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How Bank of Baroda used the cloud to improve its video KYC capability

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To improve the service provided to its customers, Bank of Baroda has introduced a video KYC facility. This allows Bank of Baroda customers to complete their onboarding from any part of the country. Compared to filling up forms or waiting in queues for hours, the video KYC facility allows the bank’s customers to quickly open up accounts from the comfort of their homes.

As a video KYC capability demands extensive resources in terms of bandwidth and infrastructure, the bank decided that it was prudent to host a part of the video KYC part on the cloud. The initial deployment was for enabling video KYC for the bank’s savings account opening process. It was then extended to the bank’s marquee DLP (Digital Lending Platform) and is now being extended for Current Account opening, Wealth Account opening as well as video-based Life Certificate (for pensioners) journeys.

Startup firm, Think360.ai won the Bank of Baroda Request for Proposal (RFP) for Video KYC, competing against a multitude of established players for a 3-year contract for video KYC implementation to cover the bank’s massive urban, semi-urban and rural customer base. This was Bank of Baroda’s maiden cloud project and the bank opted for AWS as their preferred cloud option.

Says Amit Das, CEO and Co-founder, Think360.ai, “AWS has given us the ability to scale in a seamless and secure manner. The managed services and modules from AWS, which includes intelligently scanning documents and managing databases, storage and security services have helped us develop faster and deliver quickly for our customers. They have been an extremely dependable partner for us, as we have scaled our business across 50+ Financial Services clients.”

Think360.ai took care of setting up the cloud environment, establishing on-premise connectivity with the bank’s on-premise data center as a hybrid system deployment, managing the cloud for the bank, recommending best practices, and connecting to the bank’s various APIs. Think360.ai’s AI capabilities also uplifted BoB’s usage of AI/ML capabilities for fraud detection, identity verification, and content digitization. Think360.ai also enabled the adoption of AI/ML capabilities to uplift the bank’s customer onboarding experience and allowed for an entirely new channel of customer engagement.

Business benefits gained

Bank of Baroda was able to achieve higher penetration, reach remote parts of India, automate and digitize account opening and documentation processes as well as leverage AI/ML capabilities for fraud detection and prevention, document collection, and identity verification.

With the help of the video KYC, BoB has been able to cater to thousands of customers fully remotely with a very limited set of agents, resulting in massive cost, time and manpower savings, while also providing customers with a better experience.

 

 

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