In yet another step towards promoting up-and-coming startups to get a better foothold, Signzy for Startups Initiative from Signzy has taken an active step. We are partnering with Antler, one of the world’s largest early-stage startup investment platforms. The partnership is set to bring about benefits to young and promising ventures.
The Partnership Aims to catalyse the portfolio startups of Antler with the benefits of the Signzy for Startups program. This will be a boost to the startup ecosystem as Signzy’s prescribed resources can now be accessed by Antler’s portfolio members. The access is as per policy. It is a step to empower a globally inclusive approach to startups across the world.
Our initiative, Signzy For Startups helps new entrepreneurs and startups flourish in the expanding ecosystem. We provide our services customized to the use of smaller companies and startups. This ensures that their potential does not go unnoticed due to a lack of resources. Antler, with a similar vision, yet a different method helps startups create sustainable growth through apt investments.
Most of the startups in India have impressive core ideas and untapped potential. Unfortunately, due to a lack of direction and insufficient guidance, they end up unrecognized and unacknowledged. Our Partnership with Antler will create more optimized solutions for newer startups, especially in their early stages. Antler quenches their demand for sufficient investment while Signzy helps them with the resources needed.
Signzy For Startups And How We Bring About Change
Signzy For Startups is the latest initiative from Signzy that aims to help young organizations with a quicker GTM and secure digital customer onboarding. We use our technology & innovative solutions to help them have a broader scope with maximum impact.
We make your customer onboarding journey simple, quick and secure. Being a global no-code AI platform for KYC and onboarding services, we help you automate your customer onboarding journey with real-time APIs. We do this with our 200+ Fintech APIs and Nebula- our state of the art AI based no-code journey builder.
How is Antler Helping Startups
Antler is on a mission to improve the world by investing in the world’s most exceptional people building the defining companies. Antler works with founders from the earliest stages of ventures. This makes sure that they have the right impact and accelerated growth through their investment, platform and network. They also invest in founders from around the world and across a wide range of areas. These include emerging sectors like robotics, AI, health-tech, fintech and prop-tech. The partnership with Signzy will help Antler provide Free credits of Signzy Sandbox to their portfolio startups. Collaborations like this are essential to drive the startup ecosystem and enable faster GTM and growth of early-stage startups
What This Means For The Sector
Signzy and Antler are established entities in their respective fields of expertise. The fact that a partnership has been initiated with the sole purpose of helping startups create better processes and operative structures is a breath of fresh air. Such an environment helps startups establish a symbiotic structure and stable growth.
This is an excellent opportunity for startups to help themselves fortify their services. The initiative builds bridges for excelling and tailoring apt solutions for respective enterprises.
About Signzy
Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.
Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.
All the hard work at Signzy is paying off! Signzy is now part of Tracxn’s Emerging Startups of Computer Vision. It is Tracxn’s newest in the Emerging Award series. The initiative recognises and brings to the spotlight the topmost companies in Computer Vision from across the globe. Signzy has been showcased as a Minicorn, a category including companies that have the potential to become Unicorns in the long run and is amongst the leading tech startups of Computer Vision.
This recognition comes at an apt time as we are making leaps with more innovative solutions for our clients with faster and safer processing. Recently, we have been able to secure productive initiatives with reputable partners like Dubai-based investment company, Seed Group and are forging new alliances while providing better services. We aim to bring the best to the table without compromising any compliance and regulatory guidelines.
What Is Tracxn?
Founded in 2013 by eminent ex-Venture Capitalists, Tracxn is one of the world’s biggest platforms for tracking startups, private institutions and companies spread across 1800+feeds and multiple countries. It is powered by a combination of human analysts and state of the art technology that scans through multiple data points, building one of the most relevant data intelligence platforms in the industry. The Tracxn platform is also used by numerous Governments, Accelerators & Incubators, and Universities for tracking innovative and novel companies in multiple sectors.
What Are Tracxn Emerging Awards?
The Tracxn Emerging Awards is an initiative by Tracxn to publicly recognise the best global companies across sectors. Apart from the well-recognized Unicorns, Tracxn also identifies companies that can soon become Unicorns (the Soonicorns) as well as the companies that have the potential to become Unicorns in the longer run (the Minicorns).
These ratings are based on well researched and detailed analysis by internal sector specialist teams. This, with a combination of multiple publicly available signals such as market size, investment by marquee investors, execution excellence and future growth prospects make it the most sophisticated and accurate selection process.
About Signzy
Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.
Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.
In 2021, total digital transactions conducted exceeded 40 billion with an accumulated estimate of over a quadrillion INR across the country. RBI had been brainstorming for a long time to optimize these transactions while creating a more efficient system for payments and keeping track. Account Aggregators(AA) are the latest initiative to resolve this.
