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How Video KYC is Revolutionizing the Digital Payments Sector

Know your Customer or more commonly known as the KYC process is one of the pre-requisites when dealing with a financial sector organization. And the digital wallets (e-wallets) segment is no exception. With the recent advancements in technology and the world going digital, we have seen a significant jump in the number of people using digital channels for payment purposes. According to a report the mobile wallet market size value is projected to reach $7,580.1 billion by 2027 compared to $1,043.1 billion in 2019. Growing at a CAGR of 28.2% from 2020 to 2027. This is just the beginning. With Gen Y changing the way we make payments rest assured digitization is here to stay.
The Reserve Bank of India (RBI) being one of the governing bodies for the financial sector in India is also working towards contactless financial transactions and permitted Video KYC recently. Video KYC solution is the boon to the pandemic’s bane, especially for digital wallets.
The e-wallets and digital payment platforms can use a Video KYC solution to its advantage and deliver end-to-end delightful customer experience.

Transforming the KYC Process – Benefits of Video KYC

Faster and Easier Customer Onboarding

E-commerce payment system and digital wallet companies have a huge user base (Paytm and PhonePe combined user base is close to 250 million in India) with customers from all walks of life. Video KYC for Paytm or any other e-wallet is a step towards making customer acquisition a simple and fast process. Customers can easily schedule an appointment from the app itself and get on a video call with the official to complete their KYC. As for the company, they can just use APK and SDK to further boost KYC completions.

Reduce KYC Cost

Now that the KYC documentation, verification, etc can be done remotely, companies do not have to invest in hiring field agents and bearing the additional costs of transportation and fuel. Since the video KYC takes only minutes rather than days, you get to onboard more customers in less time. Thus, also reducing the customer onboarding cost while allowing the companies to scale from tier 1 to tier 2 and 3 cities as well.
By having a secure Video KYC software you can let your employees use their own device without compromising on data security and privacy. Thus, saving the cost of providing and maintaining individual devices for the agents.

Dropoff Reduction

Combine your video KYC software with an omnichannel customer engagement platform that allows you to set automatic reminders, followup with customers whose KYC is due, or who have to get a repeat KYC done because of limited KYC duration based on the expenditure criteria.
The best part is that you don’t have to worry about low internet connectivity as you get to complete the process even at the speed of 60kbps. And if due to any reason the verification call is not completed you can always reschedule it and start from where you left off.

Accelerate KYC Process

No more long waiting time, going through the hassle of getting photocopies of all the documents, and then submitting it. Video KYC has significantly reduced the time taken to get things done from days and weeks to as low as 3 to 4 minutes. This essentially means that now your KYC officials or verifiers will be able to handle and complete more requests than ever before. Thus, creating a win-win situation for both, the customers and the company.

Ensure Customer Convenience

Do away with having to visit a nearby mobile recharge shop or a retailer to submit the documents or have a KYC field agent visit your workplace to collect and verify your address proof, PAN card, Adhaar card, etc. Video KYC allows you to book an appointment, get your documents verified, and be done with the whole process at the customer’s preferred time and from the comfort of their home while using their preferred device (laptop, tablet, or smartphone).

No Compromise on Security & Compliance

Get a technology partner who understands and has experience in providing a robust, secure, and compliant video KYC software solution. Being the business of dealing with money and having access to sensitive information like customers’ PAN card or Aadhar details, it is imperative to have a solution provider that adheres to compliance and regulations.
As for preventing money laundering or identity theft and authenticating the customer information, you need to have a video KYC solution with features like face verification, geo-location, document verification, and a liveliness test, to name a few.

How to Build a Cost-Effective Remote Contact Center

Call centers have traditionally been perceived as cost centers due to a number of factors like – being labor-intensive, high cost of infrastructure, and the overall high cost per agent. Leading to the organizations looking down upon them for not generating high ROI. However, all this is turning around rather fast with contact centers going remote. Even though this change was brought upon due to the COVID 19 pandemic and the implementation of lockdowns by governments across the world, we are now seeing a proclivity of companies to continue with the arrangement in the foreseeable future.

Many BPOs and captive (in-house) contact center business leaders have been experiencing the perks of a remote call center in the short-while itself and are expecting more such benefits in the long run too. And they are indeed right. Remote contact centers, in the long run, will save you money, put more money in the hands of your employees, and give a boost to your bottom line.

Reducing Contact Center Costs with a Remote Contact Center

Save on Office Infrastructure Costs

As a business when you are running a traditional contact center i.e. operating out of an office, you have to incur some basic costs such as:

Rent or cost of real estate
Electricity and power
Workstation & furniture cost
Overall maintenance and upkeep

However, when the call center agents are working from their home, you save on these costs sometimes even cut them by 1/3rd. Additionally, if you have a partial remote working situation where some of the staff and agents are working from an office space, you do not need to invest in a huge property.

