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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

Digital & Electronic Signatures: All You Need to Know

The Indian Information Technology (IT) Act (passed in 2000) holds electronic signatures as legally valid as wet ink signatures.  The impact of moving from physical to digital/electronic signatures has been immense, both from a business and from a consumer-standpoint. Today, we elaborate on the different varieties of digital and electronic signatures, what type would suit what business and the plethora of benefits that come with digitalizing the document signing process. Digital vs. Electronic Signatures While digital signature and electronic signature are terms that are often used interchangeably, the two concepts have a few key differences. A digital signature is primarily used to secure a document, and prevent tampering of the document by unauthorized individuals. These are Public Key Infrastructure (PKI) certificate-based and are validated by certifying authorities. Aadhaar-based eSign is an example of a digital signature and is certified by an authority like NSDL