What Is Account Aggregators Initiative?
Account Aggregators are RBI’s newest reformation in the payment processes. It allows the collection of user data that can be shared among multiple financial institutions with approval consent every step of the way. This permits institutions to create a better understanding of customers and provide their services, accordingly.
In addition, 8 major banks are joining RBI’s pep for reform. These include State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank, IndusInd Bank, and Federal Bank. The new system with the aid of these many primary players helps the free flow of data between financial information providers(FIPs) and banks. It will especially help loans for MSMEs and other small scale businesses.
Account Aggregators relay user information between financial information providers and financial information users(FIU) during transactions. User consent is mandatory for each step in the process. This is mostly effective for loans and lending, but other payment processes can also utilize it.
What are the Benefits of Account Aggregators?
Account Aggregators create a systematic approach to financial data management among institutions. It is a precise solution for scattered data across financial entities and enables the transfer of consented data without view or processing by the aggregator itself. Users can search and find information
In terms of economic impact, observers are comparing Account Aggregators to UPI. Expectations are that Account Aggregators will bring unprecedented benefits in making payments and lending easier, just like how unexpectedly UPI transformed the economy.
With Account Aggregators, many SMEs can operate without physical branches transforming credit penetration. The ease of access Account Aggregators creates during loan applications, will encourage entrepreneurs and businesses to execute their ideas faster. Since the entire system is overseen by government bodies, chances of fraud and malpractices are nearly nullified.
Data Privacy
One of the major concerns surrounding Account Aggregators is how private the data is. Before the official release, speculations were in the air. RBI was diligent to emphasize how secure the user data will be. Data privacy and user consent are keystones for any transaction and formulate the fundamentals of the framework.
Presently, RBI allows only regulated entities to access the Account Aggregator ecosystem. On top of this, user consent is mandatory along every pitstop in the process. It is important to note that account aggregators themselves are unable to view or access data as they are designed only to relay information between FIPs and FIUs.
What It Means And How Can Signzy Help You
RBI acknowledges the pace at which the information era economy is transforming. Just like UPI, Account Aggregators are a step in the right direction. This will fasten and ease payment services and the lending industry. It is clear that what the nation aims for is a completely digitized economic infrastructure.
Digitizing your services is not simply about digitizing your services. In the cutthroat competition, it is simply not enough to meet the minimum standards. You need to craft a user-friendly, fast-paced, secure system. We at Signzy can help you create the perfect solutions for all your onboarding and KYC related needs.
About Signzy
Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.
Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.
Banking workflow automation platform, Signzy has announced the expansion of its leadership team with the appointment of Sabir Sheikh as Vice President, Business Development for Europe, Middle East and Africa region.
Sabir Shaikh, Vice President, Business Development (EMEA), Signzy said, “I am thrilled to be a part of Signzy’s mission to revolutionize customer and vendor onboarding for regulated ecosystems. We aspire to make this big in the EMEA region, starting from the Gulf Cooperation Council.”
“Signzy has a reputation of delivering innovative technology solutions and I am excited to be a part of such a forward-thinking team that is accelerating and reshaping the industry not only in India but across the globe,” he added.
Signzy claims to have a long term goal of educating and empowering businesses in the region to automate back-office operations and adopt frictionless onboarding services in a compliant and regulated manner.
Ankit Ratan, Co-founder & CEO, Signzy said, “We are delighted to have Sabir on board as we enter the next chapter and tap into the increasing demand for digital financial infrastructure that improves access, transparency, and speed of delivery in Europe and the Middle East. Sabir’s deep knowledge of the region and expertise in strategy development will be instrumental in driving growth opportunities.”
About Signzy
Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.
Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.
With 41,061 registered startups India is certainly a lead player in the world startup ecosystem. A survey conducted by The Economic Times in 2021 established that 39,000 of these offer more than 4,70,000 jobs. It also concluded that only 38 unicorns constituted the ivy league of startups.
Although 12 of the 38 unicorns in India bloomed amidst the COVID-19 pandemic, it is a significantly small number compared to the total of 41,061 companies. Most of these startups have excellent core ideas and untapped potential. Unfortunately due to a lack of direction and guidance, they are usually unrecognized and unacknowledged.
Our initiative, Signzy For Startups helps up and coming entrepreneurs and startups get a foothold in the ecosystem. We provide our services customized to the use of smaller companies so that their potential is not unnoticed due to a lack of resources. CIIE.CO (Centre for Innovation, Incubation and Entrepreneurship ) with a similar vision, yet a different method helps startups create sustainable growth.
Our Partnership with CIIE.CO will create more optimized solutions for startups, especially in the early stages. The resources Signzy can offer coupled with CIIE.CO’s own stratagem can ensure a safer and stable growth structure for associated entrepreneur patrons.
