IDfy, India’s leading ‘integrated people decisioning platform’ providing end-to-end H.R. solutions with the use of cloud computing technology, announced the launch of ‘Intelligent KYC’ services, which would help members of the Banking and Financial Services industry know their customers better in very little time.
KYC as a process is necessary to verify and maintain records of the identity and address of customers, so as to prevent financial fraud, money laundering, and a number of other potential losses to financial institutions and businesses. Clearly, there is a need for due diligence to be carried out thoroughly to avoid any leakages that may result in fines and penalties. Not doing a KYC well also means not leveraging opportunities well enough – if, for example, a business does not use the KYC as an opportunity to gather more than the minimum data about a customer or their neighbourhood, they are setting up to be at a strategic disadvantage to competition. However, Intelligent KYC with cutting-edge technology views the entire journey as a fact-finding mission, eventually reducing gaps and bringing greater credibility and security.
The new service is exclusively designed for Banking and Financial Services (risk and fraud detection senior management) businesses such as credit card, and loan and insurance providers, enabling them to get in-depth information about customers who apply for various offerings. Intelligent KYC is an app-based product that also involves field agents who conduct an investigative survey beyond mere address verification which can be used to sign contracts as well; furthermore, the location of the verification can be geo-tagged and easily verified. The service also ensures complete data privacy. The other special features of the service includes Customised Surveys customised to client requirements, and a quick turn-around time, enabled by the fact that the Intelligent KYC service accepts verification requests through an API, and results can be integrated directly to clients’ servers. Even more interestingly, IDfy can also provide analytics and insights based on the information gathered in the KYC process.
Commenting on the launch Mr. Ashok Hariharan, Founder and CEO, IDfy, said “We are committed to provide services that help our customers make more informed decisions. Information accuracy, relevance and speed are crucial things that our customers trust us for. With the launch of Intelligent KYC, there will be an ease in ensuring the avoidance of risk for all our Banking and Financial Services Industry customers.“