Happy Agents = Low Attrition Rate and Cost of New Hires

If we look at the situation from the agents’ perspective, while working from home they are able to spend more time with their families which were not possible in the pre-COVID era when their shifts might be erratic and thus, leaving them with limited time with their families. Additionally, the risk of contracting the virus because of using public transport to commute to work has also reduced significantly. Which in turn adds to the convenience that a virtual setup has to offer. All of these things contribute to the agents’ happiness – when they feel that their company cares & values them, it instills a sense of commitment and boosts their morale which translates into higher productivity and low attrition rates.

Higher Disposable Income is greater Agent experience

With agents not having to commute to work daily, they get to save on the transportation cost. Whether they use their private vehicle (cost of fuel) or public transport (cost of a ticket), now they get to save more. Which essentially means an increase in their disposable income. The same can also be used to cater to the needs of the family along with providing additional financial security. And since we have seen people using the lockdowns as the time to upskill themselves or explore their passions, similarly the additional income can be used to hone the skills and pursue one’s passion in spare time. This has a tremendous positive impact on the mental health of the employees which goes a long way for their overall wellbeing.

Also read: How to Make Your Agents Work from Home Ready?

Convert Agents Smartphones into a Full-fledged Call Center

One of the major concerns for contact center managers and business heads was the cost of providing every agent with their own system or laptop. Because when they are working out of a centralized workplace, they share resources, as usual, the call centers work in shifts. This was a valid concern. And like they say necessity is the mother of invention – there is a solution for this too – a mobile call center software. This means now the agents can perform all the tasks as before but from their own smartphone. This offers at least two huge benefits – you don’t need to purchase a new laptop for every agent; and agents get to use a device they are most comfortable with.

Being proactive and adapting to the pandemic environment, Ameyo offers a flexible remote contact center software for enterprises. Remote working solutions were built keeping in mind the infrastructural challenges of remote working. Even if your agents don’t have a laptop and have access to only a smartphone or a basic feature phone, you can manage your contact center without hampering the customer service experience.

Closing Thoughts

There is no doubt that once the pandemic is over, the world would have changed drastically. As far as contact centers are concerned, we can expect to see a change in the behavior of the businesses and agents alike. Expect to see companies looking for individuals who show ownership and accountability with minimum supervision. At the same time, automation might still be relevant but can’t replace the human touch. And as far as the businesses are concerned, once they realize how a virtual contact center boosts their profit margins and improves their bottom line, we can expect to see a major business disruption.

WhatsApp for Education: How it can benefit Edtech Sector?

Technology has taken over our lives completely – whether personal or professional. Just like that Education or schooling has not been left untouched by this digital revolution. From using bulletin boards and newspapers to announce exam results and other notification, we moved to phones, websites, emails, and social media.
Now, we have a new kid on the block – WhatsApp. Messaging platforms have gained popularity recently due to easy access and simplicity. WhatsApp has been leading the charge when it comes to personal messaging and since Facebook launched WhatsApp business, it has business-consumer communication to the next level.
Today, we will address some of the ways in which educational institutes and e-learning platforms can effectively use WhatsApp as a customer service and engagement channel.

Student Recruitment

People today are bombarded with marketing content – be it cold calling, display ads, promotional emails, and whatnot. Now, we have a new channel to generate leads while having a secure one-on-one conversation with prospective students and their parents. I am not talking about the so-called education WhatsApp group. By using WhatsApp Business API you can publish your WhatsApp business number on your website to let students and parents contact you and have a more personalized conversation.

Enrollment/Admission Confirmation Notification

The whole admission process – whether it’s school admissions or college admissions can quickly turn into an ordeal with too much to-and-fro happening along with a mountain on paperwork. On top of that, there is always anxiety among the parents and students about the review process and whether they are selected or not. Keep the students updated on the status of their application over WhatsApp. You can set up automation rules and configurations to automatically send updates to the registered mobile number whenever the application status changes. This feature is also useful when you are conducting some on-demand educational seminars and lectures and want to send registration confirmations.

Fee Reminders

Ask the accounts department of any educational institution, they are swamped with last-minute payment of fees. You can avoid this hassle by sending timely and automated reminders for due fees. Not just that, integrate WhatsApp for Education Sector with your existing systems to further personalize these messages by creating templatized messages and placeholders. Thus, saving timing and eliminating human error, and achieving your end goal of timely payments.