What Is CIIE.CO And What Is Their Mission?
CIIE.CO backs entrepreneurs to build disruptive solutions, especially at early stages. This is the part where most startups require support. They provide a continuum of incubation, acceleration, capital and insights for superlative impact. They are a centre of excellence supported by the Government of India’s DST.
CIIE.CO’s Bharat Inclusion Initiative is an excellent effort to further financial inclusion for the next half billion people in the country. The Initiative contains, running Financial Inclusion Lab, a one of its kind accelerator program for startups creating inclusive solutions.
Their primary aim is to improve the financial health of India’s disregarded low and middle-income (LMI) segments. These include small-and-micro-businesses, informal workers, migrants, small farmers, and women, by helping startups in the areas of Skilling, Fintech, and Livelihood.
Signzy For Startups And How We Are Bringing About Change
Signzy For Startups is the latest initiative from Signzy that aims to help young organizations with a quicker GTM and secure digital customer onboarding. We use our technology & innovative solutions to enable them to have broader scope & maximum impact.
We make your customer onboarding journey simple, quick and secure. Being a global no-code AI platform for KYC and onboarding services, we help you automate your customer onboarding journey with real-time APIs. We do this with our 200+ Fintech APIs and Nebula- our state of the art AI based no-code journey builder.
What This Means For The Sector
Signzy and CIIE.CO are established entities in their respective fields of expertise. The fact that a partnership has been initiated with the sole purpose of helping startups create better processes and operative structures is a breath of fresh air. Such an environment helps startups establish a symbiotic structure and stable growth.
This is an excellent opportunity for startups to help themselves fortify their services. The initiative builds bridges for excelling and tailoring apt solutions for respective enterprises.
About Signzy
Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.
Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.
Signzy, an Indian artificial intelligence start-up specialising in banking workflow automation, has partnered with Dubai-based investment company Seed Group to enter the UAE market and expand its operations in the wider Middle East.
The agreement intends to accelerate the “digital transformation of businesses across the UAE” and bring innovative AI technologies in the region, the two companies said.
“The UAE is taking giant strides to meet the objectives of the UAE Digital Government Strategy 2025 and double the size of the digital economy in the next 10 years. Businesses are going through a phenomenal digital transformation and are on the lookout to adopt affordable smart technologies,” Hisham Al Gurg, chief executive of Seed Group, said.
“Having Signzy as our strategic partner will give the country’s digitization agenda the much-needed push … We see a huge potential for their services in the UAE and the Middle East.”
The Middle East is expected to accrue 2 per cent of the total global benefits of AI in 2030 that will be equivalent to $320 billion, according to PricewaterhouseCoopers, one of the Big Four accounting firms.
The annual growth in the contribution of AI is expected to range between 20 per cent and 34 per cent across the region, with the fastest growth in the UAE, followed by Saudi Arabia – the Arab world’s biggest economy.
Seed Group, a company of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, acts as a springboard for global start-ups that are willing to expand into Dubai and the wider Middle East. It has invested in diverse sectors such as technology, cyber security, health care, FinTech, tourism, and hospitality.
“Businesses, especially banks, financial institutions and FinTechs across the UAE and the Middle East are doubling efforts to digitize and automate services to build a robust digital financial infrastructure that improves access, transparency and speed of delivery,” Ankit Ratan, co-founder, and chief executive of Signzy, said.
The Middle East is expected to accrue 2 per cent of the total global benefits of AI in 2030 that will be equivalent to $320 billion, according to PricewaterhouseCoopers, one of the Big Four accounting firms.
The annual growth in the contribution of AI is expected to range between 20 per cent and 34 per cent across the region, with the fastest growth in the UAE, followed by Saudi Arabia – the Arab world’s biggest economy.
Seed Group, a company of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, acts as a springboard for global start-ups that are willing to expand into Dubai and the wider Middle East. It has invested in diverse sectors such as technology, cyber security, health care, FinTech, tourism, and hospitality.
“Businesses, especially banks, financial institutions and FinTechs across the UAE and the Middle East are doubling efforts to digitize and automate services to build a robust digital financial infrastructure that improves access, transparency and speed of delivery,” Ankit Ratan, co-founder, and chief executive of Signzy, said.
About Signzy
Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.
Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.
In 2018 India had a sale of more than 3.3 million passenger cars making it the 5th biggest car market in the world. Lion’s share of this was financed or bought on loans(Vehicle Financing) which amounted to more than 2.6 million vehicles. Since then the annual car loan market has stayed north of Rs.1.25 trillion in value in the country.
