MIT Solve

Solution Overview

Solution Name:

Video KYC for remote onboarding

One-line solution summary:

With the feature of Video KYC, customers in rural and remote areas can easily complete the KYC process via video call or video recording.

Pitch your solution.

Using our revolutionary digital KYC technology, customers in rural areas can upload their bank documents for verification from the comfort of their home. With the feature of Video KYC, customers in rural and remote areas can easily complete the KYC process via video call or video recording. This again saves the need to submit cumbersome paperwork as well as saves the time required for KYC verification process. The estimated time for KYC verification is roughly a few hours as opposed to a matter of days.

One example of this is Kaleidofin which is focused on rural customers for mutual fund investments and has been able to grow over 16x using our digital KYC process. The other example is SBI’s rural branches. Using our branch automation technology they have been able to reduce account opening turnaround time from 3 days to 1 day at these branches.

Film your elevator pitch.

What specific problem are you solving?

For inclusion, one of the foremost requirement for the population is access to banking. Even if the banking products are digital, the onboarding processes remain fairly physical across the globe. Signzy solves this anomaly using power of AI in digital onboarding of the customers without any need of the relationship manager traveling to the customer, or customer coming to the bank.

Who does your solution serve, and in what ways will the solution impact their lives?

Using the power of AI, Signzy has made a significant impact in the rural economy. Our products help customers in rural and remote areas open an account in any bank without having to visit the physical location. This reduces the cost and time required for travel to urban areas in order to complete account opening process. It saves paper cost, manpower costs and makes the banking experience for rural customers hassle-free.

Which dimension of the Challenge does your solution most closely address?

How can countries ensure that digital authentication mechanisms—which often require smartphones, computers and internet access—are accessible to marginalized and vulnerable populations to facilitate remote access to services and benefits?

Explain how the problem, your solution, and your solution’s target population relate to the Mission Billion Challenge Global Prize and your selected dimension.

One of the biggest impacts created has come in the form of providing a fully digital service in a digital era. No manual intervention required at any stage. Even in RM assisted customer onboarding, the RM is able to save a lot of time by completing the paperwork from the field without any need for a stationed computer for him. This entire paperless process saves the enormous paperwork clients have done in the past using printed forms, photocopies, and documentation by transforming their solution into a fully digital journey.

Where is your solution team headquartered?

Mumbai, Maharashtra, India

What is your solution’s stage of development?

Scale: An individual or organization working in several locations and that is looking to scale significantly, focusing on increased efficiency.

Who is the primary delegate for your solution?

Rahul Raj

More About Your Solution

If your solution has a website, provide a link here:

https://signzy.com/video-kyc/

If you have additional video content that explains your solution, provide a YouTube or Vimeo link here:

Which of the following categories best describes your solution?

A new technology

Describe what makes your solution innovative.

Signzy’s solution uses AI based checks on documents and compares face to the video. This ensures that all your video KYC is audited as good as a human audit and hence a bank can scale their product sales to multiple digital customers without needing a large human operations

Provide evidence that your solution works.

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 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.

Please select the technologies currently used in your solution:

Artificial Intelligence / Machine Learning

What is your theory of change?

1) Video KYC based presence less onboarding means anyone can buy a product from home

2) AML classification using AI ensures that Money Laundering checks are done without creating larger Ops cost

3) Fully customizable 'no-code' workflows ensures that Organizations can stay compliant, without a day's waste without a single dev cycle.

How can your solution be incorporated into identification systems?

Using the power of AI, Signzy has made a significant impact in the society especially useful for remote area. Our products help customers in rural and remote areas open an account in any bank without having to visit the physical location. With the feature of Video KYC, customers in rural and remote areas can easily complete the KYC process via video call or video recording. This reduces the cost and time required for travel to urban areas in order to complete account opening process. It saves paper cost, manpower costs and makes the banking experience for rural customers hassle-free. The estimated time for KYC verification is roughly a few hours as opposed to a matter of days.

Describe how 'user friendly' your solution is to incorporate into a digital identification system.