Sending Class Schedule and Course Topics

Send details about the course, syllabus, and class schedule to the students via WhatsApp message attachment. WhatsApp’s rich media support allows schools, colleges, and e-learning institutes to further build an inclusive educational and learning experience – the instructors and professors can even record an audio message detailing the before-mentioned information for the blind students.

Admit Card and Result Announcement

Exam time is stressful. A lot is going on and the institutes are dealing with a multitude of things. You can ease this by streamlining the process of procuring admit cards. For example, students can simply give a missed call to their college/institute’s WhatsApp number – giving their consent to be contacted via WhatsApp. Post that, the school/college can send their Admit card on WhatsApp itself. This is a step ahead of the conventional methods of getting your admit card from school/college. Similarly, at the time of the result announcement, the schools and academies can share the website link on WhatsApp for students to access their exam results.

Contact Center Solutions for your Edtech Business. Trusted by top edtech startups.

Student Support and FAQs

Students and their parents have a lot of questions throughout the whole admission to even when the course is done. Questions related to exam dates, fee structure, accommodation, attendance, results, etc. Resolve these routine queries and FAQs anytime, anywhere using the messaging app. Let a chatbot deal with answering the basic queries and concerns. And in case the issue is too complex and the bot is not able to answer the student, you can set up the system to initiate a chatbot-agent handoff. That means one of your staff will be prompted to take over the conversation and resolve the issue at hand. At the same time, if no member of staff is available, the bot can offer the student to schedule a meeting or a call.
Are you ready to take customer service to the next level? Book your WhatsApp Demo

Whatsapp for Ecommerce: Change the Customer Engagement Landscape

WhatsApp has become the most popular messaging app worldwide and it has raised the bar for the businesses to deliver smooth customer service. And people choose to do business with the brands that understand the uniqueness of their needs and provide customer service over their preferred channel.
Adopted by over 2 billion people across 180 countries, WhatsApp has gauged its steps into the world of digital communication where brands are just a text away from their customers. And, of course, e-commerce saw the dawn of exponential growth with the introduction of online shopping directly proportional to the growing digital population.

According to Statista, the global e-retail sale is projected to show a growth of up to 4.8 trillion US dollars by 2021.

The E-commerce market is flourishing with the growing dynamics of the world and more so in the time when the world is hard hit by COVID-19 pandemic and no one is ready to step out of the comfort of their homes to make a purchase. While the e-commerce industry grows, WhatsApp business for e-commerce has minimized the need for physical interactions, equipping businesses with an instant engagement solution.

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So, how WhatsApp is changing the customer service landscape for e-commerce?

What makes for an amazing customer engagement experience is consistency, friendliness, and human touch says a PwC report. WhatsApp customer service channel helps businesses respond to customer queries instantly without putting them on hold. Here’s how it has become a game-changer for businesses:

Make Online Shopping Easy with Proactive Customer Support

Quick replies are the key to customer satisfaction and using WhatsApp business API for e-commerce to reply to your customers instantly has an added bonus. Your customers can request for delivery status of their order and you can automate such first-level queries with the bot.
However, if the customer needs more assistance on the subject, the query gets transferred to the agent instantly. For instance, if the customer wants to report a broken or damaged product delivery, you need an agent to resolve the issue and preserve human touch when needed.

Send Messages in the Customer’s Preferred Format

WhatsApp for e-commerce has made communication very easy for both customers and businesses with its various messaging formats. You can now send videos, PDFs, photos, locations, or voice recordings if required to interact with the customers seamlessly.
This can be very helpful to understand the customer’s product purchase pattern and you can send the brochure related to similar products, thus enriching the customer experience with minimum effort.

Collect Customer’s Feedback

It’s important to analyze what your customers think about your brand and you can make it very easy for them to review your product over WhatsApp. When most of your customers heavily rely on WhatsApp messaging and the open rate of WhatsApp is above 70% as compared to other digital channels, it opens the possibility to capture maximum feedback from customers.
The feedback report can be fetched to analyze customer behavior and the likeliness of your products, allowing you to make well-informed decisions.

Increase FCR with Ticket Transfer

Now, customers reach out to your brand when they need you the most. And if an agent is stuck with a certain query, they can transfer the ticket to another agent or their supervisor in real-time thus ensuring first-contact resolution and hence a happy customer experience.
For instance, if the customer wants to report the cancellation of the order and the chat is routed to the wrong department, the agent can quickly transfer the chat to the right department or their supervisor in real-time to ensure zero escalations.