It is time the Financing industry took up the mantle and utilized this ecosystem. It will be a win-win situation for the lenders and the lendee. Unfortunately, it’s far easier on paper than in practicality. With the tremendous demand scalability of loaning is constrained while the threat of fraudsters is also on the high. Thus an easy solution for verifying and onboarding customers is essential for financing entities.
What Are The Challenges In The Vehicle Financing Industry?
With the increasing demand, the industry faces many challenges to resolve. With the plethora of incoming applications, it is cumbersome and time-consuming to process all documents manually. It is not efficient and even borderline whimsical. The TAT for the whole process is a major roadblocker for onboarding. The fact that manual intervention results in numerous human errors also adds to this argument.
As most financing institutions are indulging in scaling their processes, traditional modes of financing and onboarding the customers are not pragmatic. Scalability brings a form of synergic profitability as replicable system is more preferable. Traditional methods lack this.
Additionally, fraudsters, scammers, and illegitimate customers may cook up ways to avail of loans that they otherwise wouldn’t. The advancing technology they are using aids them in this deceit. The only way to halt fraud using technology is to use better technology. In India, many financial institutions are yet to create an environment with technological competence.
In summarizing, the major challenges in the auto-finance industry are:
The high TAT required
The inefficiency of in-person verification
The undeniable human error factor
The impracticality in Scaling
Advanced Financial Fraud
How Can We Tackle The Challenges With Technology?
The unprecedented pandemic and the advancements in technology boosted automation in ways we had not experienced before. Even before the pandemic the government and the regulatory authorities saw the trajectory of technology. They have instated regulatory and compliance guidelines for digitizing financing and onboarding processes.
Digitization is the key to smoothening vehicle financing. It helps us get rid of human errors while drastically reducing the TAT for processing. Long queues and waiting lists can be eliminated. Instantaneous processing replaces it with technology.
The Indian car loan market is expected to grow by a dashing 8% by the fiscal year 2026. But this is possible only with all the major players digitizing their processes. A completely digitized system makes massive scalability practical and easy. When each competitor is scaled to a good extent, the industry proliferates.
With adopting digitization, it is easier to store, retain and retrieve data. Almost all information is in the soft copy format. This reduces the capital resources required and storing documents is no longer a headache. If the system is secure, then the data is safer than it is in hard format. This leads to safer transactions as fraud is detected swiftly and necessary measures are taken to stop it. With a good security system, all-digital processing is fortified.
In essence, digitization makes vehicle financing:
Faster with reduced TAT
Profitable with easy scalability
Not prone to human-errors
Store data as soft copies
Secure against fraudsters
Why Signzy Is The Right Choice
With the strict competition, almost all financial institutions are making their loaning process easier. This makes it all the more needed to identify and verify the customers availing loans while ensuring all the needed regulatory and safety measures. But the catch is that, how do you fulfill all the criteria of regulations and safety while maintaining an easy journey for each customer? This is what we excel at.
We at Signzy give you customizable APIs and other resources that help you conduct safe and compliant customer onboarding, KYC, and all other requirements you have. Our RC API verifies all vehicular registrations in the country with valid government databases. We will help you onboard customers availing auto-loans with ease and safety while the seamless UI will make the journey all the more engaging. With numerous products, services, and resources in our arsenal, we can make your enterprise better.
About Signzy
Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.
Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.
Between the years 1990 and 2018, the social security and welfare revenue expenditure of India was more than INR1.6 trillion. Observers point out that much of this did not reach the beneficiaries as mediators consumed the lion’s share. The central government is implementing a new mode to tackle this issue- e-RUPI.
For years the RBI’s aversion towards digital currencies was attributed to the bureaucratic influence from administrations. Now the same administrations are taking steps to approach the future of the economy. e-RUPI is the nation’s latest digital nudge in the financial revolution that will certainly improve the efficiency of welfare programs. More importantly, it will pave a smoother path for the digitization of currency in India.
e-RUPI connects the beneficiaries of the service and the service providers digitally. This avoids all physical interventions, rendering the need for mediators moot. It ensures that all payments are completed only when the transaction is concluded.
How Does e-RUPI Work?
The concerned entity delivers a QR code or an SMS string to the beneficiary’s phone. This enables the user to access it as e-RUPI, a contactless digital payments system. It is similar to a prepaid gift voucher redeemable at select centers. This eliminates all needs for any debit or credit card, internet banking, or even a mobile app. The connection between the service provider and the beneficiary is strictly digital, making it exceedingly foolproof.
NPCI(National Payments Corporation of India) built e-RUPI on its other innovative venture, the UPI platform. Partner banks of the initiative authenticate the details of the specific persons and the purpose of the transaction with which corporate or government agencies approach them. Beneficiaries identify using their mobile number. The banks also provide a voucher to the service provider with the name of the respective beneficiary. This is delivered to the same individual with all security parameters met.
