Category: Technology

Welcome to our Technology category, a dedicated hub crafted to explore and delve into the latest technological trends reverberating through the fintech industry. As an innovative fintech entity, we stand firmly in our belief in the transformative power of technology. We see it as the catalyst reshaping the financial landscape, making it more efficient, secure, and customer-oriented.

The articles housed in this category dive into a multitude of tech-centric topics. We discuss everything from the role of artificial intelligence and machine learning in reshaping finance to the profound impact of blockchain on financial transactions. Our objective is to provide an exhaustive perspective of the tech landscape, spotlighting how technological advancements are revolutionizing the financial industry and opening up new avenues of opportunity.

At Signzy, we harness the power of cutting-edge technologies to craft our innovative fintech solutions. We remain steadfast in our commitment to stay at the forefront of technological advancements, continuously evolving our product offerings to deliver the best, most efficient solutions to our clients.

Whether you’re a fintech professional immersed in the sector, a technology enthusiast passionate about the latest developments, or simply an individual curious about how technology is driving transformation in finance, our Technology category offers a wealth of valuable insights.

We cordially invite you to join us on this fascinating journey as we explore the world of fintech technology, discussing its pivotal role in shaping the future of finance. Step into this exciting realm with us, as we unravel how technology is not just influencing, but defining the next generation of financial services.

Demystifying IPA For Finance

Posted on | by Signzian

In a digitally advancing world, the need for automation is more than ever. This is mainly due to tech-savvy fintech and a surge in the demand for personalized user experience. Today, Intelligent Automation holds the power to accelerate growth. This can be done by integrating robots to digitize processes and systems.

What do we mean by Robots?

Robotic Process Automation (RPA) has been widely used by institutions. However, Intelligent Automation (IA) has been gaining the likes of organizations recently. Intelligent automation combines Artificial Intelligence(AI) and Process Automation to create smart workflows and business processes that think, learn and even adapt on their own. It and its modified forms are called Intelligent Process Automation(IPA).

Across financial institutions, IA has already helped companies drive productivity. This has been achieved by processing a range of structured and unstructured data.

However, the thought of shifting the burden of responsibilities to a robot might be an uneasy one. So without any further ado, let us burst the huge bubbles around Intelligent Automation in the financial sector.

Identifying Roadblocks And The Need Of IPA In Finance

Financial institutions deal with a lot of unstructured data from various sources. Manually processing this could be time taking. This also adds to the chances of error accounting to loss of the institution’s time and resources.

  • Gartner’s research report on RPA shows that organizations had 80% of their data unstructured. It states how processes that are most suited to RPA have a high transaction throughput of structured digitized data. This comes with relatively fixed processing paths and/or user interfaces. They do not change frequently and are rule-based activities.
  • Moreover, the banking experience must be customer-friendly. Providing a hassle-free and quick solution is a must. Leveraging IPA improves the institutions’ productivity. It also makes it customer-centric. This helps banks drive massive success.
  • IPA can process even unstructured data. It improves the accuracy & eliminates chances of manual error. It can also help to validate customer requests by accessing emails and other relevant data.
  • At the same time, it can process digital signatures and open bank accounts within minutes. It can execute transactions and account transfers and update the customer data into the CRM system.

Revolutionizing Banking and Financial Institutions Using IPA

 

Let us now see the applications of IPA and how it is transforming the banking and financial institutions.

Commercial lending operations: This life cycle starts with onboarding a corporate client. NLP, ML, OCR, and RPA can be leveraged to extract data from structured and unstructured loan documents and automate the entry of client data. This helps in the calculation of risk and loan eligibility. IA in commercial lending operations is a powerful and effective way to reduce costs. Along with this will help in improving controls, quality, and scalability.

Trade operations: Trade operations require multiple systems and high levels of documentation. IA can be used in several stages to extract data from different sources and formats. It also helps in identifying patterns and classifying the extracted data to get optimal results. IA can also be used in monitoring trade activities. Optical Character Recognition (OCR) technologies, as well as Artificial Intelligence (AI) algorithms, provide end-to-end automation of Trade Finance processes. Systems can improve their accuracy and spot red flags optimizing the use of capital. This can be done through supervised and unsupervised learnings,

Regulatory and compliance operations: There are several regulatory and compliance requirements in banking. This leads to high operational efforts, time and cost. Automation tools can be embedded in several processes. For example, data mapping and other labor-intensive processes. IA can be used to pick up KYC customers and automate the data into AML screening solutions. This can significantly reduce the cost and efforts of compliance operations. This will also help institutions overcome the challenges of inconsistency in data. This inconsistency is due to the long process and the chances of human errors. Several documents available in different formats can be collected. These can be further processed using NLP and OCR technologies.

Transaction screening: An ML engine can identify suspicious patterns and automatically remove them. It can also leave an audit trail of every bot decision for compliance reviews. This significantly reduces operational effort. IPA reduces variation in recording data improving consistency and accuracy. At the same time, it can continuously learn and improve quality over time.

Payment operations: Intelligent automation reduces the manual effort to investigate payment issues. ML can be used to identify a pattern in the payment processes of the customers. Issues related to payment processing can be fixed and suspicious transactions can be identified.

Manual labor is required to process and reconcile invoices. It is also needed to purchase orders in multiple formats. These can be simplified.

Customer Onboarding: The process of KYC collection and verification can take up to 24–30 days. Embedding IA in workflows speeds up the onboarding process. It brings the turnaround time to 2–10 minutes. Relevant data is extracted from the customer’s documents. Then an extensive background check is done by the system. Advanced analytics also help in assessing the potential risks. This also helps in providing a smooth, hassle-free customer experience.

Extending Support To A Wider Spectrum

IA helps banks and FIs stay competitive. It also helps evolve in terms of customer relationships. The capability of IPA solutions to self-learn based on a given set of rules is what makes it unique. Let us look through some other aspects where IA can extend its support.

