Background: In recent years, digital transformation has become integral for companies looking to stay ahead in the digital world. Despite the progress, one area continues to be a challenge: validating the authenticity of a customer’s identity and a seamless route to KYC.
Not only fintech companies face time and resource crisis, the traditional way of bringing a customer onboard is
- vulnerable to fraud and physical documents being lost
- doesn’t match the expectations of today’s digital native customers, who are required to be physically present at a designated time and place
As an expert in leading digital transformation for its clients, this Financial Services giant knew it had to enable a fully digital KYC solution (eKYC) to make all work processes digital.
Challenge: The Company wanted to migrate its KYC process fully online, while being compliant with all regulations and with the highest standards of security.
The objective was to incorporate the eKYC flow into their own systems, to make it seamless and easy to deploy, while ensuring end-customers were able to complete the process regardless of their location, varying network and bandwidth availability, and across a range of low-end smartphones. The company tried multiple solutions, but faced issues across quality, consistency and data localisation, especially when using global providers through the public cloud.
Solution: EnableX provided a private cloud solution using our video API which complied with data security and data localisation requirements, as well as assured consistent high quality video capability across their operating conditions. Integrating EnableX video APIs into their applications and workstreams, the organisation made eKYC process seamless for their customers.
With EnableX Video API, the company embedded eKYC into their official app for end clients, while their agent use a web-based interface. Up to 50,000 video based eKYC sessions are conducted every day now.
Their customers can now schedule KYC as per their convenience and a video call is launched on time with the Agent. The agent conducts the KYC process and marks it as completed or defers it according to their internal process.
The company has transitioned all its agents and eKYC customers to the EnableX powered eKYC process. Our customised pricing plans also allowed them to simplify their unit economics on a per KYC basis, which delivers comparatively lower costs than previous solutions.
If you are looking to build a world class experience for your clients using embeddable video API solutions, contact us today!