Did you know that the average working professional in India is bombarded with 9 KYCs per year? That’s a staggering number to wrap your head around, isn’t it?
Whether it’s a loan application, merchant onboarding, or any other use case across industries, the need for speed and fluency in the Know Your Customer process is the need of the hour. IDfy, in collaboration with Jio Haptik, has devised a solution that addresses these challenges for companies and the end customer.
But before we delve into the exciting details, let’s first take a closer look at the common hurdles that companies encounter during the KYC process.
Traditional KYC methods have faced significant challenges in the past, primarily due to their manual and time-consuming nature. Companies often find it difficult to maintain compliance with regulatory bodies while simultaneously dealing with customer drop-offs due to poor experiences.
Some of the major challenges that companies commonly encounter during the KYC process are
1. Low conversion rates due to customer drop-offs
2. Time wasted on false positives due to oversights and human errors
3. Long completion time
4. Missing documentation
5. Poor customer experience
In recent years, automation has transformed various processes, bringing forth enhanced security measures and improving the overall customer experience. The same holds true for the KYC domain, with digitalization taking center stage and verifications now being conducted online and remotely.
But how about using another platform for end-to-end KYC?
Imagine a KYC process that feels as seamless as having a casual chat with a friend. Sounds too good to be true right?
With a user base of over 480 million in India alone, WhatsApp emerges as the perfect medium for this purpose.
Gone are the days of frustrating KYC links that customers despise. WhatsApp redefines the entire KYC solution, offering a seamless and user-friendly experience like never before.
The beauty of using WhatsApp for KYC is that it brings a personal touch to the experience. Customers can engage in real-time conversations, ask questions, and receive prompt responses from the AI-powered Chatbot. It feels like having a knowledgeable assistant right at their fingertips, guiding them through the KYC process with ease.
Let’s take a closer look at some of the benefits of using WhatsApp to complete KYC:
Encryption: WhatsApp provides end-to-end encryption, ensuring that the data shared during communication and document exchange remains protected.
Customer Experience (CX): The entire KYC happens on WhatsApp – a UI that the customer is familiar with. This makes them feel right at home throughout the process.
Convenience: WhatsApp has become an integral part of our daily lives and conducting KYC on the mobile app that customers use the most, offers unparalleled convenience.
How Haptik & IDfy bring end-to-end KYC on WhatsApp
The joint solutions of Haptik and IDfy, a B2B tech company that enables identity verification and onboarding, help not only in KYC but also drive the entire customer journey on WhatsApp.
Here’s a snippet of the 6 steps involved in the process:
Step 1: Document capture – The WhatsApp bot makes it incredibly convenient for customers to submit all necessary documents to start the KYC process.
Step 2: Document validation – These documents are then validated by APIs to see if they are legit and not tampered with. If any documents or images appear to be blurred or incorrect, customers are asked to re-capture them, ensuring that only high-quality and legitimate documents are accepted.
Step 3: Data Extraction – There is no need to type anything manually as details from the uploaded documents are extracted automatically.
Step 4:Customer Authentication – Face and liveness checks are conducted with a click of a selfie. Liveness APIs can easily detect fraudulent attempts like the submission of a photo printout or a real-looking 3D layered image. This ensures that the individual behind the camera is indeed present and actively participating in the verification process.
Step 5: Real-time Verification – All documents are cross-referenced with official government databases, verifying the authenticity of the customer’s ID. If all documents are authentic, then the KYC is auto-approved in real-time.
Step 6: Re-engagement – Customers may find themselves caught up in daily activities. At other times, frustrations might arise during the KYC process, leading them to drop off midway. However, with the intelligent re-engagement feature, the WhatsApp chatbot automatically reminds and nudges customers who haven’t completed their KYC journey. This gentle reminder ensures a higher completion rate and eliminates any potential drop-offs.
By streamlining the KYC process on WhatsApp, brands can significantly reduce the turnaround time, enhance customer lifetime value, and boost overall customer satisfaction.
Here is a visual representation of how the customer journey will look like…
The Haptik-IDfy integration can drive multiple use cases on WhatsApp, such as:
- KYC completion
- Account opening
- Loan and insurance application
- Merchant onboarding
In short, the KYC and customer onboarding that once took days to complete can now take less than 2 minutes!
The joint solution of IDfy and Haptik, powers businesses to achieve up to 99% approval with automated decision-making around KYC checks. It re-engages with customers who drop off midway during the KYC process and ticks all the boxes for regulatory compliance, making it the ultimate digital customer onboarding package in the industry!