TECH TRENDS
BFSI Sector : Embracing a Host of Technological Innovations
20
20 witnessed Banking, financial services and insurance (BFSI) Industry in India moving on a high tech trajectory, fuelled by the Covid pandemic. The industry is at the forefront of path breaking innovation in 2020. Let us have a brief look at the innovations adopted by the BFSI sector in 2020. VKYC VKYC is a cost-effective customer identification process where the documents are electronically signed. Video KYC is in line with the RBI notification of recognizing Video-Based Customer Identification Process (VCIP) as a method of customer identification. This also reduces
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December 2020
V.N.Nair
the chances of fraud and at the same time fastens the process multiple times.
VKYC can substantially reduce onboarding costs, especially for firms handling a large volume of identity verification operations. Even Aadhaar-based eKYC, touted as a cheaper alternative to conventional KYC approaches, costs Rs. 20, in addition to external costs. AI-based vKYC solutions can bring this cost further down. It allows people the comfort of accessing the benefits of financial services at the same time ensuring safety of their health. Various major and small finance banks including the likes of SBI, Axis etc have recently adopted the VKYC process. SBI’s VKYC approach leverages AIExecutive Knowledge Lines
