Category: KYC & KYB

Welcome to our meticulously curated KYC/KYB category, a comprehensive repository dedicated entirely to the multifaceted dimensions of Know Your Customer (KYC) and Know Your Business (KYB). As we stride deeper into the digital era, the procedures around KYC/KYB have emerged as a fundamental pillar, ensuring secure and compliant operations within the financial landscape.

The articles housed in this category plunge into the complexities of KYC/KYB, discussing its inherent challenges, potential solutions, and its indispensable role in the realm of identity verification. Our articles traverse a wide array of topics, ranging from the application of artificial intelligence in customer due diligence processes to the impact of regulatory shifts on KYC methodologies. These writings cover a broad spectrum of subjects, offering relevance to businesses and professionals operating within the financial industry.

As a leading industry player in the domain of digital identity verification, Signzy stands at the helm of innovation in KYC/KYB. Our cutting-edge solutions are engineered to simplify KYC, making these procedures faster, more efficient, and notably secure.

Regardless of whether you’re a compliance officer diligently maintaining regulatory standards, a fintech entrepreneur navigating the challenging waters of the financial industry, or simply an individual interested in gaining a deeper understanding of the evolving world of KYC/KYB, our category offers a treasure trove of information and insights.

We invite you to join us on this journey of exploration as we dive into the future of KYC in the rapidly evolving digital age. Our articles aim to enlighten, inform, and provide a well-rounded perspective on the significant role that KYC processes play in today’s digital financial landscape. Welcome to a world where knowledge becomes power, and compliance becomes simplified.

Automated KYB- Relevance & Normalization

Posted on | by Signzian

The anti-money laundering software market is projected to reach $1.77 billion by 2023. This means that banks and financial institutions are improving their processes like KYC, KYB, and AML. But we need a closer look at why this is happening, its relevance, and how we can normalize active automation.

Banks and other financial institutions have long been the central focus of all commercial activity. They must carry out due diligence at each stage of the client journey, which is a huge duty. A compromise in that financial system might have financial and security repercussions worldwide in today’s digital age.

Ironically, the least concerning possible problems are fraud and money laundering. As a result, banks may unknowingly assist in funding international terrorism, illegal drug use, and human trafficking. Banks can help KYCC by using increased due diligence techniques in the KYB and KYC verification process to reduce the possibility of onboarding non-compliant organizations.

 

KYB- A Deeper Look And Better Solution

The financial sector is aware of the conflict it is facing. Banks and other financial institutions realized the value of KYB and AML/KYC compliance after being the target of ongoing cyberattacks, scandals, embezzlement, and fraud schemes. Many Small and Medium-Sized Businesses (SMBs) don’t, though. Even some huge organizations disregard AML/KYC compliance due to the expense of onboarding new customers.

Banks are ultimately at risk due to assumptions made by other industries. For example, one company made a hiring decision based only on intuition, believing the position to be entry-level and exempt from intrusive background investigations. HR promoted this employee to a crucial decision-making position a few years later, assuming the background check was completed earlier.

 

Why KYB Should Be Genuine And Effective

Everyone inside and outside the financial industry must contribute to AML/KYC compliance to protect the sector. Companies should not just seek digital KYC verification to avoid fines for non-compliance. Instead, all businesses, from SMEs to major multinationals, should feel compelled by moral and ethical principles to investing in rigorous KYB and KYC verification services.

The secret to stopping fraud and boosting global security is making sure the people you bring on board are reliable. That is why it is crucial for financial institutions to implement an efficient KYB and KYC verification process.

Before beginning a commercial connection, B2B customers and their clients must undergo worldwide ID verification and behavior monitoring as part of the KYB verification process to assess their risk and sustainability.

Businesses and banks make sure that transactions are consistent with their risk profile by doing regular behavior monitoring. In addition, employee records and other important information are maintained secure and current with the help of effective digital identity management.