Scale Customer Service Operations

While an agent can answer a single call in a given time, they can handle 5 chats simultaneously. That eliminates the need to put customers on hold and helps you fasten the query resolution process.
This is cost-effective and time-saving alike, resulting in lesser agents and more satisfied customers, with a few clicks. Agents can send order confirmations and delivery triggers to keep the customers informed about their order status.

Improve Agent Experience

A happy customer will become a promoter of your brand but only a happy agent can drive contextual conversations to increase customer satisfaction, hence a happy customer. Let your agents get relevant customer information through CRM when a customer initiates a chat, helping the agents to preserve the context and deliver well-informed customer service.
Additionally, make it easy for agents to access all chat queries in a unified agent desktop and manage all customer tickets in the agent dashboards without having to toggle off between multiple tabs.

So, are you ready to get started with WhatsApp Customer Service for e-commerce? Schedule a demo today and understand your business-specific requirements with our team of experts.

How Banks and Financial Sector can Benefit from WhatsApp Business

I am sure you are no stranger to the WhatsApp messaging platform. After all, it is one of the most popular messaging apps in the world today. More than 2 billion users across 180+ countries are using this application to interact with their friends and family.

Well, the cherry on top is that now WhatsApp for business is available to have professional conversations too. One of the key beneficiaries of this move by Facebook is the banking and financial services industry. We all know, the BFSI sector is usually one of the firsts to react when it comes to improving customer experience. So, when we talk about digital transformation, banking and financial institutes are the first to come to mind.

Digital Transformation of BFSI with WhatsApp Business

Some of the leading banks like Kotak Mahindra Bank, Saraswat Bank, HDFC Bank, AU Small Finance Bank, etc. have already started offering WhatsApp banking services.

How does WhatsApp banking work?

The first step to getting started with WhatsApp banking is getting the consent of the customer customers. Customer can give their consent via different options. One way to do so is by giving a missed call on the bank’s WhatsApp number. Similarly, they can also drop a message on the same number to initiate a conversation. However, the important thing to note here is that the WhatsApp number will be different from the phone banking number.

Availing Banking Services

Banks offer an array of services – personal banking, loans, credit card, corporate to name a few. And even though some have gotten used to the net banking or mobile banking, there still is a significant population who would rather visit the bank’s branch. However, with WhatsApp being a popular messaging platform and people using it on a daily basis, it presents as a great channel to extend banking services. Customers can chat with the bank to get details of their credit cards, fixed deposits, request for mini statements, pre-approved loans, etc. that too on their preferred channel.

Chat Banking

Chat as a channel has gained prominence in recent years. Be it web-chat, mobile chat, and now chatting over WhatsApp, it’s one of the fastest ways to ensure first contact resolution. With WhatsApp Business API being launched, financial institutes now have a great opportunity to engage with their customers on the WhatsApp platform. Some of the ways of doing that are:

#1. Transactional Notifications: Banks can address simple and routine customer queries such as balance inquiries, sending reminder notifications for credit card bill due, etc.

#2. Informational Updates: Banks can also use this channel to educate the customers about their new services, or share documents for troubleshooting. Thus, saving both the customer and the bank official’s time.

Why Banks and Financial Institutes Should Use WhatsApp for Business

Save Time

Eliminate the need for the customers to visit your branch to get things done. Offer contactless banking services and support. Thus, saving your bank employees’ time while allowing them to focus on high priority and urgent matters.

Save Money

Modernize your customer engagements while reducing costs. Distribute your customer queries onto WhatsApp while offering self-service options to the customers. Integrate bots to further increase productivity by letting them handle routine queries while having the option to transfer the chat to an agent when required. Thus, lesser agents, more channels, and faster resolution.

24X7 Availability

Automate your workflows to cater to the customer queries during non-business hours. For eg., allowing the customer to schedule a callback or self-serve depending on the instructions provided.

Omnichannel Services

Add your customers’ and prospects’ choice of messaging platform to your customer engagement strategy while ensuring truly omnichannel customer experience. The supervisors and managers can always track the effectiveness of WhatsApp engagements using insightful real-time dashboards or channel-specific reports.

Multi-lingual Support

Personalize your conversations and make your prospects and customers feel comfortable while interacting with your organization. WhatsApp supports more than 50 languages. The banks can create message templates in different languages or have live chat in the customer’s preferred language.

Secure Conversations

Do not compromise on the privacy and security of your customers or organization. WhatsApp offers end-to-end encryption to ensure a conversation between two-parties remains private. Thus, preventing data leakage.

Ready to get started with WhatsApp Business? Book your demo today to experience Ameyo’s WhatsApp Customer Service Solution!

How Instagram is the Customer Engagement Channel you need?

