Bank of Baroda has announced their move into the much-hyped Video customer onboarding space with leading Video KYC platform, Kwik.ID. The bank’s website published that the video KYC mandate was provided to Kwik.ID after a multi-organizational pitch from players like Hyperverge and Signzy. This is the bank’s second initiative towards seamlessness/digitization as well as last-mile connectivity after the announcement of their WhatsApp banking launch.
Founded in February 2020, Kwik.ID has completed approximately 2,00,000 Video KYC sessions and will enable Bank of Baroda customers to complete their onboarding in under 2 minutes from any part of the country. The plug and play solutions provider has an unparalleled 85% completion rate that percolates efficiently to low-bandwidth regions just as well as well-connected/urban areas.
Kwik.ID also works with organizations like New Co-operative Bank, HDFC Life, Fino Payment Bank and RupeeRedee to provide Video based assessment solutions across India and abroad. Their solutions have been implemented not only in the banking sector but also in the fields of telemedicine, etc.
With a socially distant world with low-touch points, Video has become the standard procedure and norm for customer engagement and onboarding. The process has been further enhanced by players like Kwik.ID by being able to complete it within 2 minutes and in the lowest possible bandwidth scenario.
A customer now can simply open the banking website and opt for the video KYC procedure, along with showcasing their relevant paperwork in the process. They no longer have to lug physical forms or paperwork and wait in queues for hours.