do Banks Digitally Verify your Online Identity? The Great Automation War — AI Vs RPA Vs IPA.

Real- Time Video Identity Verification Explained. Common Challenges of Digital Onboarding for Banks. Video KYC Verification For The Good Of People And Government. Crucial Role of Video KYC Process. Video KYC- The Game Changing for the Non-Banking Sector. Investing In Mutual Funds- Volatility & The New Digital Experience. Understanding The Importance Of Streamlining Merchant Onboarding & Its Benefits. Video Based Digital KYC to Verify Customer’s Identity in a Post-COVID World. Scrutinising Initial Challenges Of Digital Onboarding. What Is Online Video Verification Process And How It Works In The Tech Era. Proof Of Address Verification Guide – Why Is It Important & When Is It Important? Key Problems with the Merchant Onboarding Process and How it Solved? Interactive Digital Onboarding Systems.

The Future of ID Verification Suite for Seamless Customer Interactions in a Digital World. Impact of Video KYC India. What is the Main Objective of KYC in Banking? What is KYC Process And when it is Required? How Digital onboarding Process is Beneficial for the Financial Industry? Everything you need to know about the RBI norms for Video KYC. Features of Digital KYC Process. How Video KYC is Beneficial for the Users? Reasons Why Banking Industry is Investing in Digital Signatures? Components to Achieve KYC Compliance. Key Points : How Artificial Intelligence Helps in Banking Sector. Why KYC Process is Crucial for Banking? Effective Ways to Verify Identity Online by using AI Technology. Best Ways to Complete KYC Online. Top Challenges of Online ID Verification in Banking. Key Benefits of Video KYC Approved by RBI. Important Steps to Run an Effective KYC Compliance. Features, Works and Fruitful Benefits of the Video-Based KYC Authentication Process.

A Brief Introduction to Video-Based KYC Authentication - How It Works, Features & Fruitful Benefits. Essential Ways to Protect and Verify Identity Online. Banking Organizations are Transforming with AI-Based Digital Onboarding Techniques. This is how Banks Worldwide are Improving Digital Onboarding Experiences. Digital Onboarding Made Easy with the Inception of AI-Based Algorithms. How Banks are Approaching New Enterprises & Startups by Offering Ways to Scale their Business? Client Onboarding Process- Future in Finance. Incredible Growth of AI Banking Online. Mind- Boggling Features & Benefits of Video KYC.