Instagram, a short video and photo sharing social networking platform was found in 2010 and since then has gained popularity amongst the younger generation. As per a report by Forrester, it’s widely acknowledged as the king of social engagement. According to Statista, as of June 2018, Instagram reported more than 1 billion monthly active users worldwide. Owing to the wide acceptance of Instagram, brands are using this channel to create a lasting visual impression on their users. Businesses use this channel to promote their products and services and boost their brand awareness. However, Businesses are also looking at it as a promising customer service channel for the future. According to past research done by Gartner, by now, 90% of companies would be using social media for customer service.

To offer a seamless two-way engagement experience, businesses are now interacting with their customers and replying to queries via Instagram. For building stronger relationships with customers, it is important for brands to listen to their customer problems and resolve them quickly and effortlessly whenever and from wherever they reach out to brands.

To help brands engage with customers on their fan-favorite channel, Ameyo has recently launched Instagram as a customer engagement channel in its 4.8 GA product version of Ameyo Fusion CX. For delivering great customer support on social media and improving customer loyalty, Ameyo’s focus is on delivering an engagement solution that helps brands listen to their customer queries and, even more important, to effectively respond in a timely manner. According to Aberdeen, companies that have a well-crafted social customer service approach in place, experience 92% customer retention.

So, how does this customer engagement process work in Ameyo Fusion CX?

Ameyo has recently added Instagram via its Channel Addition Framework that offers easy plug and plays media channel additions.

Here below are the key steps in the Instagram customer journey using Ameyo Fusion CX:

Let Customers Engage Seamlessly on Brands Media Profile

Users can interact with businesses by posting comments on Instagram posts. The customer’s voice gets heard by agents by logging into the Instagram campaigns on their Fusion CX workbenches. Agents get notified of incoming customer interactions on Ameyo’s unified agent desktop in Fusion CX. Unified agent desktop eliminates the need to toggle between different screens to manage interactions coming in from different channels. It empowers agents to effectively manage omnichannel interactions and thus improves agent productivity.

Ticket Creation

Let agents get notified for customer queries with interactions getting landed in the Ameyo Fusion CX agent dashboard. Tickets are logged in Fusion CX every time a customer reaches the business by commenting on an Instagram post. Agents get notified whenever a ticket is raised and can access the same in their workbenches and reply to them.

Single View of Customer Conversation

To help agents get the context of customer conversation and reply to customers via their preferred channel, Ameyo Fusion CX offers a single view of customer information and conversation history. All the Instagram interactions get stored along with timestamps. This enables agents to give resolution faster and thus improves customer loyalty.

Reduce your TAT with in-time Responses

Make your customers feel heard with in-time responses and tagging for easy recognition on Instagram. Ameyo agents can reply via their dashboards and the same is visible for the customers to view in the form of continued conversation on Instagram.

Channel Specific Dashboards

Operation managers can have a detailed view of the conversations handled via the various CAF channels with dedicated dashboards for channels. The graphical dashboards help supervisors better plan resource allocation on the basis of traffic on each channel. A quick glance at SLA dashboards helps supervisors to stick by their resolution timelines and plan actionable on reducing the TAT.

In A Nutshell

Considering the current market trends and customer engagement stats for Instagram, brands have to amp up their game by including this widely acclaimed channel to its customer journey. To thrive in the CX game and make life easier for customers, brands are continuously evolving and are using Instagram not only for reputation management but also for customer service. To give customers a true omnichannel experience, if you are considering adding Instagram in your customer service channels arsenal, then Ameyo is here to help.

Why Video KYC has become a Game Changer for Mutual Fund Companies?

With the lockdown enforcing the contactless onboarding process as the new normal for most financial institutions, Video KYC is rising as the new digital solution to ensure a paperless and presence less customer onboarding experience. And as technology advances, the rise of Mutual Fund investors is imperative, leading to financial inclusion of a large part of the country.

The technology advancement invites cyber frauds and money laundering with attackers becoming more sophisticated. To prevent and decrease fraudulence, investors need to keep a check on data security and data privacy. With the speedy turnaround of providing digital services, most of the mutual fund companies are moving towards secure e-onboarding that gives an opportunity to include rural India in this digital trail.

Digital banking was available only for the customers that preferred doing business on online mobile channels but the pandemic has enforced this radical shift from brick and mortar to the digital wave, proving that the virtual onboarding can be made easy with the right set of technological tools.

Video KYC solution is the game-changer for mutual fund companies to provide the services that the customers are looking for.

Why go Paperless?

Easy Customer Onboarding

Contactless onboarding of customers becomes easy with Video KYC for Mutual Fund as you can engage with your customers on video and initiate the customer onboarding and authentication process remotely.

