Video KYC-The Easiest Way for Performing KYC

Know Your Customer (KYC) verification is done by businesses to verify the identity of their clients. Through KYC, businesses seek information about the address, identity proof, phone number of their clients. KYC is critical for any institute; companies of all sizes are a big supporter of KYC. KYC is done to ensure that the client is not involved in money laundering, bribery, corruption, or terrorist financing. Through KYC, businesses can assure that they are doing business with legitimate entities.

However, many customers are not happy with the way KYC is done; the customer is required to visit the institute to submit the documentation. Not everyone has time to go out for KYC personally; it is especially difficult for sick and seniors. Keeping in mind all these problems, online video KYC has been introduced.

What Is Video KYC?

Video KYC enables a business to complete the KYC process without meeting the customer. It is beneficial for the customer as he doesn’t need to visit the institute.

How video KYC is done?

In video KYC, there is a live video session with the client in which he establishes his presence; the user confirms his identity as per government identification cards. For the purpose of compliance and audit, the video is recorded.

Online video KYC saves time, enhances user experience and a business saves 90 percent over physical verification costs.

How we replaced legacy banking processes with AI-driven technology

Signzy — Building Global digital trust system using AI & Blockchain

As Andrew NG phrases it perfectly “AI is the new electricity”. We at Signzy are true believers of this and have witnessed what AI could do, how deep its impact can be and the drift it has brought in the way we approach our problems.

Being in the finance and regulatory domain we have been identifying a series of our customer problems which could potentially be addressed through AI.

One such interesting use case we encountered recently was classification of Identity cards. Given an image of an identity card the algorithm has to classify it to one of the following classes.

1. Aadhaar
2. PAN
3. Driving License
4. Passport
5. Voter Id

In this blog post we will take you to behind-the-scenes of our state-of-the-art system and how we tackled the problem, ultimately overpassing the targeted accuracy required for real world use.

Malicious Prosecution: An Effective Tool to Achieve Minimalism in Pendency of Cases

Analysing the scope of malicious prosecution in the light of the precedential and legal set up.

In India, when a person is prosecuted by the criminal justice system, all he can do is defend himself. In the event of successfully coming out clean from the due process of law, he is just left with the order of the Court. The mental stress and agony, the loss of reputation, the loss of personal liberty in case of arrest and detention, loss of livelihood and earning, the costs of defending the prosecution, the physical hardships etc are not accounted for. The victim of vexatious or malicious litigation has no legal recourse to protect himself against such abuse of process of law.

Supreme Court Precedent on Reputation and Allied Concepts

The Supreme Court of India has said that Right to Reputation is part and parcel of Right to Life and Personal Liberty guaranteed by the Constitution of India[1]. The same was reiterated by the Hon’ble Supreme Court in 2014 in the case of Umesh Kumar v. State of Andhra Pradesh[2]. Also in January, 2014, the Apex Court while deciding a case observed that instances of police machinery filing false charges is increasing day by day, and such cops should be punished[3]