Welcome to our Innovations category, an expertly curated space wholly dedicated to spotlighting Signzy’s pioneering fintech solutions. As a leading entity at the vanguard of the fintech revolution, we are unceasingly pushing the limits, redefining the boundaries of the possible by employing breakthrough technologies coupled with ingenious problem-solving.
This specially designed category houses articles that offer an in-depth exploration of our latest product developments, unique features, and groundbreaking technologies. We are harnessing the power of the most advanced technologies at our disposal, from artificial intelligence and machine learning to blockchain and automation, building transformative solutions that are redefining the very contours of the fintech industry.
The innovations we bring to the table are meticulously designed to address the most critical challenges businesses face today. Our focus areas include enhancing customer experiences, bolstering security measures, and ensuring scrupulous regulatory compliance. By unraveling and simplifying intricate processes and introducing unprecedented efficiencies, we are empowering businesses to concentrate on their core competencies.
We invite you to navigate through our Innovations category to gain insights into how we are ingeniously leveraging technology and creativity to reshape the financial landscape. No matter who you are – a fintech enthusiast deeply interested in the sector’s developments, a potential client evaluating solutions, or a technology aficionado with a penchant for innovation – you will discover intriguing insights into our journey of innovation. Embark on this exciting voyage with us, and witness how innovative thinking is changing the world of finance.
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.
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 !!!!
Rise Of Rental Consumer Goods – How It Came About
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.
Within the first 2 months since the onset of the unexpected pandemic in 2020, attempted unauthorized and fraudulent transactions increased by 35%. If the trend continues frauds due to unauthorized transactions are expected to reach a global high of $40 billion by 2027.
A transaction that was not authorized or permitted by the holder of the concerned account or money is called an unauthorized transaction. It occurs in most transactional and credit card frauds. Governments and financial institutions across the globe are struggling to stop such activities.
How Do Unauthorized Financial Transactions Occur
In the past, most cases of unauthorized transactions occurred as a result of credit card theft. But in more recent years, the majority of unauthorized and fraudulent transactions occur through online portals after the user’s data is stolen through means such as phishing or hacking.
This can happen while the customer or user is providing zis information to a service provider or government portal. The stolen information may lay dormant for weeks or months before the fraudster uses it for an unauthorized transaction.
How Does It Impact The Financial Industry?
Unauthorized transactions are mostly associated with money transfer fraud and credit card fraud. An average of 35% of American consumers fall victim to credit card fraud according to a study from The Ascent.
The issue with this is not just in terms of the financial losses incurred to users and institutions, but also the leak of crucial and private data. The years between 2005 and 2019 saw over 1.6 billion records compromised. By 2020, this resulted in more than $42 billion in losses world wide.This is statistically dangerous for safe transactions and the fraudsters took opportunity during the global pandemic.
It seems that the trend is not decelerating any time soon as is evident from the 161% increase in credit card frauds last year alone. Unless the concerned authorities and consumers take action, the danger lingers. The solution might be more bizarre, yet efficient than we presume.
How Blockchain Technology Proffers The Solution To Unauthorized Financial Transaction
Blockchains are growing lists of records that are linked through cryptography. These records are called blocks and contain a timestamp, transaction data and a cryptographic hash that helps map the data. They are mostly used in cryptocurrencies and their transactions but can be used for other financial interactions as well.
Blockchain is considered secure and tamper-proof while pertaining to digital records. It is a complete and unchanging record of transfers. If blockchain can underpin a payments processing service, it could trace the whole sequence of previous wire transfers.
However, most governments and authorities want a trail of funds to stop money laundering, which is impossible in the blockchain. The whole purpose of blockchain is decentralization and officials demand the source of funds to charge taxes and run governments.
We are experiencing an innovative renaissance in technology. It is only wise to adapt to the changing world. Conclusively, it is not merely blockchain that can help improve financial services, but the numerous options available in technology. But how do we find a good resource provider?
Why Signzy is the Solution For You
Being one of the pioneers in financial and regulatory technologies, Signzy provides you with resources that make processes easier. With an impressive quiver of products and services, we provide you with extremely customizable solutions. These include the numerous APIs and the No-Code AI rule engine we have for you.
Our state of the art Video KYC and Verification solutions are foolproof and secure. If you seek a fortified yet simple process for verification we have multiple APIs for almost all OVD documents including Aadhar, Driving License, Passport, etc. We can help you make your vision of safe, secure and seamless verification processes a reality.
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.
The logistics industry indulges in the overall process of managing how resources are acquired, stored, and transported to their final destination. Logistics is now used widely in the business sector, particularly by companies in the manufacturing sector, to refer to how resources are handled and moved along the supply chain.
Where Does The Indian Logistics Industry Stand?
The logistics market in India is expected to grow at a CAGR of 10.5% between 2019 and 2025. E-commerce is another major segment that is expected to support the growth of the logistics industry during the forecast period. Increasing investment and trade point towards a healthy outlook for the Indian freight sector.
Who Are The Major Players?
A few of the major players from logistics in India are Allcargo Logistics Ltd.Container Corporation of India Ltd, DHL Express India Pvt, Blue Dart Express Ltd, FedEx, TSCS India Pvt Ltd, Gati Ltd, Transport Corporation of India among others.
What Are The Current Challenges?
Like all other industries, there are several challenges faced by logistics too. A survey was conducted by ByteMaster. After interviewing companies in the transport and storage sector, they concluded that the five main challenges faced by companies in the logistics sector are: traceability, planning, agile procedures, connectivity and deliveries.