Predictive analysis- Technology and several statistical techniques can help institutions. These can collectively make a better prediction about the forthcoming future events. Data mining, machine learning, and predictive modeling can help in analyzing the data. It can also gather facts from the present and the past to make better predictions. Incorporating IA with predictive analysis would ease the processing of the data collected. This will collectively improve automated end-to-end decision-making.

Fraud Detection- IA can prove to be critical for anomaly or fraud detection. IPA is capable of processing even unstructured data. Due to this, gathering transactional or other relevant information related to the identity verification of the user will become much simpler.

This collected data then can do an extensive background check of the said user. Any suspicious or fraudulent activity will be notified to the institution. Automating this process reduces the manual labor and time taken. It also increases the accuracy. It can also be used in online, credit/debit card transactions.

CRM systems- Customer relationship management (CRM) systems are useful tools. They help sales employees stay updated with their customers. Automating the update of the system will save the precious time of employees. It also increases accuracy. Employees working in the sales function can focus on maintaining customer relationships. Unstructured data saved in various formats can be processed using IPA.

Tech support- In a digitally advanced world, simpler customer interaction is a must. IA can help solve simple issues. Ex: password resets. It can also diagnose issues by asking a series of questions. This saves the institution’s time and also improves the overall customer experience. Incorporating such technologies will help address the grievances faster saving manual labor.

Financial reports- Aggregating data for financial reports can be a tedious task. Ex: Data on quarter-end. Gathering, processing data from different sources and formats can be made simple and faster with IA.

Benefits of Applying Intelligent Automation In Finance

 

IA tools can perform a series of tasks ranging from basic data entry to complex risk analysis. IA tools can also be leveraged for dynamic feedback learning. It is also useful for identifying patterns and detecting anomalies. Institutions can benefit from the application of Intelligent Automation in the following ways-

  • Reduction in manual efforts- Incorporation of IA can reduce the manual grunt work. Automation of structured and unstructured data processing reduces the burden on employees. It also eliminates the scope of manual error.
  • Increases productivity- Employees can then focus on higher priority tasks. This is because time taking tasks are automated. This will improve both the quality of work as well as the work-life balance of the employees
  • Better Customer Experience- IA allows institutions to track the progress of work at every step. This end-to-end audit trail is beneficial in optimizing results, thereby making the customer experience far better.
  • Reduced operational costs- Digitization ensures better risk assessment and assists in faster decision-making. The processes are executed efficiently at a higher speed. This creates a great value for resources.

Conclusion

Intelligent Automation can be incorporated into many such labor-intensive processes across various sectors. It can help in identifying the sources of inefficiencies. It also ramps up productivity effectively. Fintech providers are emerging with simpler solutions with applications that improve customer relationships. Implementing IPA will allow institutions to significantly reduce risks and improve decision-making. Manual resources can then be used to work on high-quality optimal tasks.

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.

Indian Insurance Sector

Fraud & Forgery in Indian Insurance Sector

Posted on | by Signzian

With a US$ 280 billion evaluation, the Indian Insurance sector is a huge market for both domestic and international companies. Life Insurance portfolios alone are expected to grow nearly 75% in the next 5 years.

Unfortunately, insurance fraud has been on the rise around the globe and in India, particularly. The Financial Express reports that more than 9% of claims in the insurance sector are false or fraudulent. Annually, it results in more than Rs.40,000 crores loss. In 2019 alone this was more than Rs.45,000 crores.

Continued, this will result in a massive drain of India’s economic prowess. On top of this over $6.25 billion is lost by insurance companies to fraudsters. This in turn might cause the companies to increase premium rates for genuine customers.

This article takes a detailed look at how that is possible. With some selected cases of fraud that could have been prevented with technology, it gives a better perspective on how useful is technology against fraud.

Indian Insurance Sector Frauds & Its Types

An act performed to defraud an effective insurance process is called insurance fraud. It occurs primarily when a claimant tries to gain an advantage or benefit not entitled to them. Fraud is deliberate and willful. In this sector, it always involves financial benefits performed under false and illegal pretense.

The Apex entity and the overseer of all insurance business in India, Insurance Regulatory and Development Authority of India(IRDAI) defines 3 generalized classifications for insurance fraud in India:

  • Claims/Policyholder/Customer Fraud- This includes fraud against the insurance company during the purchase, execution, or claims processing of an insurance product or policy.
  • Intermediary Fraud- If an Insurance Agent/ Third Party Administrator Agents(TPA)/Corporate Agent or any intermediary perpetrate any fraud against the policyholders, customers, or the insurance company.
  • Internal Fraud- If a Director, manager, or officer in the higher ranks indulges in misappropriation or fraud against the insurance company.

Out of these three, claims fraud is most common, and they are divided into Hard Fraud and Soft Fraud. If an individual deliberately invents loss such as theft, destruction of property(like arson), or self-inflicted injury to claim benefits from respective policies, it is called hard fraud. Soft or opportunistic fraud includes exaggerated claims by policyholders. The real damages are hidden and an exaggerated representation of the situation is presented.

Insurance Fraud In Different Sectors

Indian Insurance Sector

 

Fraudsters find different ways to operate in different insurance sectors. Thus a detailed look at how each sector defines potential fraudulent methods is helpful. Fraudsters usually target the following major fields:

Life Insurance

This is the most expansive field of insurance. This renders it the sector most susceptible to fraud. Most of this fraud occurs during the application process usually with applicants misrepresenting their income, health, personal information, or in certain cases, the true documents. Some of these might be to get less expensive premiums, but many cases are for scamming the insurance companies.

Digitizing the processes by insurance agents is an excellent move by companies. But inefficient implementation of this is futile. Some ways in which fraudsters trick the companies is by creating an additional identity as a beneficiary or faking death to claim the life insurance benefits. Fraudsters may return after disappearing for a few years claiming loss of memory to avoid any penalty.

Sometimes fraudsters withhold information regarding multiple policies. This is not allowed. The customer must provide information regarding all policies concerning the insurer. This prevents a single individual from having multiple claims on a single issue.

