Kwik.ID

The path to achieving the goal of financial inclusion has just become a lot smoother thanks to the arrival of Video KYC.  There are remote areas where people had a problem earlier accessing the banking services as there was no bank available and the nearest branch was miles away. So, to cross such a vast distance to access basic banking services was a mammoth task. However, such issues could be handled as Video based KYC identification is now a reality. Whether you are a small business owner who needs a bank loan or, a working professional planning on getting a credit card, you can fulfill your requirement regardless of your location, as Video KYC helps bridge every gap while making the verification procedure faster and smoother. Video KYC emerged at a time when the entire nation went under lockdown. That situation forced people to go virtual to carry out all of their financial activities, this no doubt helped people realize the significance of going digital. Since Video KYC h...

KYC or, know your customer is a process every financial institution is mandated by law to do. The significance of the process lies in the fact that on one hand, the institutions can learn about customers, on the other hand, it is a pre-emptive safeguard against potential threats namely financial frauds. However, the process of KYC is burdensome and grueling at times. This problem could be solved with the application of Adaptive AI. It comes with dual benefits, first, the entire KYC process could be implemented by technology. Secondly, the technology observes customer behavior to learn, to detect a suspicious behavior when it sees one. Video KYC for Banks has truly revolutionized the KYC procedure. In Video KYC, the process is automated and identities are verified securely, and thereby it easily detects frauds in real-time. This is done by combining a clear fraud decision-making framework along with robust data gathering and analysis. There are three different types of fraud ch...