Knowing a company’s high-risk clients and business partners helps to protect your company’s reputation from being accused of criminal carelessness for facilitating the movement of illegal monies.

 

How to Make Automated KYB and KYC Verification the Norm in Your Business? 

To achieve AML/KYC compliance, developing your KYB and KYC verification procedure is an excellent place to start. Transparency in financial activities can be ensured by adhering to local, regional, and international AML/CFT laws and regulations, including those of the European Union (EU), the United Kingdom (UK), the United States, and others. Concerning ongoing client screening and risk assessment, having quick access to the pertinent worldwide watch lists, spam lists, and sanction lists are helpful.

As previously mentioned, verification for commercial entities can be time-consuming, and even ID card verification is more complex with the proper global ID verification system.

Databases

Your digital KYC verification system must have access to the appropriate databases to swiftly validate IDs and documents, checking watchlists, and evaluate the risk to guarantee that you comply with AML/KYC regulations. Most identity verification service providers can validate customers’ IDs; they do not offer tools for behavior monitoring or document verification services.

Digital Identity Management And Relevant Laws

Data collecting and digital identity management are disadvantages of the DIY method for building your own digital KYC verification system. Businesses occasionally need to remember that there are rules for data handling in addition to using client information to inform customers of impending changes and events. In addition, consumers can maintain control over their data thanks to the Global Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).

Act on Protection of Personal Information (APPI), which will have the same extensive effects for third-party data suppliers outside of Japan as the GDPR, has now been implemented as Japan’s equivalent of the GDPR. In cross-border ID verification, these data requirements and digital identity management should be included in the cost of customer onboarding. In addition, providers of identity verification services must also accommodate mobile ID verification.

Identity Verification With KYC And KYC

Combining their current customer onboarding procedure with mobile ID verification is the one grey area where banks and other financial institutions struggle. However, artificial intelligence-powered automated customer onboarding systems may be of assistance.

Providing an automated KYC verification method that detects fraudulent information faster than humans could help close the gap between banks and businesses. In addition, KYB and KYCC should be carried out in unison and with perfect online ID verification as part of B2B customer onboarding.

 

Bottomline

KYB adoption is no longer the issue. Enterprises are looking forward to automation and its normalization for improved identity verification. You can avail of effective solutions for automation at www.signzy.com.

 

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.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

 

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Employment Verification- Why It’s Primal For Lending?

Posted on | by Signzian

The 2021 Federal Trade Commission (FTC) report states that almost 30% of all financial fraud complaints in the US involved identity theft. This represents a 50% increase from 2020. Among these, loan application fraud was one of the primary sources of complaints, and the identity of the fraudulent buyers and borrowers were usually fake or stolen.

Conventionally, the loaning process for housing has been tedious for both the lender and the applicant. Now add a bit of high fraudulence risk into the mix, and voila, you have the recipe for a potential disaster, a disaster that needs to be avoided. That’s why when the loan application process begins, there is hectic paperwork and back and forth with your lender. The whole deal of underwriting is an intense procedure and includes methods for everyone involved.

One major step in the underwriting process is efficient employment verification. The lender needs to do their due diligence and validate that you are and have been employed to ensure they’re considering all of the user’s income sources. This confirms that the potential borrower can cover their down payment, closing costs, and monthly repayment.

Why is employment verification necessary in lending?

While it seems like just another box to check in the lending process, lenders must verify your employment and all income information to confirm your capability to make your monthly mortgage payment and reduce their risk of giving you the money.

How do mortgage lenders verify their borrowers?

Mortgage lenders verify employment by contacting the concerned borrower’s employer directly. First, they review the borrower’s recent income documentation. These can include an employment verification letter and a recent pay stub. Sometimes it can also have something else that proves an employment history and verifies the income.

Employee verification can take days to weeks if your lender works off of physical forms. However, the process could take mere hours if you work with a lender who requests payroll access for any underwriting.