Specifically talking about traceability here, it includes tracing of the vehicle details or we can say Vehicle Verification details and with that also tracing the Drivers details for driver verification. A technology partner like Signzy will help you to solve the problem related to the traceability of the vehicle as well as the driver.
How Can Signzy Help?
Signzy has a one-stop solution when it comes to verification. It provides a simple plug and play API solution. With just the vehicle number you can get fitness details, Permit info, PUCC check, Insurance details and much more! The same goes to authenticate the driver’s license.
Signzy can provide a complete user journey and make your workflow simple while it is automated. A generic survey conducted by logistic partners and Signzy showed that automated workflow helped the logistic industry by 26% which earlier with the manual process was 11%.
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’s All-New Quiver Of Premium Products!: With the raging transformations in technology and norms, newer options are set to dominate and revolutionize onboarding. If we don’t keep ourselves ahead of the curve, we might just fall behind in the fast-paced financial industry. Let Signzy help you.
With the numerous modernizations, it is hard for individual enterprises to do this. That’s why it’s always good to seek help from professionals and use proven resources for your business. Signzy brings you the best of both those worlds.
We at Signzy help you keep up with the Joneses by building a global digital trust system to upgrade the current modes in financial technology. While we pursue our endeavour we focus on the ability to uniquely identify and authenticate entities while understanding and knowing more background information about these entities. We create a system of reward and consequences that reinforces trust to help this.
We would love to help you help your business! That’s why we ensure to keep all our products updated to the standard of the future. With our upgraded products, it’s sure that you will find what you seek at Signzy. Some of the major products we offer are included in this blog post.
Signzy’s Generic Onboarding Solution
Every financial enterprise requires an efficient, seamless and safe onboarding solution. This solution must be adaptable to changing technology while maintaining an excellent level of industry-standard safety.
Signzy’s out-of-the-box Generic Onboarding Solution, with an AI-based Rule Engine allows clients to create, update, implement and maintain end-to-end digital onboarding journeys across jurisdictions and business functions. We do this with the maximum assurance of safety and security.
Some of our new features include:
Added security layers to verify that the connections are secure
Extensive search options for back-office processing
A customizable sequence of questions during VCIP calls
The Decision Engine now takes additional final application decisions based on output variables from VCIP increasing straight-through processing rates
Every contract is accompanied by an auto-generated audit certificate for compliance and record-keeping purposes
Apart from the above features we went the extra mile and improved our products for you. The improved aspects are::
Improved user experience for customers including the inclusion of ‘Configurable Text Areas’ to improve user experience and better tracking information on emails being sent to the customer
Additional information to customers on errors – especially in Bank Account Verification
Improved back-office operations experience
Role-based reassignment of application in back-op
Application-level TAT
Additional granularity on the information fetched vs inputs from the user
Making remarks and reasons mandatory for better analysis later
Better security measures
Multi-factor authentication for users
Improved MIS
One column of MIS can possess multiple page IDs
Additional details including TAT captured in MIS for application-level tracking
Some new widgets and APIs were also added to GO. This betters the overall user experience while improving the versatility of the product. They include an SSN Validation API which is now available for US clients and the addition of Generic Delete API. Using the latter, it can be configured that applications belonging to a particular status can be deleted automatically after a set timeframe.
Signzy’s Plethora of APIs to Smoothen Processes!
We have a collection of APIs that will help you in your venture. Though we have many, a few of the latest include:
New Voter ID API
NeSL APIs
E-Stamping
Udyam(MSME) Verification
Vehicle Blocklist and E-Challan Status
…And a complete revamp of our Global KYC APIs
We have also improved upon some of the many APIs already available. Certain of these improvements include the new Name Match API, Aadhar E-Sign API, and an improved Digilocker experience API
Surely, we will not be halting with just these APIs. That’s why we also have more APIs coming your way to improving your venture. These include the E-Nach API, Credit Reports API and the Physical Address verification API.
Signzy’s Video KYC Solution!
Signzy’s All-New Quiver Of Premium Products!: With the new RBI Master Directive, it is inevitable to include the use of Video KYC in any financial onboarding. A good solution will not only help stick to guidelines but dramatically improve customer satisfaction.
Signzy can revolutionize your customer onboarding process and increase the speed to market by 5x. We do it with our enhanced VCIP product- Signzy’s Video KYC Solution!
Latest feature additions include:
Real-time feedback– can address the real-time issues that occur during the call The RE agent gets notified if the end-user is distracted between call
“Uberised” Queues – A better experience for users in the queue, at the same time blocking those ineligible (like location issues)
Detailed MIS reports- are generated and presented. Real-time data regarding RE agent efficiency and queued data are provided
UI Improvements- Multiple improvements have been created to improve the experience
Upcoming releases and Improvements: Signzy’s All-New Quiver Of Premium Products!
In addition to the previously mentioned improvements, we are working on a lot more for you. These new features will come to your doorstep in the not too distant future. Below are a few of them to give you an idea:
Skills-based auto-assigning agents to the users
MIS reports with detailed analysis of all the video calls, agents’ productivity, call improvement etc.
Conditional rendering of options in real-time feedback for agents
Rescheduling the call to be made configurable
Configurable option to automatically set the offline/online status of RE agent
Revamping the rescheduling system to a better version.
Conclusion
In order to keep up with the newer norms and trends, institutions and companies are forced to adapt to new technology. As it becomes mandatory to accept the change, why not use it to your advantage? Why not understand what is needed and make it far better?
This is exactly what Signzy will do for you. With the numerous products, resources and services we provide, we can certainly make your business smoother and easier than ever before. The right direction with the right people will lead us all further to our goals.
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.