Advantages of e-RUPI
The primary advantage the government notes is a leak-proof proof delivery of all welfare schemes and services incorporated. This may even include schemes for providing medicine and drugs for deserving citizens without hassle or bureaucratic delay.
With more than 17.1% of the entire youth populace being female, it is highly essential to ensure that welfare schemes for women be efficient and devoid of foul play. That is why Mother and Child welfare schemes are also included under the banner. Other major programs set to adopt e-RUPI are TB eradication programs, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer and farming subsidies, etc.
The government recommends the private sector utilize this option as well. The system can be used for CSR(Corporate Social Responsibility) Programmes and employee welfare. Once the corporate sector embraces the benefits of such a system, the national economic landscape will witness terraforming.
e-RUPI vs. Digital Currencies
Despite a frigid history of India’s aversion for digital currencies and the looming concern of a pan-nation crypto ban, the government and associated agencies are taking all steps to transform that image. They are already working on a central bank digital currency(CBDC). This coupled with the potential of e-RUPI to fill the wedges in digital payment infrastructure can result in a successful future for digital currency in the country.
But the catch is that, unlike digital currencies, e-RUPI is still backed by the existing INR as the underlying asset currency. This makes it more of an advanced voucher system than a sophisticated digital currency. Nonetheless, this is a step in the right direction for the whole nation, as financial digitization is certainly an inevitable factor.
How Can Signzy Help?
With even currency being digitized, the Indian financial ecosystem faces challenges in determining the legitimacy of parties involved in digital transactions. Fortified and secure instruments are needed to ensure that all customers, beneficiaries, providers, and even companies are credible. Signzy helps you do exactly that!
We are an RPA-platform for financial and regulatory services. With our state-of-the-art AI-powered technology with a quiver of APIs, products, and resources customizable for your specific needs, none of the hurdles that come with adapting to e-RUPI is an issue. We can make your transition smooth and seamless. Be it KYC of your customer, or a provider approaching your financial institution, we can craft the exact solution you need. Your safety and satisfaction are our priority.
About Signzy
Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.
Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.
Shared Consumer Goods represent a shift in modern consumption patterns, emphasizing accessibility over ownership. As the global community becomes more environmentally conscious and urban spaces more constrained, the idea of owning every product outright becomes less feasible and less attractive.
In 2019, the rental industry has made a huge market in India with estimates that the market stands at about $1.5 billion. But most people tend to limit the rental industry to car/house rentals like Zoomcar or ZoloStay. But in reality, the rental industry consists of almost every kind of consumer product that one could imagine.
When you need a new king-sized bed but can’t afford a new one, RentoMojo or Furlenco offers you premium quality beds and furniture for rent.
Attending a social affair but can’t afford the right attire?
Login to thestyledoor.com and rent trending fashionable clothing at almost a tenth of the purchase price.
Then there are other major brands like Quikr, GrabOnRent, and RentSher which provide you a wide range of goods on rent. You can find everything from home appliances to electronics to gym equipment on rent here. So basically, the policy of rental companies is something like: If you can dream it, you can rent it !!!!
Technology has redefined the concepts of sharing and renting, as Netflix has done with videos, Uber with transportation, and Airbnb in hospitality.
A sizable sharing economy is opening up on apps and mobile sites that allow users to pick up a mind-boggling array of stuff on rent—designerwear, sofas, refrigerators and microwaves, beanbags, flat-screen TVs, and much more. The business is tantalizingly attractive and expected to scale to $45-48 billion, from less than a third of that, according to reports by industry lobby Assocham and consultancy firm Ernst & Young.
Millennials!!
The majority of consumers consists of the youth who are just out of college and into their first jobs — are driving the sharing economy. Renting for them makes more economic sense than buying.
How Rental Products Work – The Major Players & Their Initiatives
The sharing economy is expanding from cab rides, houses, movies to furniture, appliances, and more. The leasing economy solves the problem of need today.
Furlenco claims to have furnished more than 20,000 homes in the past two years. It has an ambitious goal to scale ten-fold by 2020, entering two lakh homes. Earlier, furniture was owned rather than rented as there was no option. Now, bachelors, who average 28 years of age and constitute 60% of Furlenco’s customers, have the choice of renting furniture via apps. Even newly-married couples, with a joint income of Rs 10 lakh a year, opt to rent furniture, which forms 80% of Furlenco’s business appliances account for the rest.