Are you looking to save time in your mortgage processes? Then, check out Signzy’s resources to innovate and improve them.

When is the employment verification process done for mortgages?

Some lenders verify employment multiple times during the mortgage process:

  • 1)Pre-approval

Working with a lender before you have your dream house picked out in a competitive housing market and learning what kind of mortgage you would qualify for can be a good idea. When you get the preapproval, you may be required to submit information or documents such as bank statements and salary slips to prove your income, the funds you’re using to get the loan, and a credit check.

  • 2)Verifications during the underwriting

Each lender will verify income and employment checks underwriting a mortgage according to their timeline. Generally, it is done anywhere from a few days to a few weeks before your loan is cleared to close. It might be performed again if the timeline to complete was extended to confirm that nothing has altered. 

Experts recommend not making career changes during the underwriting process, finishing another loan payment to avoid impacting your credit score, or getting a new credit card.

To Conclude

Income and employment verifications are a critical part of the home loan process. Still, it can be difficult for those without access to an HR resource to handle the particular paperwork; even when an HR department exists to submit the documentation to lenders, paper forms and conventional PDFs slow down the whole lending process. That’s why the lender’s responsibility is to make the process more convenient and easy.

If you want to make the verification processes easy, then you should avail the services of a good fintech provider. In a world with so many choices, finding the right one is difficult, especially with so many bad options. At Signzy, we ensure that the fintech solution we get you is not manufactured from a blueprint but rather created according to your needs. Our AI-driven API resources help us to customize our way through your problems.

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.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Harnessing Hospitality With KYC- How Signzy Can Help The Hospitality Industry Be Safe

Posted on | by Signzian

Did you know that for the hospitality industry, statistics indicate that organizations lose upto 6% of annual revenue from fraudulent activities perpetrated by guests and employees? For example, a hotel operator earning approximately $10 million in annual room revenue may experience losses between $500,000 and $600,000.

Preventing this while moving forward in the industry is a parlous task. One of the effective ways of this is to conduct KYC-‘Know Your customer’ for all the customers. KYC is the process of verifying the user’s identity and is typically done by several methods such as ID paper upload, face recognition, electronic ID verification, etc.

Digital KYC is rendering to be a mandatory process in the hospitality industry. Let’s examine how this is blooming and why fintech companies will help enhance this growth.

Relevance Of Digital KYC Processes

Digital KYC is as essential as ever in the financial technology sector to prevent financial fraud, identity theft, money laundering, and terrorist financing. As a result, it is widely used in the banking and fintech industries. But this begs the question of how KYC helps the hospitality industry? First, more and more states demand that the hotel has a copy of the guest’s passport or ID. But the issue with this solution is a lower Revenue Per Available Room (RevPAR) and increased time per check-in.

As Hotels lean towards online and kiosk check-ins, this process becomes more difficult. It would be great for customers to offer their passport or ID information ahead of time, which includes a scan of the passport and a picture of the guest. If this information could be stored in the hotel’s Property Management Software before the arrival of guests, it would be far more convenient.

Digital KYC in International Hospitality

Financial institutions in Scandinavia, Central, and Western Europe reported considerable savings and improved affinity for their services after implementing an effective Electronic ID (eID)-based KYC process a few years ago. But when you implement such methods, ensure that you avail the assistance of an established fintech resource provider. Else, the road might turn out to be quite bumpy.

Availing Fintech Industry Service Providers

A good service provider might seem complicated to find at first, but if you know where to look, you can get the best. They will ensure that the proposed solutions are specifically designed for your needs rather than a conglomeration for general clients. It will also be maximized in digitization. But, most importantly, it should comply with regulatory guidelines without compromising comfort or security.

