Video KYC Automation with Autonom8’s Low Code Hyperautomation Platform
Introduction
As the RBI tightens its grip on KYC compliance, particularly targeting India’s large Banks and lenders, Autonom8 introduces its Video KYC Platform, addressing the critical need for streamlined customer onboarding. These guidelines mandate proof of address and identity before banking services or loans are extended.
We’re sure you’re familiar with the tedious process of filling out endless mountains of paperwork to open a bank account or apply for a loan. If so, you have encountered Know Your Customer (KYC) procedures. Although KYC automation might seem like a pedantic hurdle, it’s actually a crucial step for businesses in various industries, especially banking and finance.
In the following paragraphs, we’ll discuss KYC, exploring its importance and why it’s essential for companies to get it right. We’ll also introduce Autonom8’s methods of streamlining and simplifying KYC processes for businesses like yours so you can see how best we can automate your workflow with our platform.
Know Your Customer – The Importance of the Procedure
Trust and integrity are paramount in industries like banking and finance. This is why KYC workflows require customers to verify their identities, ensuring that financial institutions clearly understand who they are dealing with. The verification process is meant to deter fraud, money laundering, and other illicit activities that threaten the financial system’s integrity.
By implementing robust KYC solutions, institutions comply with regulatory requirements and safeguard themselves and their customers from potential risks. These solutions enable organizations to establish a comprehensive framework for due diligence, risk assessment, and ongoing monitoring, thereby fostering transparency, accountability, and trust in the financial ecosystem.
Here at Autonom8, some important tools of the KYC process include –
Digilocker
Digilocker is a secure digital document storage platform that allows customers to store and manage electronic identification documents. It enables users to upload, access, and share digital copies of essential documents such as Aadhar, PAN, Voter ID, Driver’s License, and their passport. Digilocker facilitates the customers’ submission of required identity documents in the context of KYC, streamlining the verification process. Autonom8 integrates Digilocker into its KYC solutions to enhance customer and verification agents’ efficiency, security, and convenience.
Face Matching
Face matching technology compares the facial features captured in a live image or video with a reference photo or ID document. It analyzes facial biometrics, such as the distance between facial features, the shape of the eyes, nose, and mouth, and other distinctive characteristics to verify the individual’s identity. In the KYC process, face matching ensures that the person presenting the identification document matches the photo on the document, thus adding an extra layer of security and authenticity to the verification process.
Liveness Check
Liveness checks are a method used to verify that a person undergoing identity verification is physically present and not using a static image or pre-recorded video. They detect and prevent spoofing attempts by analyzing subtle movements and facial expressions indicative of live human presence. During the KYC process, liveness checks help ensure the integrity of the verification process by confirming the customer’s real-time presence.
Agent Connect
This communication tool facilitates real-time interactions between customers and verification agents during the KYC process. It enables customers to connect with live agents via video calls, chat, or voice calls to seek assistance, provide additional information, or clarify any queries related to the verification process. By connecting with a verification agency, your organization can improve the customer experience by offering personalized support and guidance throughout the KYC journey.
We leverage these capabilities to tailor our KYC flow to meet specific customer requirements.
The Autonom8’s Video KYC Process
Our self-service KYC process is designed to be fast, easy, and simple, empowering customers to verify their identities seamlessly from anywhere, at any time.
- Capture ID: The process begins with customers capturing images of their identification documents using their smartphones or other digital devices. These images are then subjected to thorough image hygiene and Optical Character Recognition (OCR) technology, ensuring clarity and accuracy in document processing.
- Document validation and anti-fraud checks: Our platform employs advanced document validation and anti-fraud functions following image capture and OCR. This includes verifying the authenticity of the submitted documents, checking for signs of tampering or alteration, and flagging any suspicious activity to prevent fraudulent attempts.
- Liveness detection: Besides document validation, our KYC process incorporates liveness detection technology. This crucial step verifies the customer’s live presence during verification, preventing potential spoofing or impersonation attempts.
- Integration with channels: Our KYC process automation is supported by a workflow-based backend featuring automation and administrative functions. This backend infrastructure allows seamless integration with various digital channels. Whether it’s a bank’s website, mobile app, or other digital platforms, our KYC solution can be easily embedded to offer a cohesive and streamlined customer experience.
At Autonom8, we understand the complexities and challenges of KYC procedures. That’s why we offer a comprehensive all-in-one KYC platform, empowering businesses like yours to navigate regulatory compliance confidently.
We’ve facilitated over 30 lakh subscriber onboarding for India’s largest telecom company and processed over 10 lakh KYC/re-KYC verifications monthly for leading banks and NBFCs. Our platform boasts exceptional document support, handling various identification proofs like the Aadhar, PAN, Voter ID, DL, and Passport.
This translates to enhanced efficiency, unparalleled security, and unmatched flexibility.
Conclusion
Our comprehensive platform and customized solutions allow us to help you empower your organization to tackle RBI’s regulatory compliance effectively in India. By choosing Autonom8, businesses can focus on what truly matters—building strong customer relationships and driving growth—while leaving the complexities of KYC to us. We’ve assisted a number of top Indian players in the financial markets, including HDB Financial Services, IndusInd Bank, CAMSRep, ESAF Small Finance Bank, and many more!