Another rising star in this sector is GrabOnRent – which offers a marketplace for renting projectors, lights, adventure gear, bikes, microwaves, refrigerators, and other appliances, GrabOnRent started in 2015. GrabOnRent claims to have 9,000 users who have leased out 15,000 products. To source products, GrabOnRent has 450 partners, including Godrej Appliances and Micromax. It offers free delivery and pick-up once the rental period is over and takes care of maintenance such as aircon servicing during the duration of the lease. To rent a washing machine costs Rs 649 a month, a refrigerator, Rs 649 per month and a TV, Rs 899.
In an overcrowded online fashion space, Stage3.co is trying to carve out a niche by renting. It is avoiding fast fashion to focus on designerwear and leveraging linkages with Bollywood stars and fashion designers to offer exclusive collections on lease for both men and women.Stage3 has a team of 30 in-house designers and also sources unused capacity from others. The bulk of the orders come from Mumbai and Delhi, with 60% of them being repeated. Designer outfit rentals can range between Rs 20,000 to Rs 3,000 for a night.
Currently serving 8 cities, Rentomojo offers rentals for furniture, motorbikes, and electronics. The website is regularly updated with new products and though the selection is limited, there are a lot of details available for each product to make an informed decision. Personal gadgets (phones, laptops) can be rented for up to 18 months while other electronic products, motorbikes, and furniture can be rented for up to 36 months. They also offer a ‘rent-to-own option — if you’ve been renting something for 12 months, you can buy and keep the product by paying the balance. Note that home appliances and furniture have to be rented for a minimum of 3 months.
Available in 5 cities, Rentickle offers rentals of DSLR cameras, home appliances, and furniture. Like Rentomojo, this one also offers a rental period of up to 36 months for home appliances and furniture. However, DSLRs can be rented for a maximum of 7 days only. The website supports user reviews — you can see reviews for each product before renting. The minimum rental period of home appliances and furniture is 1 month. Another useful feature of the service is that they offer the option of one free relocation of the item during the rental period.
India is being considered the fastest-growing consumer market in Asia. On a rough estimate based on multiple sources, the market for rental of furniture is seen at around $800-850 million. Rentals of electronic appliances are approximately a market of $500 million while that of bikes is $300 million.
But a growing market means the rental companies will have an increase in clientele. Like most internet-based companies, the rental companies also follow the same approach where the owner never meets the buyer. So in order to authenticate users, KYC collection and verification are a must. But traditional forms of KYC collection can be cumbersome and require a lot of manpower, time, and infrastructure.
With the advent of digital KYC, it is much easier to automate the KYC collection process. We at Signzy offerRealKYC. Using an AI-based approach, RealKYC not only allows users to upload their KYC information online but the system uses a host of microservices to verify the authenticity of the user and information uploaded.
The rental consumer goods economy has a huge scope in the upcoming years as the majority of the country belongs to the middle-income group with a high propensity to consume. With the public becoming more and more accustomed to internet-based products and services, the digitization of rental services has a promising future indeed.
E-KYC and VideoKYC – The New Era
Most rental companies operate via the Internet and the business model is set up in such a way that the tenant never has to meet the seller. Other than security issues, knowing the customer is important as most users pay online for their rentals. Rental/shared economy operates on a large customer base. To maintain customer data, KYC collection and verification are required.
With the new government regulations, e-KYC collection is now an easy option for rental companies. At Signzy, we offer a unique e-KYC solution known as RealKYC. The solution offers KYC collection as well as background verification and checks.
Advantages of RealKYC:
Secure System: A customer’s account information is secure because the entire process is online. Identity theft, fraud, loan scams, money laundering, the flow of black money, etc. are all minimized with RealKYC.
Efficient Communication: Effective information can be relayed in an efficient and timely manner. There is no need for constant back and forth. Most details are published automatically unlike manual KYC.
‘Free of Cost’ Process: RealKYC verification doesn’t charge any extra amount to the customer. A company or institution may need to pay automation costs of installing verification systems for the long run.
Faster processing: The RealKYC service is completely automated online. This means that KYC data can be transferred in real-time without the need for any manual intervention. The paper-based KYC process can take days up to weeks to get verified, but the eKYC process takes just a few minutes to verify and issue.
At Signzy, We have also introduced a new form of KYC verification called VideoKYC. This is a faster and more efficient form of KYC collection and verification. It conducts liveliness checks against the user as well as verifies the identification document against forgeries. The VideoKYC product has gained a lot of recognition and won several awards in recent months.
Advantages of using VideoKYC:
Higher Application Accuracy
Plug and Play solution, swift Go-To-Market
Comprehensive Training Program
Competitive Advantage through customer delight
100% compliant with latest RBI Mandate
Exponentially increase Scale of Operations
Reduced back office overheads (up to 70%)
Reduction in customer Drop-offs (up to 50%)
Platform Agnostic, support multiple communication channels
Conclusion
With the rapidly advancing technology, the terrain in the rental economy is changing. If companies in the sector decide to adapt to this and use the newer methods for processing and KYC, it will boost their efficiency.
