Innovation to replace a live video session with customer’s selfie
Mumbai-headquartered IDfy, one of Asia’s leading Regulatory Technology companies, and HDFC Securities, one of India’s leading stock broking companies, are to work together for fully digitising new investors’ onboarding journey by simplifying the KYC process.
The partnership facilitates remote onboarding of investors looking to capitalise on wealth creation opportunities in the stock markets during these times of lockdowns and physical distancing, said IDfy in a release on 12 July 2021.
IDfy’s suite of Digital KYC solutions will be integrated into HDFC Securities’ platform to provide customers with a smooth digital onboarding journey. IDfy’s Document and Face Recognition Solutions will help HDFC Securities to accurately identify their customers, verify and authenticate their credentials, and onboard them in real-time. With IDfy’s solutions, HDFC Securities can provide access to capital markets to people in remote corners of the country while staying compliant with SEBI’s KYC norms.
A key innovation in the onboarding process is a replacement of a live video session with a simple selfie of the customer. As part of the journey, customers are not required to record a live video session anymore as is to the standard practice in the industry. HDFC Securities’ customers can submit selfies that IDfy’s solutions will use to capture all details required to meet compliance norms and prevent fraud. This will simplify the onboarding process thereby significantly reducing customer drop-offs.
This simpler and faster onboarding process is positioned to help HDFC Securities grow faster in Tier 2 and 3 markets in the country.
Speaking on the announcement, HDFC Securities Chief Digital Officer Gagan Singla said, “We are happy to partner with IDfy who are providing us a good solution to offer a seamless on-boarding experience for our customers. Complementing our digital growth initiatives, this experience aims to simplify the account opening process, while opening up unlimited possibilities for customers to expand their investment universe through our wide spectrum of product offerings.”
IDfy Chief Executive Officer Ashok Hariharan added, “Events in recent times have made it imperative to bridge the digital divide between India and Bharat. HDFC Securities is contributing to this movement. We are proud to partner with them to unlock opportunities for real investors.”
By the end of 2020, the number of Demat account openings in India had increased by 27% compared to the year before to stand at close to 50 million. With more and more Indians dabbling into the stock market amidst the pandemic, the emphasis on remote onboarding is more pronounced than ever.
IDfy has 350 people serving 500 clients across India, South East Asia and the Middle East. IDfy’s investors include Blume Ventures, MegaDelta Capital, BEENEXT and Dream Incubators.
HDFC securities is one of the leading stock broking companies in India and a subsidiary of HDFC Bank- a renowned private sector bank. #banking #economy #technology #digital #investment #economy /fiinews.com
