Signzy’s Video Conferencing Tools Brings The ‘Human Factor’ To Banking
In a conversation with RegTech startup Signzy, the use of tools such as video conferencing and AI for banks during this pandemic is explored.
Signzy has launched a video conferencing tool for banks to have seamless communication with their customers. The tool is an effort at having a face-to-face conversation virtually to ensure that social distancing is maintained and communication is not inadequate.
Signzy has worked with 45+ financial institutions to enable digital customer journeys in their organisations. The company deploys Artificial Intelligence and blockchain to authenticate, identify, and perform background checks. Ankit Ratan co-founded Signzy in 2015 with previous experience of working with Ernst and Young, Essex Lake Group, and Ministry of Environment and Forest (Govt of India).
Ankit Ratan explains the Virtual Conferencing tool’s application, security measures and plans of scaling up in the future in a conversation with Radhika Udas from Express Computer.
Please brief us about your video conferencing tool for communication between banks/financial institutions and their customers.
Signzy’s Video Conferencing tool has been designed for enabling front-end processes that necessitate a face-to-face conversation with the customer digitally. This Video Conferencing (VC) tool ensures secure, private one-to-one communication between banks and other Financial Institutions on one hand, and their customers on the other. It uses AI to enhance security and reliability enabling seamless business continuity for banks, FIs and other organizations.
Video Calling App like Zoom is facing serious security challenges. For banks and financial institutions, a much higher security architecture would be required. What distinct security measures does Signzy take for its VC tool?
Generic video conferencing apps and tools are not specifically designed for banking-grade security and privacy and are unsuitable for use in Financial Services Industry’s largely customer-facing workflow.
The need for a secure platform for video conferencing is a crucial requirement in the banking sector. Signzy’s VC tool is honed with numerous layers of checks and balances including AI-enabled video forensics and identity document checks that eliminate security gaps by combining human scrutiny with both software and ML and AI-enabled learning.
Signzy’s Video Conferencing tool, on the other hand, delivers industry-leading security and privacy for one-to-one interactions and is therefore well suited for banks, insurance companies and other organizations where security and privacy of communications is a critical requirement.
How are you using Artificial Intelligence to ensure security?
AI in banking has become a priority for bankers, and they have identified two areas worthy of transformation with this latest technology- KYC and digital onboarding.
Al and ML enabled learning and forensics brings in seamless communication and end-to-end encryption along with securing data leakage. For example, a bank can choose to disable client-side video controls during a call, which would prevent a customer from switching off the video while the call is in progress.
Further, the AI technology ensures that all calls can be audited and any breach in the protocol can be readily caught. Since this has been developed with banks as intended users, no other third-party software currently matches this level of security
Netbanking and other online facilities are already helping customers with their bank transactions and communications. How does this tool stand out?
Netbanking has been widely used in the recent past, this is mostly personal with no human intervention, the VC tool brings the human factor in the banking process. Signzy’s VC tool allows banks, insurance companies and other financial services providers to go a few steps further and use secure video conferencing for other processes that otherwise necessitate a face-to-face interaction with the customer, inside the branch or at the customer’s premises. For example, client relationship managers can schedule a secure video call with their clients for processing certain types of financial transactions.
What is your plan for scaling up in the future?
Technology in the banking sector is still in its nascent stage. With our technology and innovation, we aim to bring awareness and importance to the idea of video KYC and normalise digital banking across function at banks and financial institutions. The emphasis is on security features of our tools and ensuring customers and BFSIs consider this as their primary option.