Long-term reduction in costs and the increased pace of processing will attract more customers. This is primarily due to the easier KYC methods we can implement with the use of VideoKYC and other means. Thus, it is only sensible to use technology in taking hold of the future of the rental and shared economy in consumer goods.
About Signzy
Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.
Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.
Efficient and robust customer onboarding banking processes are a vital part of any bank’s compliance checks. Having an easy-to-use and seamless onboarding process allows financial institutions such as banks and NBFCs to keep up with the changing economic landscape. In addition, It leads to a solid ROI and creates a more enjoyable experience for the end customer.
Customers like to see digital experiences across critical services, especially in the finance industry. In the banking and financial services industry, customers now expect digital experiences across critical services. This is especially significant for client onboarding banking, which is the complete process through which an individual begin theirer journey as a customer or client of a bank or financial institution.
Learn about customer onboarding in the banking sector
Customer onboarding in banking refers to the steps taken by a bank to welcome a new business customer. To comply with KYC standards, this usually entails acquiring important information about the customer and conducting identity checks.
In banking and financial institutions, customer onboarding necessitates proactive communication and participation from several departments within the bank, including credit, operations, compliance, legal, front office, risk, and tax.
According to Forrester’s study, institutions with partial solutions with basic workflows require two to twelve weeks to enroll new clients. New technology has been introduced by many banks in the last few years to create greater efficiency and a better customer experience.
Key challenges in customer onboarding
An inefficient customer onboarding in the banking and financial services sector is resulting in hefty losses in terms of converting engaged customers. Between 2009 and mid-2016, banks were fined more than $200 billion for anti-money laundering violations, which had serious consequences for their onboarding operations. To combat this, banks have begun to tighten their Know-Your-Customer (KYC) and onboarding processes, resulting in a significant increase in onboarding costs. This has harmed the client acquisition process, generating unnecessary delays and long time-to-cash cycles, producing friction in a business customer’s day-to-day operations, and resulting in a significant loss of revenue.
In the rush to optimise their client onboarding banking journey to the point where it is an asset in the struggle to attract new customers and expand market share, banks and financial institutions are falling short. A recent report by HooYu found that:
86% of fintech intend to focus on the effectiveness of customer onboarding while only 43% would like to focus on driving further traffic to the top of the customer onboarding funnel with PPC advertising
Modern fintech companies are placing an increased emphasis on integrating onboarding technology providers and A/B testing compared to traditional financial services firms.
The single biggest customer onboarding drop-out comes when customers are asked to produce ID documentation. 50% of fintech believe this to be the area of significant customer abandonment.
Here are some of the primary difficulties that banks and their commercial customers experience as a result of the old onboarding process’ inefficiencies:
Customer Challenges
Complicated and time-consuming application process without adequate guidance and/or assistance.
Restricted communication and lack of transparency in the application process resulting in trust issues.
Wastage of time due to abrupt requests for documentation and duplicate/incomplete data entry in the paper-based process.
Excessive turn-around-time in customer onboarding impacting business transactions and cash flow.
Lack of personalization and proper assessment of the customer’s needs while guiding them through the products and services prompting them to switch banks.
Bank Challenges
Fast evolving regulatory requirements and stringent laws are resulting in complex customer onboarding in banking.
Inability to manage customer expectations across digital touchpoints during their various stages of the buying journey.
Longer onboarding time leads to lost cross-sell/up-sell opportunities with customers during their initial engagement period when their propensity to sign-up for additional services is high.
Missing single-view of the customer information impedes using existing customer data efficiently and any meaningful data analytics to give any conclusive customer insights.
Managing frustration due to delays, convoluted processes, and bureaucracy impacts the sales operations, which leads to up to 3/4th of customer onboarding requests not being able to reach fulfillment i.e. final stage of account opening.
Best practices for customer onboarding in banking
An Intuitive Mobile-First Solution
Customers are used to interacting with their phones and are disappointed when they don’t like the initial banking experiences. Almost half of the bank account applicants have abandoned the first few days of application for a bank account. The culprit is paperwork-laden processes that drive consumers to seek out digital-first alternatives.
Even though it is not as large a screen for a smartphone, the application experience should be enjoyable. Favorable mobile application experience limit the number of fields that are displayed on each page. Applications should be as easy to complete on mobile as on a desktop.
A customer can start and finish their banking experience with a simple text message on their mobile phone. Clicking on a link in the message will take the customer to a secured portal where they can do everything from interacting and completing steps to uploading supporting documents and identification.
