Signzy, a leading digital banking infrastructure provider, has introduced a low bandwidth Video KYC (vKYC) solution specifically designed for tier 2, tier 3 cities, and rural areas in India. This vKYC solution will enable customer verification on internet speeds as low as 75 kbps.
According to the company, over the past three years, the vKYC solution has achieved a significant 3-5% increase in connection rates, guaranteeing a consistently smooth user experience. By leveraging learnings from real-world deployments, the solution has been optimized to function effectively even on low internet bandwidths.
Additionally, with the vKYC 360 analytics Dashboard, it has further led to a 20% increase in operational efficiency and a 10% rise in application and acceptance rates. The platform supports high call volumes, handling up to half a million calls per month, and boasts an impressive 96% call conversion rate across a diverse client base, serving over 25 clients.
Banks in rural areas struggle with critical processes like efficient customer onboarding, hindering financial inclusion. According to a Ministry of Communications report (2022), about 25,067 villages lack mobile and internet connectivity, and the Cellular Operators Association of India (COAI) estimates that 250-300 million rural users still rely on 2G connections.
Signzy’s vKYC solution addresses this critical issue of seamless customer verification, particularly in areas with low internet connectivity, a key factor in the drop-off during the onboarding process. This innovation will ensure that customers in rural regions can complete their verification seamlessly, thereby promoting digital innovation in these areas. Additionally, if a customer’s verification call is interrupted during the process, they can resume the call without restarting, significantly enhancing the overall customer experience.
“Our solution is designed to empower banks and financial institutions to reach underserved communities effectively,” said Ankit Ratan, CEO & Co-founder at Signzy. “By overcoming connectivity challenges, We aim to drive higher adoption rates of banking services, streamline customer experiences, and contribute to the economic empowerment of rural India. Furthermore, this feature can aid banks in mitigating financial fraud by detecting customers’ locations, thereby helping to identify unauthorised access attempts from suspicious locations,” he added.
