Making bank account opening experience similar to ordering food online
Before we get started on the topic of the day, let’s perform a small exercise. Arrange the following items in ascending order according to the time it takes to fulfil the particular task –
- Ordering food on Swiggy
- Opening a bank account
- Booking movie ticket on BookMyShow
- Booking a flight ticket on Yatra
If point 2 ends up being last on your ordered list, it’s not a surprise. For all the talk about customer focus and convenience, somehow a critical piece of banking services still appears to be following processes and practices from the past decade. This, is however changing in a big and impactful manner.
With the availability of digital data banks such as Aadhaar, NSDL, CKYC repositories etc. and regulatory mandate for performing e-KYC via biometric authentication, we can now unlock the true potential of digital services and usher in a new era of customer onboarding. No more lengthy paperwork or waiting time for accounts to be opened, no more queuing up at bank branches to submit paperwork and wasting time and effort in multiple follow-ups. Now, opening a bank account can be as easy as ordering for your favourite item on an e-commerce website or booking a ticket on a travel portal. All it takes is having a few basic details and you are ready to go. With our award-winning customer on-boarding solution, now you can open Current and Savings Account on the go.
How do we do this?
For Banks to onboard customers, 3 things are necessary:-
- Proof of Identity
- Proof of Address
- Customer Profile Information
These three things are necessary to undertake risk and fraud assessment of the customer. Banking is an instrument of trust. Building a complete picture of the customer is important to alleviate risk for the bank as well as ensure quick activation of banking account and provisioning of banking services to the customer.
Our Customer Onboarding Platform takes care of all the aforementioned parameters by capturing all the necessary details. The platform’s real-time integration with UIDAI, NSDL, AML, Negative Database checklist coupled with integrations with Core Banking Services ensure that all data is verified and validated in a single pass and allows for customer banking accounts to be opened immediately. Our front-end layer is built on a form-based template wherein all requisite details are captured and can be updated on-the-go allowing for apps to be updated dynamically without the need to push multiple APK updates – eliminating the need for any downtimes.
For Current Account on-boarding, we additionally capture and verify GST details. In order to further enable risk assessment and decision making, the platform comprises of a CPV (Customer Premises Verification) module which enables you to capture various asset proofs such as business premises, owner/agent verification, other document capture such as invoice, proof of residence etc.
Our Customer Onboarding Platform is already live with our various partners and currently fulfills over 60% of all digital accounts being opened in India. Using a highly scalable and robust tech stack, our platform is built for high volume and high intensity data that can help you catapult your business to new heights and achieve more. Get in touch with us now to seize the opportunity today.