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India-based video KYC solution Kwik.ID has announced its partnership with Bajaj Finserv and Shinhan Bank to provide video-based KYC solutions to the banks.
In a statement issued, Kwik.ID said, “It has partnered with Bajaj Finserv and Shinhan Bank as part of their significant growth trajectory in Q2. Kwik.ID’s solutions and impressive KYC completion rate of 85% will enable these financial services providers with convenient customer acquisitions, quicker customer onboarding, and other financial operations.”
“Kwik.ID’s AI-powered face-match and OCR tech-backed document verification enhance the V-KYC process as it identifies fraud in real-time. Moreover, Kwik.ID has made a 100% RBI-compliant solution by using 7x lesser resources when compared to market standards, thus resulting in significantly higher efficiencies in customer onboarding costs,” the statement added.
Speaking on the partnership, Monish Salot, Co-founder and Chief Product Officer of Think Analytics said, “It was a long and competitive evaluation process, at the end of which Bajaj Finserv has chosen Kwik.ID as their exclusive V-KYC partner. This is a great vindication of our focus on product excellence and flexible user-journey design.”
“Bajaj and Shinhan as client partners further highlight the domain expertise we bring to the table, in addition to 250-300% monthly growth in volumes we have witnessed during COVID-19. We understand regulated entities and we build for enterprise-scale and with startup agility,” Monish added.
Adding to the statement, CHO Sung Bok, Director of IT India, Shinhan Bank said, “We are glad to join hands with Kwik.ID as the product offers all relevant features and modules necessary to carry out successful Video and Digital KYC sessions, such as security, infrastructure, and bandwidth support. We are confident that this association will drive significant operational efficiency and customer convenience improvements; we look forward to our fruitful association.”
“Kwik.ID has designed a seamless, user-friendly online onboarding journey for Regulated Entities, a much-needed solution in these digitally demanding times. A product of Think Analytics, Kwik.ID has acquired 10+ clients this quarter, including RupeeRedee, New India Cooperative Bank, Arohan Microfinance, Zest Money, and more,” Mr. Cho added.