Page 24 - Banking Finance October 2020

PRESS RELEASE

Bank of Baroda’s Credit Card arm Launches ‘Video KYC’ in

association with Signzy, as part of the customer on-boarding process

BOB Financial Solutions Limited (BFSL), a wholly-owned How does VKYC work?
subsidiary of Bank of Baroda, announced that it has selected
Through video-KYC, BFSL representative can initiate a remote
RegTech firm Signzy, for digitizing customer verification
video interaction or video call with the customer, after
through ‘Video KYC’. With this partnership, BFSL has enabled receiving their consent, to check and verify their
a quick, zero-contact and paperless KYC that replaces the documentation along with their identity. During this process,
need for physical submission of KYC documents.
the customer is required to show actual PAN card to the
Verification Officer.
Leveraging on Signzy’s Artificial Intelligence and Machine
Learning-enabled Video e-KYC solution, BFSL has equipped During the video call, when the customer is showing their
itself to easily onboard well over a lakh new credit card PAN Card, their Officially Valid Document (OVD) or any other
customers every month. The solution delivers 98% faster KYC
document, the Verification Officer is also allowed to take
processing than the traditional process, providing an
appropriate screenshots to capture the same.
instantaneous onboarding experience to a customer. It also
delivers end-to-end security during the KYC process to both The entire process is done in three simple steps.
financial services providers as well as their users.
Step 1: Log-in using the link provided by BFSL representative
through SMS on your registered mobile no.
On this occasion, Mr Shailendra Singh, MD & CEO, BOB
Financial Solutions Limited said, “We are evolving our front- Step 2: Follow screen instructions and show all required
end and back-end systems with digital at the core of this documents over the call to BFSL representative
transformation. Operationally we redefined ourselves by Step 3: Once everything matches, VKYC is complete
adopting Fiserv technology for card processing & issuance and
now this is another step in delivering digital customer How customer should get ready for
experience. Bank of Baroda Credit Card is now eyeing on
every digital innovation and prioritizing its investments to VKYC?
ensure that we leverage new technologies for servicing and Y Pen & Paper: A blank white sheet of paper and a blue
delighting our customers”. / black pen
Y Identity Proof: Offline Aadhaar (Aadhaar XML Not older
Arpit Ratan, co-founder of Signzy said, “We are excited to than 3 days), PAN & Voter ID
have partnered with BOB Financial to support their digital
Y Address Proof: Aadhaar Card (Front & Back Side),
customer onboarding through our industry leading Video KYC
Offline Aadhaar (Aadhaar XML Not older than 3 days),
solution. This partnership also benefits from the core of what Driving License (Front & Back Side), Passport
Signzy had been building for the last five years and we are
Y Webcam & Mic: Ensure the mobile device or desktop/
glad to also bring our years of implementation experience
laptop you shall use for VKYC is front-camera &
to this engagement. Our solution is designed to benefit both microphone enabled
financial institutions and their customers by cutting down
Y Good Internet Connectivity: A min. of 200 Kbps to
time and costs for onboarding new customers while
perform Video KYC. Ensure to keep your location turned
simultaneously delivering much superior customer
experience.” ON
Y No VPN: Ensure you are NOT using any VPN /Proxy server
Benefits of VKYC as it is not in compliance with Video KYC guidelines
ENABLES Socially Distant, Remotely Connected, Paperless &
VKYC link can be opened through Chrome, Firefox, Microsoft
Hassle-free Verification
Edge, Opera or Safari on desktop/laptop or mobile. It supports
LEADING TO Secure Customer On-boarding both iOS & Android devices. T

24 | 2020 | OCTOBER | BANKING FINANCE