Real Customer: Rebecca Dias
Date Published
Rebecca Dias works and lives on the Andaman Islands, an archipelago in the northeastern Indian Ocean. In the year 2020, in the middle of the pandemic, Rebecca needed to quickly open a Bank account in order to transfer money to her extended family on Mainland India.
She applied online at several Banks. India’s largest Private Bank was the first to respond.
She received a link from the Bank that connected her to a Bank’s agent over a video call. The agent captured screenshots of her documents, took her picture, ran real-time checks on her IDs, captured her location, and completed her onboarding. All over a 4-minute video call that happened on IDfy’s Video KYC platform.
Rebecca received access to her new Bank account in a couple of days. Her problem…solved!
It had been raining for three straight days in Shillong, and Uday Imtisong was making his third trip between the bank and his house since that morning. Wading through knee-deep water, he wondered if his loan application would be approved anytime soon so that he could add a new wing to his popular gymnasium. He worried about his woefully inadequate credit history and his inability to provide a land bank as collateral for his loan – a common expectation from the lending officer at the bank.
Just two operational segments in banking contribute to a whopping 95% of all banking frauds. That’s right — Advances and Cards/Internet banking — together account for 95% of all banking frauds. All other operational segments like forex, deposits, cash, cheques, and clearing accounts are tiny problems, in comparison, accounting for less than a percent of total banking frauds.
Discover the future of KYC with CERSAI's CKYCRR 2.0: Revolutionizing the Indian financial landscape. Explore how in this blog.
Explore a comprehensive guide on KYC for medium risk customers, covering identification, EDD, ongoing monitoring and best practices.