Adopting a technology like Signzy for customer onboarding has multifaceted benefits , whether in terms of the customer’s experience or the organization's functioning.
A. Ease of use:
Plug & Play Solution: Ready-to-use, hassle-free & seamless integration
Can allow full business continuity during lockdown
2 days time to market with no efforts
Unlimited video storage and instant retrieval

B. Enhanced efficiency:
Back-office dashboard summarized and detailed application view
Real-time PAN verification
Verify customer in real-time through 1:1 live video interaction
Matching face on ID with face in video (with % confidence score)
Higher application accuracy
Reduction in customer drop-offs (upto 50%)
Exponentially increase Scale of Operations
Queueing mechanism to manage multiple applications simultaneously

Explain how your solution is interoperable with existing technologies and open standards.

Signzy has pure play API platform and does not require saving any personal data of the customer at any point in time.

How does your solution account for low connectivity environments and for users with low literacy and numeracy levels?

Bandwidth Required is lowest in the Industry

With market players providing standard bandwidth requirement of 250-500 kbps, Signzy has a tested and deployed module for low data connectivity and works at a minimum bandwidth of 100 kbps

The online screen guidelines can be aided by the agent on the call on VCIP, and does not require the customer to input any data from his side.

Select the key characteristics of your target population.

Rural Settings
Low/No Connectivity Settings

In which countries do you currently operate?

India
United Arab Emirates
United States

In which countries will you be operating within the next year?

Canada
Indonesia
Nigeria
Philippines
Singapore
Thailand

How many people does your solution currently serve? How many will it serve in one year? In five years?

We are onboarding more than 2Mn customer annually, and are looking to reach 5Mn by the end of this year. In five year from now, as we have more banks and financial institution with us, we can onboard as many as 20Mn customer annually. Though, our solution is fully capable of onboarding 20Mn users annually already.

What are your goals within the next year and within the next five years?

We plan to focus more on other areas of the country and increase use cases which can cover most documents. In rural areas there are documents that have local languages. Hence we plan to be able to train our AI across Indian languages to facilitate onboarding for non English documents as well. Currently we are focussing on more urban banks but plan to focus on rural and cooperative banks in the next 1-2 years.

Global

We have established ourselves as a innovative player in India. Our aim is to expand in other geographies. Specifically - UAE and US in our next phase and replicate the success we have seen in India in these geographies

What barriers currently exist for you to accomplish your goals in the next year and in the next five years?

Our reach is an issue as of now, and we are looking to fill this gap by increasing our distribution with existing partners such as Mastercard, Microsoft, Infosys, etc.

How do you plan to overcome these barriers?

Our reach is an issue as of now, and we are looking to fill this gap by increasing our distribution with existing partners such as Mastercard, Microsoft, Infosys, etc.

About Your Team

Your Business Model & Funding

What is your business model?

Signzy is laser focused on the Banking vertical within financial services domain. This makes us uniquely placed to solve a problem end to end. We have built multiple modules, templates, integrations which are specific to our customers. This focus allows us to be the best in this Ops Banking Automation globally. This helps us make our customers ‘truly’ go live in 3 weeks. If a customer chooses our competition they need to find API partner, Digital Contract partner and then sew it up to give the same integrated product that Signzy provides off the shelf.

Do you primarily provide products or services directly to individuals, or to other organizations?

Organizations (B2B)

What is your path to financial sustainability?

Funding:

Kalaari Capital- 250k USD
Eight Innovate- 250k USD
Amrish - 100k
Total funding is - $4.2 million ( After Series A)

A funding of $3.6 million led by Stellaris Venture Partners and Kalaari Capital. Angel investors like Rajan Anandan, Google India and South East Asia MD; Amrish Rau, PayU India CEO; Dilip Khandwelwal, SAP Labs India MD and Vikram Chachra, Partner, 8i Ventures participated in this round.

If you have raised funds for your solution or are generating revenue, please provide details.

Raised funds- $ 4.2 Mn

Revenue:

Revenue 2016-2017 : USD 12,000

Revenue 2017-2018 : USD 200,000

Revenue 2018-2019 : USD 1,000,000

Revenue 2019-2020 : USD 2,00,000

If you seek to raise funds for your solution, please provide details.

NA

What are your estimated expenses for 2020?

USD 1,200,000

Partnership & Prize Funding Opportunities