Health Care Insurance

Health insurance fraud is the intentional deception, concealment, or misrepresentation of information resulting in healthcare benefits for an individual or group. It can be committed by the policyholder or the provider. Some of the major modes of healthcare frauds are given below:

  • A policyholder trying to hide pre-existing conditions while applying is fraud. This is done by submitting false medical data or other documents. The legitimate waiting period for individual policies is ousted in such fraud practices.
  • Documents are outright fabricated to satisfy the terms and conditions of the policy. Insurance companies prefer youthful and healthy people as their customers. But if an aged person approaches them, the company would provide insurance. But the premium costs for this would be high as the risk for the company would be high. People try to conceal their ages in such cases. Faking disability is a divergent fraud practice from this.
  • Submission of duplicate bills that are either forged or inflated is also fraud. This is important in cases where no actual expense occurred. This is because of the basic understanding that insurance policies are not for profit but security.
  • A person participating in a fraud ring i.e collude with an agent, doctor, provide, etc to create a false claim is also illegal.

Automobile Insurance

Fraud rings in this sector collude to fake traffic accidents, collisions, or even death to make a fake insurance claim. The objective is mostly money. This ring may include insurance claims adjusters and forgery experts who make phony police reports and other documents. The Insurance Research Council estimates 21% to 36% of all automobile insurance claims to contain suspecting elements of fraud.

Automobile insurance frauds primarily fall under either of the following categories:

  • Staged Collisions- Fraudsters utilize a vehicle to stage an accident with innocent or involved parties. The fraudsters carry 4–5 passengers in a vehicle and the driver takes an unexpected maneuver that forces the innocent or opposite party to collide with their vehicle. Each fraudster can claim the insurance for the injuries he has been inflicted during the accident. Documents including medical reports and sometimes even identity proofs are forged for this purpose and submitted for evaluation.
  • Exaggerated Claims- After a real accident has occurred, the owner might incorporate a whole set of previous minor damage into the garage receipt associated with the accident. Personal injuries like whiplash might be exaggerated with false documentation.

Property Insurance

Fraudsters might try to insure a property and then destroy it to claim the insurance. This usually involves arson. They tend to forge the necessary documents to prove that the destruction occurred due to natural causes or disasters.

Selected Scenarios Where Technology Could Have Prevented Scammers

While taking a closer look at how individual insurance fraud cases have fared in India, one thing stands clear- We could have prevented them. Almost all fraud is motivated by money. With technology, we could keep better tracks on scammers and fraudsters. Some of those selected incidents are given below with how technology could have been used to prevent them.

Madhya Pradesh- July 9, 2019.

A 10 member gang in Madhya Pradesh that included a doctor and a lawyer pulled off a brilliant scam for nearly half a decade. With an estimated total of more than 2 crore rupees scammed from insurance companies, the gang was faring very well till early 2019. The gang operated from the Dhar district by forging fake documents of persons in a moribund state and terminally ill people.

The fraudsters first identified their victims that included terminally ill patients. Then they would obtain vehicle finances and life insurance claims in their names. After their natural death, forged certificates proving unnatural causes for their death are submitted. Even the age of these senior citizens was falsified to avoid suspicion. With these forged documents the gang claimed money from the insurance companies.

This is a classic example of how document forgery and pretense are used to defraud companies. This could easily be avoided with technology. If the documents were analyzed by specific and well-equipped APIs or other forms of automation, the fraud could have been detected. As much as a document can be forged, it could never be as good as the original. This difference which is negligible to the human eye can be caught by technology.

Andhra Pradesh- November 26, 2017

A 35-year-old woman declared herself dead to claim Rs.1 Crore from an insurance company. She appointed her husband to raise the claim. The woman’s husband, Syed Shakeel Alam submitted fake documents declaring his wife had died. He mentioned in the documents that his wife was the policyholder.

He approached the insurance company claiming Rs1 Crore insurance. The Rs.1 Crore policy was issued in 2012 and an annual premium of Rs.11800 was paid every year for 5 years. The death report of the woman specified the cause of death as ‘chest pain’. In truth, most of the documents and medical records were either forged or belonged to another woman who had in truth died. Though captured, they had almost pulled off the fraud.

This too could have been prevented if proper technology was used to analyze and identify the documents. Visual verification could have been used to ensure better credibility. The existing APIs available for such measures are very effective. Unfortunately, many companies are yet to adopt these.

Gujarat- January 18, 2021

Four individuals including a doctor, an insurance agent, administrator of a private hospital, and a policyholder claimed insurance with the help of spurious COVID-19 medical documents and records in Vadodara, Gujarat.

Dr. Anil Patel, insurance Agent Pravin Parmar and administrator Dipak Tiwari were the prime culprits. Patel and Parmar would obtain and use bogus medical records. They tried to claim north of Rs.4,00,000. Tiwari tampered with the COVID-19 test samples and pasted the names of policyholders on them. He even tampered with the test results to make them ‘positive’.

The lack of a proper database and the inefficient evaluation of the documents was the major reason this scam had been going on for some time. If the claims processing was more accurate and diligent, this could have been prevented. Technology provides us with APIs and RPA that can be used to make strict verifications and avoid such situations.

How Will Technology help the Indian Insurance Sector?

It is concerning that ‘insurance fraud’ is undefined in the Indian Insurance Act, 1938. Other instruments such as the Indian Penal Code(IPC) or the India Contract Act from the legal system are also void regarding insurance frauds. Thus, it is up to individual insurance companies to take action to prevent it.

One of the best ways is to use technology and automation to mitigate fraud risks.

Most claims are evaluated by agents or officers from the insurance company. They may make mistakes unintentionally or if dishonest may corrupt the process. This negative human factor can be eliminated with technology. It will also provide benefits to the company in the form of saved time and resources. Some of the specific reasons are given below:

  • APIs can be used to evaluate the document submitted at the time of application and claim. These APIs give unbiased and definitive results. Thus Forgery is detected much easily.
  • A digital repository of all policies can be digitally accessed by the APIs to decide if the applicant has applied for multiple policies for the same issue. This is not allowed by the government and the insurance company is not liable to pay the unmerited benefit.
  • Profiles of applicants and policyholders are double-checked with available repositories and history databases. This will help understand the background and history of the customer from a more credible perspective.
  • Immense time can be saved as a human evaluation would have taken days to complete. But technology can do this in a matter of minutes.
  • Constant monitoring for any fraudulent activities is possible as any kind of suspicious behavior in the database is detectable.
  • Lesser resource and manpower is required for conducting the process of policy claims. This saves the company funds.