At Signzy, we provide the most secure customer onboarding, e-signing, and authentication services. We ensure that all our clients, especially from the hospitality industry, encourage using electronic IDs, passports, and ID cards as verification documents and utilize digitized KYC methods. We can provide you with state-of-the-art customizable AI-driven resources for this. In addition, we can help you obtain required information from OVD(officially Verified Documents), retrieve the data, and store documents and signed agreements in archives.

Electronic IDs

It is essential to understand what an electronic ID is? Electronic identification is an electronic system for legitimizing users on the Internet or other computer systems. For example, using an electronic identity, users can identify, sign contracts, and approve transactions on websites such as banks and public portals.

Once onboard, guests can quickly access their loyalty program information. In addition, if they use an eID, there is no need to worry about remembering a username and login, as the eID provides authentication.

Signzy’s Impact In The Hospitality Industry

Signzy’s contributions in the industry are not unprecedented or novel, as we have always emphasized upgrading the onboarding and KYC processes in financial technology for nearly a decade. The hospitality industry, too, has seen its fair share of this.  

Recently the regulations are becoming more stringent as fraudsters are finding advanced ways to trick hotels. As the behemoths in the hospitality industry acknowledge and adopt KYC and identification processes as mandatory, it is only sensible for the mid-level players to do the same. The era of digitization is here, and it is now.

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.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

 

KYC And Cybersecurity: Protecting Data From Cyber Fraud

Posted on | by Signzian

Traditionally, cyberthreats have been largely isolated to attacks on computer systems and networks. However, with the advent of digital transformation, cyberattacks are now targeting people and businesses at an unprecedented rate.

According to a report from Accenture’s State of Cybersecurity Resilience 2021, cyber threats have increased by over 30% from 2020 to 2021. Cyber fraud is fast becoming one of the biggest threats to today’s businesses, with the cost of cybercrime predicted to hit $10.5 trillion by 2025.

KYC And Cyber Fraud

KYC fraud occurs when a cybercriminal uses stolen or fake identity documents to open an account or obtain credit in someone else’s name. This type of fraud can have devastating consequences for both the individual and the business involved.

Fraudsters can trap customers easily by offering services that are too good to be true or by using phishing techniques to obtain sensitive information such as login credentials or financial data. Once they have this information, they can use it to commit identity theft, take out loans in the victim’s name, or make unauthorized purchases.

Types Of KYC Frauds

  • Phishing: Phishing is one of the most common types of cyberattacks. It involves fraudsters masquerading as legitimate entities in order to trick victims into divulging sensitive information.
  • Identity Theft: Identity theft occurs when a criminal obtains and uses someone else’s personal information, including their name and address, to take out loans, make purchases, or apply for credit.
  • Smishing: Smishing is a type of social engineering fraud that involves sending phishing text messages to unsuspecting recipients. This technique can be used to trick people into revealing their login credentials, banking details, or other sensitive information.
  • Fake Re-KYC: Fake re-KYC scams are becoming increasingly common as businesses are required to update their customer records on a regular basis. In this type of fraud, fraudsters pose as representatives from a legitimate organization and request that customers provide updated KYC information, such as their passport or driver’s licence details.

KYC Data Breach

Despite the importance of KYC in cybersecurity, data breaches are still a very real threat. Recent instances of KYC data breaches include the CDSL’s KYC arm which reportedly exposed the personal and financial data of more than 40 million investors twice within just 10 days.

Additionally, the Upstox data breach exposed the personal data of about 2.5 million customers, leading to a probe by the RBI’s cybersecurity team. To protect the data from cyber fraud and cyberattacks, it is important to implement robust KYC procedures and invest in state-of-the-art cybersecurity tools and systems.

Following the incident, Ravi Kumar – the co-founder and CEO of Upstox (India’s largest brokerage firm), stated on the company’s website: “We would like to assure you that your funds and securities are protected and remain safe. Funds can only be moved to your linked bank accounts and your securities are held with the relevant depositories. As a matter of abundant caution, we have also initiated a secure password reset via OTP.” 

