Category: Technology

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.

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 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.

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.

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.

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 Indian insurance sector is on the cusp of a transformative journey, with automation taking center stage. As the country’s financial landscape modernizes, insurers are turning to advanced technologies to streamline processes, enhance customer experiences, and reduce operational costs. Drawing inspiration from global practices, particularly from developed markets, the adoption of automation promises to revolutionize the way insurance is marketed, sold, and serviced in India, ushering in an era of efficiency and innovation.

In 2012, the Indian Insurance Industry was estimated to be US$72 billion in value. Within 9 years, in 2021 it soared to more than US$285 billion. The growth was nearly an increase of 300%. The credit to this rise lies in increased awareness among the people and better measures from the government.

In 2012, the US life and health insurance sector of the insurance industry alone accounted for US$645 billion in size. By 2021 this rose to nearly US$1.2 trillion. How they accomplished this feat is appreciable. There are things to understand and emulate from it. The biggest democracy in the world can learn how the biggest economy in the world handles its insurance industry.

This article delves into the current situation in the Indian Insurance Industry and how the US model of adopting technology through automation is a good guideline. The learnings can be used for not just handling the industry processes, but also accelerating the growth of the whole sector.

Traditional Methods And Automation In The Insurance Sector

 

While the financial value of the Indian Insurance Industry rose, so did the number of individuals availing insurance. From a mere 20 lakhs in 2012(0.2% of the entire population of 126.58 crores) to an exponential 50 crore(37% of the entire population of 136.64%) by 2021. There is no doubt that there is gain for the whole country. But the major takeaway from this for an insurer is the number of uninsured citizens. 86 crore is certainly not a small number.

The question here is why does such a huge portion of society not have insurance? In most western countries, a state-run medical system ensures the security of the health of its citizens. Thus, the need for medical insurance is minimal. Unfortunately, India can not afford to provide such a facility due to the massive size of the population. This results in individuals taking insurance policies for their life and health.

The citizens of India are not well aware of the need and benefits of insurance. Even the ones who are, find it difficult to access the versatile options insurers provide. Most documentations are not online and require hard copies. Most processing requires in-person interaction. Mediators and agents are sometimes unable to match the applicant to the right policy that will help them. And most of these important decisions are either left to the agent or the customers just pick the first policy that matches their current needs.

Overall the customers are not given much power in accessing or deciding what suits them best. Even if they find a good option, they are doubtful if it is the right option for them due to lack of clarity. Some may even drop the whole idea hoping nothing bad happens. Such a potential market is unused because their experience is not optimized.

How Has The US Insurance Sector Benefitted Using Automation

 

The US insurance sector is faring better than the Indian counterpart. This is despite the Indian Insurance Sector being superior with a growth rate of 12%-15% and the US falling behind with a 5% growth.

Having said that, health insurance claims fraud in India can be as high as 35% of the claims costs. This is less than 10% in the US. More than 75% of US citizens are covered under some sort of health insurance scheme. The strict regulatory initiatives from the government helps this. But the pivotal role is played by the measures the insurance companies take in protecting their customers.

Insurers protect their clients through increased security and safety while maintaining ease of access for them. The best way to do this is through applications of technology like Automation and versatile APIs. Automating the insurance industry includes implementing it from the get-go of applications to the rounds of claims approvals. Some of the ways in which automation helps the Insurance industry is given below:

• Improved Data Management and Customer Service– Automation eases data management. This includes information transfer, new applications, claims status, etc. freeing employee times for more critical tasks. Along with this, as most transactions are online, the customer doesn’t go through the troubles traditional methods demand.
• Online Documentation– Since automation uses softcopies of all documents, no physical effort or space is required for storing them. It is easier for the client to obtain and use these documents accordingly.
• Better Compliance- Insurance companies can easily comply with existing and new regulations and compliance advice. The easy automation and online processing make it easy for the changes.
• Enhanced Fraud Detection- Automation tracks all transactions and processing and call out any red flags associated with forgery or fraud. It can be more efficient and accurate at this than what a human element would have been able to do.
• Reduced Processing Time- As most steps in traditional methods are avoided, automation reduces the total time required for application, data management, and even claims processes.
• Increased Credibility- Customers find automated processes as no middle man can interfere with the pricing or the claims processing. Insurance companies find it reliable as no malpractice is missed and proper verification is done without unnecessary human interference
• Better Claims Processing– discrepancies and disputes relating to claims are greatly minimized as a basic standard is set with compliance with regulatory guidelines. The claims processing is also faster than before as many unnecessary steps in traditional methods such as submitting forms manually.

Where Is India Headed And What Can Be Learned From The US?

India is on a journey towards automation. This is not just in the insurance sector but the financial industry as a whole. As more and more banks and financial institutions are transforming into online platforms, it is only sensible for insurance companies to adopt equivalent methods for themselves.

Even the Government is encouraging the embracing of technology. IRDA launched an insurance repository on 16th September 2013. It enables policyholders and insurance customers to obtain and retain dematerialized or electronic policies. Thus, their policies are kept in an electronic format in an account called eIA(electronic Insurance Account). IRDA prescribed four insurance repository entities:

1. CDSL Insurance Repository
2. Karvy Insurance Repository
3. NSDL Database Management
4. CAMS Repository Service

Unfortunately, the major players in the industry are still reluctant in adapting to the new ways. Despite, the government’s reforms, many insurance providers still use hard copies of documents and multiple in-person verifications for applications and claims processing.

What the US did with their insurance industry is similar to what they did with their banking industry. They eliminated the steps in processing that are unnecessary or over-resourced. They specifically found the areas that had repetitive work and transferred the responsibility of their execution to an automated source. This in essence saved time, resources, and money.

What the Indian insurers can do in the initial stages is to make use of APIs for online applications and transactions. With Robotic Process Automation(RPA) the processes can be made more efficient. RPA is used to evaluate applications and documents for forgery, credibility, and validity. It is also used to obtain and retain necessary data associated with respective scenarios.

With advancing technology, even AI can be used for insurance process automation. But there are considerable roadblocks for that. The regulatory norms by the government still demand a human evaluation during claims processing. In time, this might change and more advanced technology might find its inroads into the Indian market.

Conclusion

Tapping into the untapped Indian Insurance potential is lucrative. Many companies understand this, yet do not acknowledge it. Indian customers primarily look for inexpensive and comfortable services. With automation, both these demands can be met. Additionally, such a step will provide financial benefits in the long run.

Adapting to modern times is inevitable in the world of cut-throat competition. The Indian Insurance Sector is becoming a cut-throat battlefield for many smaller companies. To stay ahead of the curve, it is wise to adopt newer technology that requires lesser efforts and more benefits.

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.