Banking

17 Jan: Video KYC now available in India

Video KYC is now an allowed method of identity verification in India.   RBI (the Reserve Bank of India) has now permitted fintechs, banks, and other financial institutions to use new customer onboarding methods. The focus is predominantly on video based solutions as these provide the most security.   Video Based Customer Identification Process (V-CIP), as the RBI refers to video KYC, is introduced to capitalise on the growth of digital channels. It’s goal is to make it easy for end users to verify themselves. The new legislation aims to encourage online customer onboarding as opposed to requiring users to…

Spiral by Khairul Nizam

25 Mar: What can FinTechs teach banks about the importance of user experience – and how to deliver fast and secure customer onboarding.

Change is coming. In a survey regarding client onboarding in banks 40% of consumers stated to have abandoned bank applications and 39% of those abandonments were due to the lengthy process. Additionally, more than a half declared that they would be more likely to apply for a financial product if the process was fully online. These results give a glimpse into the shift in clients expectations regarding financial services and products in recent years. This transformation in customer expectations is a result of many different factors. One of them is digitalisation and the overwhelming impact of big companies like Google, Facebook…

20 Aug: What is identity theft and what are its repercussions?

  If you think you’re immune identity theft, let me set things straight. There have been almost 17 million cases reported in 2017. And I’m not talking about the whole world. Only the US. Moreover, the alarming part is that the number of reported cases has been steadily on the rise since 2014. Every year these fraudsters are scamming consumers of billions of dollars. But, it’s not just the consumers who are at risk. Rather, identity theft poses a far greater threat to businesses. And so, we’ve decided to shed some light on identity theft.   How common is Identity…