Conclusion

As technology advances, the world too shall move ahead. Most of the financial sector acknowledges this and adapts to the changing world of automation. Unfortunately, the Indian Insurance Sector seems to be a little slow in this process.

With a growing number of fraudsters and scammers, it is wise for the sector to understand the technology and implement it in the most efficient manner possible This will save them time and resources while creating a well-fortified system devoid of human errors. This in turn will build their credibility and trust in the competitive arena.

It is only a matter of time before the whole sector transforms in the new era, but if the innovators in the field open their eyes and make the process faster, much attrition can be avoided for their companies. That is why adopting technology is not just necessary, but inevitable.

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.

Car Insurance

Car Insurance: Embracing API, RPA, and AI

Posted on | by Signzian

Car insurance formed 39.4% of all non-life insurance markets in India combined. A major reason for this is India’s swiftly expanding Automotive industry. Automobile sales in India have risen to a 7.01% CAGR between 2013 and 2018. This constitutes the sale of nearly 25 million vehicles in 2018 alone.

The growth in the industry is not going to wane any time soon. But the competition in the field is not getting any easier either. Each Insurer is trying to offer better rates and offers for the customers.

This will be a chance for Insurance institutions to grab a bite of the impending opportunity. They should use every trick they can find to increase customer satisfaction and decrease costs. And the best in the quiver is automation of the entire industry. Automation brings forth other advantages like better customer experience and lesser processing time. This article has a detailed look at how companies can do it and how a few are already doing it.

The Growing Indian Automobile Market And The Potential It Holds

Motor insurance unlike most other insurance options is mandatory. It is used to insure any type of motor vehicle, be it two, four, or eighteen-wheeled. This is for our safety and the safety of others on the street. They do not just cover the motor vehicle but also to an extent, the health care of the individuals involved.

In 2019 India became the fourth largest automobile market superseding Germany with nearly 4 million units sold. By the end of 2021, the country is expected to ascend to 3rd place displacing Japan. Domestic production increased by 2.36% CAGR between 2016 and 2020. All this reinforces the incredible growth of the Indian market.

Unfortunately, A large number of vehicle owners in India are not renewing their insurances because of Insufficient enforcement, Substandard follow-ups by insurers, and increasing third-party cost covers.

The Insurance Information Bureau reported that the ratio of uninsured vehicles increased from 54% in 2018 to 57% in 2019. This implies that more than 13.2 crore vehicles on the street are uninsured. For a country with nearly 50 lakh registered accidents, that’s a lot. The operative word here being ‘Registered’.

The bulk of the uninsured are two-wheelers and vehicles bought at lower cost points. We can infer that owners in this segment consider even the current prices unaffordable. If the prices can be lowered by the insurers, it might will help bring in more customers.

The Existing Claims Process In The Vehicular Insurance Industry

 

The automobile insurance sector has been afflicted with immense pricing competition, high costs of acquisition, sparse product innovation, fraud, and abuse in vehicle repair networks. Although this has changed over the past decade, many insurers consider cost control to be a solution over better risk selection methods. This might not be the general norm, but it is a possible option many opt for.

In India automobile insurance is classified into primarily three categories:

  • Private Car Motor Insurance- all privately owned cars and four-wheeled vehicles.
  • Two Wheeler Insurance- constitutes all two-wheeled vehicles like motorcycles and scooters.
  • Commercial Vehicle Insurance- includes trucks, taxis, and other commercial vehicles.

Discounting some major corporations, most insurers in India still onboard their customers and provide services in the traditional ways of the past. This not only does produce a bad customer experience but also increases the cost and time required. Physical applications are obtained and processes are conducted in person expending hours of both the agent and the customer.

The insurance claims process is a brutal experience for many customers as multiple documents have to be submitted multiple times to prove their claim. These documents range from the basic policy number to the copy of the vehicle inspection address details. This is tedious and cumbersome for the clients.

There are three major types of claims:

  • Third-Party Claim- covers any damage to third-party property and healthcare.
  • Own Damage Claim- covers any damage to your property and healthcare
  • Theft Claim- Covers compensation in cases of the vehicle being stolen.

The processes for each vary vastly and are confusing to the customer. A systematic method of maneuvering these hurdles is lacking and would help enhance customer experience.

 

Claims Automation- How Will identity verification API Change The Process?

Traditional methods for verification demand manual assessment and submission of these photos and documents by claims officers. In which case, automation is entirely absent. It may take some hours or even days to assess the extent of damage. Claims automation makes the process require lesser effort from both parties. Most documents can be submitted in soft copies and identity verification API is used to validate and obtain data from them.

This helps insurance inspectors or concerned personnel to fast-track their processes. They can immediately store and retrieve data regarding the case through an online database system. This database system is usually composed of identity verification API that can be selectively used.

In advanced markets, RPA and AI are used for even evaluation and the validity of the claim. In a prime market like India, such innovation requires some more time. But eventually, the process will become completely automated.

Even documents are captured and processed with the help of identity verification API. The credibility of this process is better as the process is performed through strict automation avoiding human errors. The entire process can be simplified with a smartphone application for the processing. In the Back office, the assessment data is analyzed through human intervention. This double-checks the process and ensures the lack of any error.

Advantages and Disadvantages of Automation in Car Insurance

Automation through RPA and AI brings forth multiple advantages for the insurers and the customers. But a detailed insight is needed to have a better understanding of how exactly it benefits the sector and where it could have some improvements.

