Contactless Customer Acquisition: The “New Normal” In The Post-COVID19 World

As social distancing becomes the new norm amidst the raging Coronavirus (COVID-19) pandemic, organisations across the globe are focusing on contactless technologies to reduce in-person meetings with their customers.

While advancements in videoconferencing capabilities over the last few years have indeed reduced the need for in-person meetings, the process of identity authentication during customer acquisition has largely remained manual. Even today, most business correspondents (BCs) arrange an in-person meeting with their customers to physically collect and verify their ID documents.

With RBI’s recent amendment to Master Direction (MD) on KYC, regulated entities can now initiate a Video-based Customer Identification Process (V-CIP) as a consent-based alternate method to authenticate their customers’ identity during onboarding.

In our previous post, we have answered in detail 11 frequently asked questions (FAQs) on V-CIP. In this post, we will highlight four key features of our robust V-CIP solution that seamlessly enable end-to-end contactless customer onboarding.

Key Features

1. Face Auth Integration

Our solution is cohesively integrated with automated Face Authentication (Face Auth) as well as with AI-based fuzzy logic to compare and match customers’ Aadhaar data with his PAN data.

The Face Auth feature instantly compares the Live Photo of the end-user with his Aadhaar Photo and our AI-based fuzzy logic algorithm intuitively compares his Aadhaar name and DOB with the name and DOB as per his PAN records and generates the data matching score.

2. Device Agnostic & Contactless Authentication

Our V-CIP solution is nimble enough to flawlessly operate on any internet-enabled device – desktop computers, laptops, tablets, and even mobile phones.

This device agnosticism feature allows BCs / On-field Executives to initiate V-CIP anytime, anywhere as per the customer’s convenience.

3. 100% Digital Solution

The entire customer acquisition cycle starting from customer engagement, KYC completion, and digitisation of the KYC records is completely digital in nature. Our V-CIP solution enables end-to-end digital customer acquisition without the need to physically meet the customer for any ID proof collection or authentication.

4. RBI Compliant & Easy to Integrate

In addition to being fully compliant with all RBI mandates, our solution embeds easy-to-consume APIs that enable enterprises to seamlessly integrate the V-CIP service in their existing Web / Mobile applications.

To know more about our V-CIP solution’s advanced capabilities, please feel free to get in touch with our colleague Amit Joshi on 9820875525 / 7208155528, or email him at amit@eastcs.com.

Stay Home, Stay Safe

Regards

Team ECS.

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