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The Need for Biometric Verification and Liveness Checks in a Digital Onboarding Journey

With increased demand for remote customer onboarding, there is also a rise in the risk of fraud and identity theft. Technology has addressed it to a great extent and in some cases it is claimed to be better than human decision making. In this post we'll talk about the possible human identity frauds affronted during digital on-boarding and how we have leveraged Machine learning & Artificial intelligence at Digio to solve for it. Since last year, a substantial percentage of businesses have transitioned into a digital trajectory for engagements with their customers. With the pandemic, remote onboarding and digital authentication practices have become the need of the hour. Why?  Why is there a need for Artificial Intelligence in Digital Onboarding? Understanding the Traditional Onboarding Journey Let us consider the physical onboarding in bottom up approach, the significance of the identity verification process can be classified into two major checks: OVD (Officially Valid Document

Automating the identity verification process through Artificial Intelligence

As much as gaining customer's confidence and trust is imperative, it is equally important for businesses to verify the information that their customer's provide. Businesses seek to adopt to Know Your Customer (KYC) / Business (KYB), Anti-Money Laundering (AML) rules, Customer Due Diligence (CDD) checks and similar frameworks built around verifying the identity information of their clients such as name, address, photograph, original documents, etc in order to prevent identity theft .  Now, typical institutions in India and other countries spend an immoderate amount of time onboarding a client with dependence on manual interventions  which turn out to be expensive, laborious, inaccurate and, inefficient. Any lapses in controls have resulted in regulators tightening supervision on the industry as a whole.  Technology's impact on modern day has been stupendous. As the world holistically is embracing a fast-paced environment, businesses are keen on adopting automation throug

RBI’s Updated KYC Guidelines: All You Need to Know

In  early January this year, the Reserve Bank of India (RBI) issued an amendment to the Master Direction on KYC processes to be followed by RBI-regulated entities. Widely considered to be a big step forward for the Fintech industry as a whole, RBI’s approval of video-based KYC will go a long way in simplifying daunting, unnecessarily expensive KYC procedures. Today, we break down these new RBI guidelines, and make sense of the black, white, and grey areas of the amendment. Perhaps the most important aspect of RBI’s changed guidelines is the explicit approval of video authentication in place of physical In-Person Verification (IPV). The Video Customer Identification Process (or V-CIP), is a consent-based alternative method of identity verification and will allow banks and other RBI-regulated entities to onboard customers online + simplify the authentication process for several financial institutions, new-age fintech companies, digital wallet providers, and NBFCs. Let’s break

Legal, Digital Documentation: All You Need to Know

We've covered how to digitalize KYC, mandates, and signatures. Today, we're looking at the most fundamental way a business can go paperless - by digitalizing its documentation. Maintaining paper-based records can be riddled with challenges. The space required for their storage, the time spent in finding and sharing documents, the vulnerability of these documents (both in terms of physical damage and access to unauthorized individuals), and difficulties in collaboration all lead to inefficiencies in business flows. Here’s a quick look at how digitalizing documents can drastically improve the way a business runs: Enhanced Productivity:  With a comprehensive digital Document Management System, individuals no longer have to waste time looking for or organizing physical documents. Improved Information Preservation:  Physical documents are prone to damage, and could result in the loss of key information. Digitally storing documents protects information fro