The Advantages of Claims Automation in Automobile Insurance include:

  • Time for claims processing is reduced from 5–10 days to a matter of minutes as identity verification API is used to process documents, images, and other data for verification and validity of the claim.
  • More number of claims applications can be processed as the time and resources required for assessment of each is drastically reduced.
  • The overall cost for the insurers is reduced as time and resources are considerably reduced. This in turn decreases the overall expenses which can either be added to the company profits or used to reduce the cost of premiums. Thus, attracting more customers.
  • Automation enhances efficiency and develops cutting-edge equity in the procedure.
  • As the assessment and processing are not prone to much human error the credibility is increased in cases of disputes and disagreements. This gives more validation to the insurers’ stance.
  • The efficient automation processing prevents fraudulent claims. As it is much harder to fake an accident or other modes of fraud like fake documents, fraud rates can be reduced to a great extent.

Unfortunately, the current automation methods have not reached their absolute potential. Due to this, they have certain areas of improvement that need to be addressed. Some of them are:

  • It is still not fully automated. Thus, human intervention to an extent is unavoidable. Perhaps in the future, this too shall be solved.
  • Assessment is still manual as the claims officer must perform this manually to an extent. This is something that can be improved in the future
  • Proper management of Cloud data storage and IT security is needed in Automation. The system must be foolproof for hackers and external disruptors.

Conclusion

The booming automobile industry is a lucrative opportunity for insurance companies. But with the newer norms from the government, the competition is only set to increase. As mentioned before, tackling this requires newer methods for processes. Is it not obvious that automation is a better path to take from the stagnating anchors of traditional methods?

Automation through identity verification API, RPA, and AI will create a smoother and easier experience for the claims processes. Its credible assessment and processing of claims bring more validity to the insurers. Overall the industry is set for a change through this. Some of the insurance companies in India like the IFFCO Tokio General Insurance Company Limited have adopted AI to a whole new level. But this is not the case with existing insurers in the automobile industry.

While embracing the perks of Automation, we must acknowledge one other factor. Automation is evolving. This evolution helps in making the processes and in essence our lives more comfortable. Hence, all the players in the industry are predestined to adapt to technology or fall in the coming age of transformation. The right choice is easy to see, but to accept is a bit more tricky.

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.

Innovation Of No Code AI In US Banking & Its Impact On Customer Experience

Posted on | by Signzian

AI-powered machines are tailoring recommendations of digital content to individual tastes and preferences, designing clothing lines for fashion retailers, and even beginning to surpass experienced doctors in detecting signs of cancer. For global banking, McKinsey estimates that AI technologies could potentially deliver up to $1 trillion of additional value each year.2

Many banks, however, have struggled to move from experimentation around select use cases to scaling AI technologies across the organization. Reasons include the lack of a clear strategy for AI, an inflexible and investment-starved technology core, fragmented data assets, and outmoded operating models that hamper collaboration between business and technology teams. What is more, several trends in digital engagement have accelerated during the COVID-19 pandemic, and big-tech companies are looking to enter financial services as the next adjacency. To compete successfully and thrive, incumbent banks must become “AI-first” institutions, adopting AI technologies as the foundation for new value propositions and distinctive customer experiences.

Over several decades, banks have continually adapted the latest technology innovations to redefine how customers interact with them. Banks introduced ATMs in the 1960s and electronic, card-based payments in the ’70s. The 2000s saw broad adoption of 24/7 online banking, followed by the spread of mobile-based “banking on the go” in the 2010s.

Few would disagree that we’re now in the AI-powered digital age, facilitated by falling costs for data storage and processing, increasing access and connectivity for all, and rapid advances in AI technologies. These technologies can lead to higher automation and, when deployed after controlling for risks, can often improve upon human decision-making in terms of both speed and accuracy. The potential for value creation is one of the largest across industries, as AI can potentially unlock $1 trillion of incremental value for banks, annually

No-code in a nutshell

For as long as there have been computers to program, there have been attempts to make programming easier, faster, less technical, and available to a much broader audience. Essentially, any end-user programming signals that even though most computer users lack coding skills, they would welcome the application potential of various tools — as long as the effort to obtain these skills is low.

No-code stands for a family of tools that allow people to build applications and systems without having to program them in a conventional way. Instead, the core functionality is accessible through visual interfaces and guided user actions, as well as pre-built integrations with other tools to exchange information as needed.

While these self-imposed restrictions can lead to issues for very large or complex applications, the whole family of no-code tools is handing a big chunk of power to their users. As Alex Nichols from Alphabet’s growth fund CapitalG said:

“No code is empowering business users to take over functionality previously owned by technical users by abstracting complexity and centering around a visual workflow. This profound generational shift has the power to touch every software market and every user across the enterprise.”

To give you a few examples, here are some common things that can be built entirely with said no-code tools (check out Nocodelist for more examples):

  • Websites and landing pages with Webflow (ours is built with it!)
  • Web or mobile applications with Bubble, Adalo, Mendix or Thunkable
  • Chatbots or virtual assistants through Octane AI, Kore.ai, Landbot or Mindsay
  • Databases through Airtable
  • Connecting your tool stack with Zapier, tray.io, Integromat, Parabola, or Paragon
  • E-commerce through Shopify or Weebly
  • Manage memberships with Memberstack

It is fair to believe that the no-code space is here to stay. AI tools built on these principles are showing that the field not only grows in width but also depth when it comes to the job to be done and technology in place.

Before we move to no-code AI, we will quickly touch on one fundamental question first: When does it even make sense to use AI?

When to use — Why No Code AI Can Help Succeed?

Note that AI can be used for a variety of applications but we intentionally limit our discussion to business applications.

Broadly speaking, AI is particularly helpful when there is some sort of intelligent judgment to be made by humans and when there are many of these on an ongoing basis. We often use the phrase “AI starts where rule-based automation ends” — which makes sense from our viewpoint but should not be generalized (there are tools that go beyond pure automation, e.g. Obviously AI for analyzing tabular data at scale).

Quantity

Due to ever-changing regulations at both the federal and state levels, insurers and banks are finding themselves having to produce, reproduce, and edit a massive amount of required client forms. Whether it’s a policy proposal, an insurance application, a policy amendment, or a prospectus, it’s something that must be reviewed by an employee and scanned for future retrieval. When you use a digital solution like EasySend, your company can significantly reduce the number of forms and make it easy to fill them out and store them. If there is an update to be made, an existing form can be changed and saved in the cloud-based database. The catch is that your client database must meet current federal and state security standards to protect consumer information from data breaches.