KYC And Cybersecurity

Know Your Customer (KYC) has become a vital part of any business’ cybersecurity strategy, as it helps to weed out potential cyber fraudsters and protect customer data. Consumers are vital stakeholders in any cybersecurity strategy, and businesses must take steps to help them protect their personal information online.

There are many KYC best practices that businesses can implement to help protect themselves from cyberattacks, including:

  • Implementing multi-factor authentication (MFA)
  • Conducting regular background checks on employees
  • Keeping up-to-date with the latest security threats
  • Educating employees on cybersecurity risks
  • Implementing strong password policies
  • Monitoring employee activity for suspicious behavior
  • Restricting access to sensitive data
  • Encrypting customer data
  • Backing up

Gaining Trust Of All Stakeholders

According to research, 88% of the customers say that their trust in any business is based on how they handle their data and offer security.

Anil Advani, from Pure VPN, believes that cybersecurity is the means to gain the trust of customers and stakeholders alike. By implementing strong KYC policies and best practices, businesses can help protect their customers from the growing threat of cyber fraud and data breaches.

He quotes, “Due diligence is a routine part of any acquisition. Identity verification is very important these days due to an increase in cybercrime. Customers, partners, shareholders, and prospective employees want evidence that the organization can protect its sensitive data. Without a cybersecurity policy, an organization may not be able to provide such evidence.”

Pairing Cybersecurity With Regulatory Requirements

Dan Blum, Principal Consultant at Security Architects Partner, believes that businesses must pair their cybersecurity efforts with regulatory requirements to be fully compliant.

“Service providers must protect the value of customer’s information systems or data, as well as customer privacy rights using sound, risk-based cybersecurity practices as a matter of due diligence. KYC requirements must be aligned and balanced with a good understanding of the laws and business requirements,” he stated.

He believes that organizations should also consider conducting independent security audits regularly to identify potential vulnerabilities. These audits can help organizations understand where they need to improve their cybersecurity posture and make the necessary changes to mitigate risk.

The Bottomline

In conclusion, as data breaches continue to plague businesses of all sizes, it is more important than ever for organizations to implement robust KYC procedures and invest in state-of-the-art cybersecurity tools and systems. By following the best practices outlined above, businesses can help protect their customers’ personal information online and gain the trust of all stakeholders.

About Signzy

Signzy is a market-leading platform that is 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 totally customizable workflows. 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 it has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

The No-code Approach: Onboarding made Easy!

Posted on | by Signzian

The financial industry is witnessing a paradigm shift with an uptick in the emphasis on digital client onboarding. As a top-level CTO of a banking enterprise or a neo-banking venture, you are always looking for technology that eliminates the deadwood involved in manual paperwork in onboarding new clientele. Finally, you can now heave a sigh of relief as we present the perfect fintech companion for fulfilling all your digital onboarding needs. 

Signzy is your one-stop, neatly-packaged, no-code AI-based digital onboarding solution that empowers leading financial organizations to deploy automated data management and customized client onboarding without any prior coding!

Yes! You read that right! Not a single line of code is required to deploy customizable solutions for your bespoke business needs. So hold your breath, ladies and gentlemen, as we are about to unveil path-breaking innovation in the field of fintech that holds promise and potential.

Why is No-code Approach Digital Onboarding The Talk of The BizTown?

The ultimate goal of any captain of the banking streamer is to reduce TAT (Turn Around Time) and offer an enhanced customer experience. Gone are the days when physical meetings needed to be fixed for the most straightforward banking procedures. Instead, optimized and customized secure digitized banking solutions have heralded the winds of change and set the tone for the future. 

By embracing the benefits of customized digital onboarding solutions such as Signzy, you get to open the gates to a world of benefits that suit the technologically challenged with seamless ease. When you leverage an automated customized platform such as Signzy, you make data management, solution deployment and machine learning a child’s play even for those who know zilch about coding!

