Central Bank of India has selected Kwik.ID to implement digital KYC, video KYC and eKYC for its network across India with an aim to bring better onboarding and digitisation practices. This partnership will support the bank in driving its digital transformation agenda and supporting digital finance initiatives championed by the Government of India, it said in a press statement.
With Kwik.ID-AI-based fully compliant Video KYC solution, the bank aims to digitize 10 million customers’ onboarding annually and streamline their end-to-end processes. The plug and play model by Kwik.ID has the industry’s highest completion rate of 85 percent that percolates seamlessly to low-bandwidth regions, thereby catalysing the public bank’s efforts towards rural digitisation and financial inclusion, according to the statement.
Kwik.ID is a flagship product by Think360.ai — a full stack AI firm with market leading products, solutions and advisory services.
Amit Das, CEO and Co-founder, Think360.ai said, “This partnership with Central Bank of India is the starting point for building a relationship focused on delivering customer centric services while addressing the gap in availability of financial services across tier 2 tier 3 and rural areas. PSU banks are undoubtedly at the centre of driving financial inclusion and inching towards financial accessibility to otherwise isolated tier areas.
“Video KYC tools that reach even the farthest rural areas with provisions for low bandwidth mode and guided step-by-step processes are essential to increase financial access to all community segments. Kwik.ID’s features for fraud prevention, including AI-assisted facematch, liveliness detection and OVD verification with government databases, combined with CBI’s vast rural and semi-urban presence will ensure the delivery of financial products and services, in a low-cost and transparent manner”, Das added.
Abhishek Joshi, Product Manager of Kwik.ID added, “Our common goal with the CBI team is to offer a convenient digital banking experience to millions of new and existing CBI customers, with our technology expertise and understanding of financial services.”