When applying for a bank account, over half of clients claim they skipped the onboarding process. Cutting-edge banking technology allows customers to begin and finish their transactions with a simple text message from their mobile phone.
Eliminating Paperwork
Flexibility can be offered for how agreement details, legalese, and lengthy terms are presented and reviewed by consumers with the use of digital contract technologies. For example, It’s possible to present TILA disclosure tables in a variety of mobile-friendly formats, with the help of mobile-friendly document generation tools. If the only solution you can come up with is a static PDF that requires a microscope to read on mobile devices, then it should be done differently.
The new solutions enable banks to get legally binding customer consent from wherever they are. The customer can access and sign a secured document by clicking on the link in a text message. Banks can save money and time with the easy process because it eliminates cycle time and compliance exposure. The completion rates for customers are much higher when they use the smart eForms. It’s easy to complete eForms that are mobile-friendly, simplified in their presentation, and leverage autofill and CRM-prefill. Service reps can assist with the customer while also viewing the same form at the same time.
Without missing anything, the smart eForms ensure that the process is complete in a fast and accurate manner. Then eForms can be submitted from any device. In addition to this, terms and conditions can be presented in a format that is more user-friendly instead of having a service rep read them from a script.
Digital KYC
The benefits of digitising the ID collection process are several, the most important of which is that it lowers fraud. Financial associates aren’t always trained to recognise false or invalid identification cards. Financial organisations can confirm that IDs are authentic and relieve their workers of this strain by automating the ID validation process. Furthermore, digital ID collection eliminates the need to scan and file paper copies of identification. Instead, the information can be stored digitally in a more secure and accessible location. Digital ID collecting improves the experience for clients who sign up at a brick and mortar branch or in a remote scenario because it can be done without anyone leaving their seat.
A consumer can use a mobile phone to capture and send photos of their face and driver’s licence for approval with advanced ID verification and authentication systems that include completely automated KYC. Onboarding time is decreased, fraud risk is lowered, and even the most stringent ID and verification requirements are met promptly.
Automation and Real-Time Support
A digital customer onboarding banking process enables data to be pulled from Customer Relationship Management (CRM) systems like Salesforce or custom-built solutions to automatically populate contracts for additional services to expand the relationship. For customers, having contract fields already filled in is the ideal experience; it saves time and demonstrates the value of existing banking relationships. For banks, not only do completion rates improve, but re-keyed data errors are also reduced. This enables you to walk the customer through the process step by step, adapt to their needs and risk profiles, and skip questions based on past responses.
When the questioning is finished, the system can use the responses to build a signature-ready agreement for the customer. It’s a streamlined, mobile-friendly way for customers to navigate a difficult application procedure. For banks, it’s a method to boost completion rates, cut support expenses, and lower Not-In-Good-Order (NIGO) rates, all of which minimise the cost and time it takes for manual review and remediation.
Benefits of improving customer onboarding in banking
Consistency: Consistent design and a cohesive domain experience show customers that the application is being offered by someone that they know and can trust. While sharing personal and financial information during the customer onboarding banking process, they should feel secure and confident.
Ease of use: An intuitive application experience makes it easy for the customers to navigate or fill in their details. Seamless applications that allow customers to start and stop the process across platforms to further enhance the overall experience. (e.g. If they start filling out the application on a phone and finish it on a laptop, that’s how it will go.)
Clarity: The ability to connect with someone if the customer needs help is a hallmark of the best customer experiences. At the same time, the communication language used is clear and easy to understand, including error message explanations.
Efficiency: Customers can save time and avoid having to submit documents like account statements by connecting other accounts and pre-filling form blanks. These technologies improve efficiency and speed up the application process by removing needless manual labour.
Redefining customer experience & Future of customer onboarding
For the third year in a row, digital account opening (DAO) is the most popular banking technology. In 2020, almost 80% of all financial institutions will have introduced new DAO systems or modified current ones. – Forbes
Due to the COVID-19 pandemic, banks and financial institutions have started realizing the potential of digitization in the customer onboarding banking process. Digital identity solutions enable customers to safely access banking services and help banks offer customer-driven, mobile, and secured services. To provide a hassle-free UX while avoiding identity fraud, FIs need to focus on the following critical areas in their digital services.:
Provision of strong identity verification technologies and mechanisms
Provision of robust biometric verification
Provision of additional verification services for scoring, reputation, and risk management
Provision of a frictionless digital user experience for apps and services
Ensure that state-of-the-art security checks are performed in accordance with regulations.
When it comes to providing banking services, the better the customer service, the more customers will be willing to start a relationship with the financial institution. Emerging technologies being tested for client onboarding banking have a lot of promise in terms of speeding up the process, reducing duplicate data entry, and improving risk and compliance scoring accuracy.
About Signzy
Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.
Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.