For an existing customer, if the customer wants to update their contact number, change of address, or any other information, it can be done easily with updating the information in the Aadhar card and then in the database to never lose on any important information.

Reduced Drop Offs

Now, you do not want your customers to have a bad experience because of the poor internet connectivity. You can complete video KYC recording even at a speed as low as 60KBPS, ensuring that the customer experience is not compromised.

Along with that, you can further reduce your customer drop-offs by 20% with a technology partner that offers a complete omnichannel customer engagement suite with the Video KYC. You can invite the customer to continue the KYC, if dropped off, by sending a rejoining link on their preferred channel like SMS, email, social and even following up on it with a call. You can significantly increase the KYC completion rate.

Data Security & Compliance

To initiate mutual fund video KYC, you will need to integrate your system with tools that again bring in some security risks. But, you can eliminate this risk by choosing a technology partner with AES 256 or above encryption standards. Further, you can ensure that all the personal data like live images and video documents are stored in your environment, so no one can tamper with the data without having the right authorization.

Strong AI-driven face recognition technology minimizes the risk of fraudulence by providing 99%~ and above accuracy. It assures that the person being verified is the same person that she/he claims to be.

To further the data security, opening up digital banking to everyone but fraudsters, the Video KYC solutions check the live location of the person being verified with geotagging and the verifier does a liveness check to knock out the possibility of sending a pre-recorded or tampered video.

Significant Cost Reduction

It’s good news for the Mutual fund NBFC’s as they will not have to invest capital on field agent processes for travel to remote locations, documentation, and physical record maintenance, as the video KYC process takes care of that.

You can now reduce your customer onboarding cost further by 90% because it takes only as little as 3 minutes to onboard a customer, resulting in onboarding 18-20 customers in an hour. And, as it has brought flexibility to onboard customers remotely, you can broaden your customer pool by gauging into rural and semi-urban areas.

Interested in transforming your Customer Onboarding Experience? Check out Ameyo’s Video KYC Omnichannel Engagement Suite.

PFRDA Allows Paperless KYC for NPS Account Opening

Pension Fund Regulator PFRDA has provided relaxation for the opening of NPS accounts using Aadahar-based offline paperless KYC to onboard new subscribers under the National Pension System. Due to COVID-19, regulators are looking to digitally transform customer authentication and onboarding processes and provide a seamless experience for applicants.
PFRDA, in its guidelines on 27th May 2020, has announced that to increase the awareness of NPS and comply with the necessity of time, new technology is birthed to onboard the subscribers or applicants without demanding their physical presence. Penetrating the idea to increase the adoption of NPS, the transition towards a more tech-driven world has made it possible for PFRDA to ease the onboarding process.
It is a simple, secure, and reliable system that will attract tech-savvy millennials. PFRDA has added to permit e-NPS and points of presence (POP) facilities to use offline Aadhar of the applicants with a consent-based policy. Now, there’s no need to provide a physical copy of the 12-digit identifier.

How does this process work?

As per the guidelines stated by PFRDA, an applicant can download a password-protected Aadhar XML file by accessing the Unique Identity Authority of India (UIDAI) portal through e-NPS and register for the NPS.
Now, the applicant can select the appropriate option for registration and fill in other details like a UIDAI registered mobile number and upload the XML file on the NPS portal with a four-digit password.
Once the mobile number is provided, an OTP is generated to further the authentication process. Once the OTP is entered, the applicants’ details like Name, Age, Gender, DOB, Address, and Photograph are fetched through the UIDAI database.
The applicant is now requested to provide a scanned copy of PAN card, canceled cheque, and digital signature in the prescribed format.
The users are then redirected to the payment gateway to make the payment for their NPS account. On the successful payment, a Permanent Retirement Account Number (PRAN) is allotted to the users.
The users can now request to get a digital copy or print the form.

The NPS account opening can also be availed through Points of Presence (POP), which are said to provide this facility.
The PFRDA regulations have made amendments to the existing KYC process and have designed a seamless onboarding experience for citizens of India.
While the government is rethinking the customer onboarding process with a digital-first strategy, Ameyo in line with the KYC guidelines is providing Video-based KYC solution for banks and financial institutions and provide a digital customer onboarding experience. Video as an engagement channel can help deliver personalized experiences and ensure integrity to the customers. With government moderating the KYC process for opening of NPS accounts, Ameyo is also simplifying the customer journeys with its best-in-class Video KYC solutions.

How insurance companies are revamping Customer onboarding with Ameyo’s Video KYC Solution?