Quality

Let’s face it. Many insurers and banks in the U.S. have slowly developed into large and complex enterprises. They are slow to complete their digital transformation because they are often crippled by legacy systems and inefficient processes. The result is that customers don’t enjoy their experiences. With EasySend’s no-code, plug-and-play solution, any insurer can become more adept at processing multiple client forms, which improves the customer experience and elevates overalls satisfaction to a new level. Your insurance company must invest in a solution that brings legacy systems into the digital age (even if it means replacing them).

Cost

We live in a world where the potential ways you could invest in digital transformation would exceed your IT budget if you purchased them all. Every time you adopt a digital solution, ten more options emerge on the market promising to perform the same processes and more with greater efficiency. Although many large insurers and banks have deep pockets, their spending is under constant scrutiny from regulators, distributors, and customers. Generally, the priority of the insurer is always ensuring that you have healthy cap reserves, general account surplus, product embedded value, policyholder or contract owner dividend, etc. EasySend can help enterprises improve their top-line value (earnings) by reducing the substantial direct and indirect costs associated with manual form production and form management. We’ve also planned for how to manage the many risks associated with manual document processing including errors, non-compliance, and client attrition.

Time to Market

It used to be feasible to wait 8 to 12 months for the release cycle of a new digital product. Now, if you were to wait that long, your customers would abandon your brand. Today’s insurers should consider solutions that deliver new digital experiences to their clientele with greater speed. EasySend uses advanced AI (artificial intelligence) and no-code application development capabilities to reduce development time from months to days. Our solution also reduces maintenance costs and simplifies operations. You won’t need any programmers to update business processes with EasySend, but your CTO will find it easy to implement this platform across your organization. Choosing EasySend would be a crucial and impactful step in your digital transformation.

Benefits In Banking — What No-Code AI Helps You Achieve

Shadow IT solutions being built by businesses to resolve immediate needs are increasing the operational risk considerably. According to Gartner, at large enterprises, citizen developers are likely to be four times the number of IT professionals by 2023. ​​​​​​​

Customer experience transformation is held back by digital skill shortfalls in the workforce. Almost 80% of banking CEOs in a PwC survey saw this as a key challenge to digital transformation.

Dynamic market and regulation landscapes need adaptability at speed, but technology investment is slow in traditional banks. According to a recent Oliver Wyman study, traditional banks take three to six months to launch a new feature, while challenger digital banks do it in just about a couple of weeks.

Legacy systems that don’t integrate well with modern applications, hinder digital transformation efforts, consuming 60–80% of technology budgets for operations and maintenance.

AI and Credit Decisions

Artificial Intelligence provides a faster, more accurate assessment of a potential borrower, at less cost, and accounts for a wider variety of factors, which leads to a better-informed, data-backed decision. Credit scoring provided by AI is based on more complex and sophisticated rules compared to those used in traditional credit scoring systems. It helps lenders distinguish between high default risk applicants and those who are credit-worthy but lack an extensive credit history.

Objectivity is another benefit of the AI-powered mechanism. Unlike a human being, a machine is not likely to be biased.

Digital banks and loan-issuing apps use machine learning algorithms to use alternative data (e.g., smartphone data) to evaluate loan eligibility and provide personalized options.

Automobile lending companies in the U.S. have reported success with AI for their needs as well. For example, this report shows that bringing AI onboard cut losses by 23% annually.

AI and Risk Management

It’s difficult to overestimate the impact of AI in financial services when it comes to risk management. Enormous processing power allows vast amounts of data to be handled in a short time, and cognitive computing helps to manage both structured and unstructured data, a task that would take far too much time for a human to do. Algorithms analyze the history of risk cases and identify early signs of potential future issues.

Artificial intelligence in finance is a powerful ally when it comes to analyzing real-time activities in any given market or environment; the accurate predictions and detailed forecasts it provides are based on multiple variables and vital to business planning.

A US leasing company, Crest Financial, employed artificial intelligence on the Amazon Web Services platform and immediately saw a significant improvement in risk analysis, without the deployment delays associated with traditional data science methods.

At the same time, explicit programming often leads to problems when there are simply too many rules or exceptions to be considered. In that case, AI often works better. For example, it is certainly possible to set up rule-based automation for processing text by using a long chain of words and phrases but in many situations, this wouldn’t be efficient due to high costs or poor performance.

How small banks can make the most of AI?

In several of our conversations with executives of smaller banks like Community banks in the US, it became very apparent that they were seeking a differentiator in their intense competition with the larger banks. Big banks are using cutting-edge artificial intelligence techniques by using in-house teams of Data Scientists and Quants for risk assessment, financial analysis, portfolio management, credit approval process, KYC & anti-money laundering systems. On the other hand, small banks can use AI for achieving operational efficiency and better customer interactions.

Some of the several applications of AI that smaller banks can benefit from are:

Better Customer interaction using chatbots

Accurate recommendations using Recommendation engines

Fraud detection using machine learning algorithms

Conclusion

Digital transformation has erupted at a rapid pace especially with the pandemic crisis making it difficult to execute daily operations on a physical basis. Rapid transformation of banking operations in AI is no joke, and hence with no-code AI one could say that the process can certainly move along faster. While in its infancy no-code AI still leaves a lot of room for skepticism, one can certainly agree to it that this is the way to banking — now and in the future!

About Signzy

Signzy is an AI-powered RPA platform for financial services. No matter how complex your workflow or operational complexity, Signzy is able to completely automate your back-operations decision-making process into a real-time API. This is possible due to a combination of Nebula — Our no-code AI model builder and our Fintech API Marketplace of over 200+ APIs. Today we work with over 90+ FIs globally including the 4 largest banks in India and a Top 3 acquiring Bank in the US. Globally we have a strong partnership with MasterCard and offices in New York and Dubai to serve our customers in the 2 geographies. Our Product team of 120+ people is building a global AI product out of Bangalore.