Building complete AI solutions with No-code Approach that too without investing in expensive developer work results in optimized cost-efficiency and greater user flexibility. A single team member can deploy multiple modules to deliver customized onboarding, drag and drop solutions without consulting the IT team! Now, that’s progress.

Plus, not to mention that AI eliminates chances of human error, which ultimately translates into cementing customer trust and loyalty. Seems like a pretty win-win situation, we say!

Top 3 Reasons Why Deploying Signzy’s No-code Approach is a Smart Move

Let’s get down to some hard facts and number crunching to help you benefit from one of the best digital onboarding solutions and empower your financial enterprise like never before!

  1.  Optimized Deployment Time Enabled By Its No-Code Approach: 

Financial institutions are understandably short of time, and in a world where time and money directly correlate, you cannot afford to continue deploying age-old inefficient solutions. 

This is where Signzy comes into the picture with an extended hand. Being an inherently AI-based platform powered by a no-code approach, you don’t need a developer to build and crunch code. Its intuitive drag and drop approach results in a 90% reduction in TAT. Lesser time required for deployment results in a more significant, error-free onboarding process. 

Are you wondering what no-code tech brings to the table? Well, let’s break it down for easier assimilation. Imagine creating apps, AI tools, onboarding platforms, websites with just a laptop at your disposal and no pre-existing coding knowledge! 

Sounds too good to be true? Well, not really, as no-code technology enables even the not-so tech-friendly people to move the proverbial mountains effortlessly. 

No-code-based innovations have impacted a diverse range of industries, and the financial sector is no different. When done conventionally, the process of client onboarding in the financial sector still takes about a week to complete. When banks or neo banks deploy no-code solutions like Signzy, they optimize the clientele onboarding procedure quickly and smoothly through an AI-based online portal. 

All your KYC prerequisites such as forms, terms & conditions, secure biometrics enabled digital contracts are all packaged in one place. 

  1.  Secure, Flexible, and Customized Digital Onboarding: 

If you are worried about the security aspect of deploying this no-code-enabled platform, allow us to put your worries to rest. Whereas custom-built code built by a developer is open to errors and security risks, no-code platforms run on pre-tested systems that afford unparalleled biometrics enabled security to businesses and their database.

The flexibility that comes with this unique platform allows you to create customized flows and business tools with a drag and drop or click and point approach. Also, there is no learning curve to it, so no more research and number crunching. Instead, it’s as simple as waving your wand and getting the work done!

  1. Cost-efficient Customized Onboarding Solution that Helps Fintech Firms Breathe Easy!

Signzy offers customizable digital KYC solutions to a plethora of renowned financial institutions across geographies. As a result, companies have reported a 75% reduction in operational expenditure, 66% dip in customer churn rate, and 3% increase in sales productivity! These fantastic figures speak for themselves. 

Let’s try to understand what makes this achievable. First, these APIs offer a plug-and-play approach that allows you to create business tools on the fly. Also, they can be easily integrated with existing solutions ruling out overhead expenditures and developer costs. 

They carry out advanced microservices equipped to offer advanced features like forgery detection, AI-based risk detection, background verification against established government databases at a fraction of the cost.

Thus the deployment of such proprietary APIs guarantees cost-optimization and an enhanced user experience.

Key Takeaway

Customized, scalable backend operations and faster digital transformation are unequivocally the need of the hour, and Signzy delivers just that and a lot more! So you can now curate business tools with absolutely no coding at the time of deployment, ensure faster delivery, expedite creation time and automate a significant chunk of the tedious work. Consequently, you can now focus on things that genuinely require your expertise and attention with the rest of the things being taken care of. 

Optimize client onboarding with a few clicks in a simple manner and close deals faster than ever! Not to mention the reduced costs of not having to hire developers. Simply the best! 

 

About Signzy

Signzy is a market-leading platform that is 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 totally customizable workflows. 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 it has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

 

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