With the world going remote there has been a forced digital shift in consumer behavior and the Insurance sector in India has also responded with IRDAI relaxing KYC regulations.
Insurance Regulatory and Development Authority of India (IRDAI), vide Gazette notiﬁcation dated April 23, 2020, has published a list of Insurance companies that can undertake e-KYC or paperless KYC in the coming days allowing the insurance companies to avail Aadhaar-based authentication services of the Unique Identification Authority of India (UIDAI) to fulfill the Know Your Customer (KYC) norms.
With the relaxed Video KYC RBI guildelines, Insurance companies are gearing up to overhaul their KYC operations from contact or paper-based approach to a completely remote and tech-based approach.
The traditional insurance KYC has a huge list of challenges from operations to compliance:-

The offline process of document collection brings the threat of misuse of documents and increased risk of information leakage due to physical records involved at every stage of KYC.
The turnaround time (TAT) and the cost of processing each file increases due to the physical verifications. It also hampers the overall customer experience and increases the chances of human error.
Any error in authentication documents further leads to higher KYC drop-offs owing to repeat physical visits.
In tier 2 and tier 3 cities, people still rely on field agents for investing in insurance. The Pre Insurance Insurance verification process is often broken and non-compliant to IRDAI norm. As the field Agent only focuses on selling, the procedure of reading out policy terms and conditions are often ignored or not recorded
Insurance Field agents often provide their mobile numbers instead of customer contact, negating the policy readout compliance

How can Ameyo’s Video-based KYC approach revive KYC operations for the Insurance Sector

Ameyo’s video KYC solution makes the remote onboarding process highly effective with its three-pronged approaches of Omnichannel engagement, Video enabled KYC and 100% compliance

Decrease KYC drop off at each stage of Customer onboarding using omnichannel engagement
Video enabled KYC that runs even on low Internet bandwidths (60Kbps)
Enabling 100% IRDAI compliance with video-assisted Pre Insurance verification

Ameyo’s paperless and contactless process of Video-based KYC for Insurance would result in reducing costs by 90% as compared to the Physical KYC processes
Enterprise-Grade Security with AES 256 Encryption & ISO 27001 to reduce the chances of fraudulence.

Ameyo’s Video KYC Solution increases KYC completion accuracy with its advanced solution backed by AI-technology.

OSV (Originals Seen & Verified) check is done by the Regulated Entities (REs) using OVD (Officially Verified Document) on the video call.
OVD auto extracts the details via OCR (Optical Character Recognition) to match the details of the customer like their name, age, address, etc. with the provided documents.
The image is extracted from the documents provided by the customer and is matched with the live video call to ensure maximum accuracy.

To increase the customer engagement, you can engage on multiple channels with the customers and send timely reminders for KYC completion using a voice bot, an SMS, email, or any other channel preferred by the customers.
Measuring and tracking V-KYC completion rates can be made easy with Ameyo’s comprehensive dashboards that are customized to fetch reports of KYC officer dashboard and auditor’s dashboard.
Ameyo’s V-KYC solution is tested with 80+ device browsers to ensure maximum compatibility for all devices and browsers and attain high Video KYC completion rate.

Considering the present situation, Video KYC RBI guidelines have allowed the Video KYC completion at an opportune time by the regulatory bodies to make the on-boarding process digital, when meeting customers is almost impossible. Insurance companies are looking for solutions to enhance customer convenience and improve business efficiency in these times of economic turbulency and Ameyo is here to help.
Looking to Explore Ameyo’s Video KYC & Omnichannel capabilities? Request a Demo today!

Why NBFCs Resort to Video KYC for Customer Onboarding and Authentication?

Offline KYC took a toll on NBFCs, involving customer onboarding costs, documentation costs, and making it difficult for startups to broaden their customer base. The financial inclusion of rural India has been a dream for many of these NBFCs for a long time.

With the onset of Aadhar based e-KYC, NBFCs started gauging into the rural and semi-urban areas, only to find it difficult to onboard customers in a cost-effective and secure manner. And Aadhar KYC became a hanging sword when the Supreme Court, in a notice dated 26th September 2018, declared the use of Aadhar based KYC by private players as unconstitutional. NBFCs were constantly looking for a solution that helped them ramp up their customer authentication process.

Just when the world was going to be hit by a pandemic, Video KYC RBI circular issued its guidelines to allow NBFCs to onboard customers virtually using Video KYC solution in January 2020.

Experts believe that the customers won’t easily adopt the traditional method of money depositing or withdrawing post COVID-19, therefore, an evolution in the financial industry for customer onboarding is required.