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

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

Contact us

Reach out to our team: reachout@signzy.com

For sales queries: Swati Saxena

Email : swati.saxena@signzy.com

References:

https://www.mckinsey.com/industries/financial-services/our-insights/ai-bank-of-the-future-can-banks-meet-the-ai-challenge

https://towardsdatascience.com/the-growing-impact-of-ai-in-financial-services-six-examples-da386c0301b2

https://www.tcs.com/blogs/low-code-no-code-platform-benefits

https://learn.g2.com/ai-in-banking

https://www.levity.ai/blog/no-code-ai-map#:~:text=The%20promise%20of%20no%2Dcode%20AI&text=No%2Dcode%20AI%20tools%20allow,or%20drag%20and%20drop%20UI.&text=Easy%2Dto%2Duse%20ML%20platforms,and%20to%20solve%20business%20issues.

https://www.easysend.io/four-things-to-look-at-when-considering-a-no-code-platform-to-take-your-insurance-company-digital/

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Author: Tathagata Chakrabarti

Bio: I am a Technical content writer who likes to talk about new innovations in banking, technology, and other areas.

 

Importance of KYC For Rental Economy In India

Posted on | by Signzian

In India, there are many instances in which people choose to rent goods or services for mostly two reasons. Youngsters do not know which city they might have to live in when they relocate for work purposes. Second, many items ranging from clothing to furniture may have a price tag that may not be suitable with one’s income. People who need formal wear for a special occasion may not wish to wait a year to purchase it.

There are other instances as well. There are people who might have transferable jobs and require frequent travel or need to relocate on a yearly basis. Buying a house may not be as prudent a solution as renting it. It is due to these instances that the rental/shared spaces

Rental/Shared Workspace

Starting your own company, or simply relocating to another city for your new job, rental is the way to go. In the last few years, India has seen the rise of startup companies that offer co-working and co-living spaces. They are near each other. Most working professionals or students prefer staying near colleges/schools/workplace.

Some popular co-working companies include WeWork, InstaOffice, GoWork, and Innov8. These offer premium working spaces for developing businesses with a smaller workforce. These office spaces provide premium amenities at pocket-friendly rates like:

1.High-speed Wi-Fi

2. Unique common areas

3. Business-class printers

4. Wellness room

5. Phone booths

6. Meeting rooms

7. Event space

8. Cleaning services

9. Professional & social events

10. Complimentary refreshments

11. Outdoor space

12. Parking

However, the current Covid-19 crisis has changed this equation to a great extent. Most organizations have shifted their employees to the work from home model. In a recent survey conducted by Knight Frank India, reports indicate over 70% of companies sampled for a poll are willing to extend the work for home policy by another six months. A similar trend is emerging globally. Companies worldwide have announced remote working for employees to contain the virus spread. This has triggered a debate if work from home could replace office spaces in the future.

Office utilization rates will fall as remote working increases. Landlords with exposure to short-term leases are the most vulnerable. This is mainly due to the delay to investment activity and softer rental growth than previously forecast with respect to 2020 overall performance, These findings are per JJL’s report titled COVID-19 Global Real Estate Implications.

In 2019, flexible workspaces with 11.2 million sq ft were responsible for 18% share in total leasing. This was according to Colliers International India. Experts suggest that corporates are unwilling to invest in commercial space currently. This will have an adverse effect on shared space providers. With the overall economy in the doldrums and companies/employees getting into the habit of the ‘work from home’ concept, office space is being considered as an additional overhead cost. Many are not willing to invest, at least for the coming two-three quarters.

Rental Accommodation

In 2019, rental living companies have expanded to providing a wide range of services. Living spaces by Zolostay, Nestaway or NoBroker are perfect if you are looking for a place to rent/share.

Some key facts about rental accommodation:

  • A December 2018 survey by Knight Frank India shows that 72% of millennials gave co-living spaces a thumbs-up. Over 55% of respondents were in the age bracket of 18–35 years. They were more than willing to rent co-living spaces.
  • In a short span, Oyo Living has opened 150 properties with 10,000 beds. Their properties include studio apartments and 1/2/3 bedroom apartments on a shared/private basis. They offer living spaces in Bengaluru, Noida, Pune, and Gurugram. The company is set to expand to the top 10 metropolitan cities with over 50,000 beds.
  • In the last four years, NestAway has raised around $94.2 million from marquee investors. The company has over 55,000 tenants living in 25,000 plus homes across 12 cities. It hopes in the next five years, at least a million tenants will call NestAway spaces their homes. The company is set to enter 10 more cities, including Chennai, Kota and Mysore.
  • Delhi-based student housing startup Stanza Living manages 2,000 beds mostly in Delhi-NCR. The company plans to have another 10,000 beds that will be launched across cities in the coming months. Stanza is backed by Matrix Partners, Accel Partners and Sequoia Capital,

With the Covid-19 scare hovering above our world, most Indian shared accommodation businesses have come to a standstill. In India, millennials account for 47%, approximately share in the country’’s working-age population, they are an integral target group for coliving spaces.

  • With 60% of the students being outstation students, the demand at present stands approximately 100,000 beds across the country for student accommodation.
  • Coliving space in India enjoys a worth of 85 Cr INR, approximately. This is responsible for about 2.5% of the entire rental market. This is based on the industry expectation and the forecast which stands at 2X growth in three years.

Before the coronavirus outbreak, government policies were not in place. Shared accommodation, mostly paying guest (PG) facilities were running without definitions. Once the news of Covid-19 took everyone by surprise, the landlords who run PG owners, without giving further notice, asked their tenants to vacate the space with immediate effect.

The reflex from these landlords was a knee-jerk reaction and unfortunate. During such time, people are supposed to be united, but sadly the reality is far distant. However, this could be a boon to the coliving industry. This is because working millennials and students opt for professionally managed accommodation. The co-living operators will see a surge in demand post the Covid-19 days for two reasons. They have firm policies towards safety and hygiene, and hands out a contract to live by — something that was missing in the paying guest format. Safety and hygiene environment will be the critical outlook for the renting of shared accommodations.