However, Video KYC norms has its own set of challenges, some of them are:

Mindset Shift: Most NBFCs and customers are habitual of doing KYC in a traditional way and the shift towards doing KYC digitally for people situated in rural and semi-urban areas might take some time to adopt this technology. The due diligence to COVID-19, NBFCs have to be prepared with this new way of working remotely.
Low or Poor Internet Connectivity: Due to low internet bandwidth, the Video KYC completion will take a toll on the customer experience and the completion rate might go down. To ensure maximum coverage for the financial inclusion of rural India, NBFCs will have to revise their existing technology and upgrade their system to perform Video KYC on low internet bandwidth.
Technology Upgradation: Investing in the new technology of video as an engagement channel and having people trained for it can become very challenging. Upgrading the security for customer’s data and storing that information to ensure there’s no data theft has become a prime concern for most NBFCs. As per compliance guidelines, records are to be stored in a safe and secure manner.
Adoption of AI-driven Technology: The traditional technologies did not demand the adoption of face detection technology but RBI has encouraged NBFCs and BFSIs to invest in AI-driven face-matching technology.
Performing Re-KYC on Time: The government has mandated to complete the Re-KYC of each individual in a periodical cycle which in turn takes a toll on the loan aggregators. The KYC completion rate decreases further and the customer onboarding cycle stretches, decreasing the productivity of businesses.

How Ameyo’s Video KYC Process for NBFCs can become the Game Changer?

The contactless KYC can remove the barriers of physical meetings, biometric verification, and the paperwork involved. And customers aren’t prepared for a world of physical meetings to get the KYC done, therefore, it is beneficial to both the customers and the businesses.

Reduced Drop-offs: KYC through Video Call can be completed within 3 minutes and that gives an edge to NBFCs to onboard more customers at the same time. With Ameyo’s advanced Video KYC solution, you can complete KYC on 60 KBPS and increase the KYC completion rate significantly.

Data Security & Compliance: The video recordings are stored on the server, ensuring that there’s no data stored on the agent/RE’s system. Video KYC RBI guidelines require the data to be stored in a safe and secure manner bearing the date and stamp. The REs are subject to bear the onus of customer identification, being 100% compliant with video KYC RBI guidelines.

Along with the data storage requirements, data can be masked to furthering the data security in any circumstances.

Accuracy of Video KYC: The Video KYC completion backed by AI-based face recognition technology eliminates the chances of fraudulence and becomes a reliable source of customer identification. Ameyo’s technology captures the snapshots from the live video even on low internet bandwidth and matches it with the documents provided by the customers to verify the identity of the said customers in real-time.

OSV (Originals Seen & Verified) check is done by the Regulated Entities (REs) using OVD (Officially Verified Document) on the video call. OVD auto extracts the details via OCR (Optical Character Recognition) to match the details of the customer like their name, age, address, etc. with the provided documents. The image is extracted from the documents provided by the customer and is matched with the live video call to ensure maximum accuracy.

Video KYC Completion on Low Internet Bandwidth: Now that NBFCs are putting steps towards the financial inclusion of rural and urban India with Video KYC, it will pose a bigger challenge to the internet fluctuation in remote locations. Video KYC can now be performed at an internet bandwidth of as low as 60KBPS, providing an opportunity to increase the customer base and include people from Tier 2 & Tier 3 cities as well.

Ameyo’s Video KYC solution is tested with 80+ browsers to ensure a high level of compatibility for the companies to perform KYC at ease.

Data-Driven Dashboards:

Video KYC data can be monitored to track the productivity of the RE official and the auditor and monitor the accuracy of Video KYC completion. A comprehensive KYC Officer Dashboard gives a quick overview of the KYC completion rate, the average time taken for each KYC, breaks duration, etc. to determine the productivity of the KYC official.

Supervisors or managers can make well-informed decisions after closely analyzing the Auditor’s dashboard that shows details about KYC rejected, approved, and pending. This data, presented in a statistical view, gives managers an edge to analyze the performance of the auditors.

Improve Customer Engagement: Video as an engagement channel gives a personalized customer experience, driving customer loyalty and trust. But, video KYC for loan lending companies is not limited to the data security, it also demands to engage with customers during and after their KYC journey. With Ameyo’s omnichannel contact center software, you can engage with customers on their preferred channels, sending timely voice bot reminders, notifications, and alerts.

Customer drop-offs further decrease when the customers are constantly engaged with via SMS and voice calls. If a customer drops off during the KYC process, they can be provided with a rejoining link to complete their KYC process through Video Call.

Video KYC is changing the landscape of customer engagement and now NBFCs are finding it easy to get customers onboarded across rural and urban areas without having to invest the time and money to verify their customers’ identity. During this time, contactless onboarding is what customers are looking for and it has paved the way for customers to seek assistance from their NBFC loan providers even at the time of nationwide lockdown.