Some of the organized players continue to run the space with the booking of 85% of accommodation of total beds, though there is 20%-30% of physical presence. Rest have left to their hometown before the lockdown announcement to be with their family. Experts suggest that the situation will revive post-Covid-19 days.

Need For KYC In Rental Workspace/Accommodation

In modern times, technology is overtaking every sphere of life. Rental companies today are offering remote services for renting office workspace or homes. As such, remote verification for the identity of customers is a must. Digital KYC presents itself as an ideal solution to reduce risks and maximize profitability. Imagine a business environment for PG accommodation. The identities of potential clients are actually ensured before handing them the living space — the true asset of the company. All the risks are properly assessed and background checks are performed to rid the company of any potential legal proceedings.

Rental/Shared Vehicle Industry

  • In 2010, with the onset of Ola Cabs in India, hailing a cab became much easier for us. The event marked the onset of a new industry — the vehicle rental industry. In 2013, Uber launched operations in India & the app cabs became quite famous across the nation. and people easily adopted it.
  • However as the years have passed, the vehicle rental industry has taken a new turn. With companies like Zoomcar, Revv, Drivezy, Bounce etc, a new chapter began in this sector. Instead of renting cabs at higher prices, people can now rent vehicles like cars or bikes directly without any driver. In a report, Avis mentions that the car rental industry in India is growing at the rate of 35%. It is expected to accelerate further to reach INR 1000 billion by 2022.
  • The present COVID-19 crisis has not spared the rental vehicle industry in India. With the lockdown procedures, the rental vehicle economy came to a virtual standstill. Cab-hailing companies such as Uber and Ola have resumed services in certain cities under green and orange zones amid the Covid-19 outbreak. They are likely to have their operations hit significantly even after the lockdown.
  • The Covid-19 crisis has created an aversion to public transport amidst people. As such, self-drive and rental car companies have seen a steep rise in subscriptions and inquiries. Car rental companies like Eco-Rent-a-Car and Revv have seen a sudden spike in demand. Other companies like Zoomcar have witnessed a 4x increase in rentals while some like Drivezy are launching new services to ride the wave. Work from home, fear of infection in public transport, and schools being shut are some of the factors that are contributing to greater demand for car rental companies.
  • Currently, the individual cab business for Eco-Rent-a-Car is up to 350 cars a day. However, travel and tourism which used to be 200 cars a day is now down to almost zero.
  • Revv have seen a 30%-40% increase in subscription
  • Drivezy has slashed the price of the monthly bike subscription to Rs 6,000-Rs 7,000 per month for a duration of 3-months.
  • The demand spurt is also leading to markup in the tariff. Self-drive rental Zoom Car has nearly quadrupled its tariffs on self-drive cars in multiple select cities.

So why is KYC necessary?

Rental companies like those in the car rental space can benefit greatly from Digital KYC. It will assist them to authenticate the credentials of their users, before renting out expensive vehicles. This will not only lead to greater transparency but also would reduce the risk of auto theft for car rentals. The danger of Identity thefts and use of fake IDs can be minimised with KYC advantages like fraud management, background checks would lead to streamlined business operations..

Rental Consumer Goods

Moving to a new place but cannot afford new furniture? Companies like Rentomojo, Furlenco and Quickr will help you get rental furniture at affordable prices. Anything you can imagine you need but can’t buy, you can find on rent today.

  • According to a report by PricewaterhouseCoopers, the sharing economy is set to generate potential revenue of $335 billion by 2025 globally.
  • In 2019, the rental industry has made a huge market in India with estimates that the market stands at about $1.5 billion.
  • In an article by Livemint, a rough estimate shows that 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.

KYC As A Benefit

The need for KYC in the rental goods market is just like all the examples mentioned above. In fact, there are many companies like Furlenco, GrabOnRent which have already started to adopt the online KYC process. Most rental goods 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 considering most users pay online for their rentals. Rental/shared economy operates on a large customer base. To maintain customer data, KYC collection and verification is required.

DigitalKYC By Signzy For The Rental Market

Digital KYC has been a huge success in the banking industry. In recent years, most Indian regulators have also accepted the use of VideoKYC to secure banking and financial services in terms of onboarding new customers. With social distancing and remote digital services becoming the norms for all businesses, it is only a matter of time before digital KYC collection becomes the standard for all business sectors

With the new government regulations and the current Covid-19 crisis, , electronic 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.

Signzy provides 2 unique digital KYC solutions with its proprietary AI technology — RealKYC & VideoKYC. Here are some benefits of using Digital KYC for rental businesses:

Advantages of RealKYC & VideoKYC

  • Secure System: A customer’s account information during rental onboarding are secure because the entire process is online. Identity theft, fraud, etc. are all minimized with RealKYC.
  • Pre-Filled Forms: Real-time data pre-population from uploaded ID proof eliminates the need for manual form filling for the customer during signup on the rental platform.
  • Real-Time Document Verification: This can be used to effectively verify KYC documents without the need to wait for an indefinite period. This may be crucial to services like rental accommodation where the customer may need to avail the service on an immediate basis.
  • Faster processing: The VideoKYC service is completely automated online. This means that KYC data can be processed in real-time without any manual intervention. The paper-based KYC process can take days up to weeks to get verified, but the VideoKYC process takes just a few minutes to verify and issue.
  • Efficient Maintenance For Records: The VideoKYC service by Signzy features collecting time-stamps and keeping an audit trail. This can help businesses maintain track on customers in terms of when the rent/subscription period starts.

Conclusion

The future looks bright for the rental companies looking to expand across India. But the need for effective management of their customer base is also a burning need. Like banks, KYC is the best way to, as the term suggests, ‘Know Your Customer”. These companies will soon have to look towards a more digital approach towards KYC collection and verification

With rental/economy growing at such a fast pace, the companies that operate rental goods/services may need to reconsider their current approach and go for a more structured business model that can effectively manage a large consumer base.

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

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Signzy

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

 

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