Aditya Birla Sun Life AMC Limited, a subsidiary of Aditya Birla Capital Limited (a significant non-bank financial services’ conglomerate) and investment manager to Aditya Birla Sun Life Mutual Fund (ABSLMF) today said that there has been an increase in paperless modes of onboarding customers, with the asset manager adding over half a lakh new investors so far with its high-end video e-KYC system alone during the nationwide lockdown. For this sophisticated technology, the asset manager has partnered with Signzy, an AI-powered RPA platform for financial services. The technology enables a zero-contact, paperless system that replaces the need for physical submission of KYC documents. The asset manager has already onboarded close to one-lakh investors to the mutual fund industry with video e-KYC system since its adoption a year ago.
This Artificial Intelligence & Machine Learning enabled Video e-KYC system replaces the need for document management providing an instantaneous experience. Investors can complete and submit their KYC application from the safety and security of their homes, at the same time it significantly reduces the turnaround time by speedy onboarding. With SEBI introducing the Aadhaar document & XML upload while doing KYC, the journey will get simpler and easy. Aditya Birla Sun Life AMC Limited’s application is Pre-integrated with Aadhaar XML validation. The API framework allows easy integration across multiple platforms providing a leaner and quicker way to drive synergies with partners and business. Signzy’s Video KYC is already being used to onboard thousands of customers every month by SEBI regulated institutions.
Commenting on this technology, A. Balasubramanian, MD & CEO, Aditya Birla Sun Life AMC said, “The ongoing lockdown has made physical modes of submitting KYC applications inconvenient. With our already available Video e-KYC solution, we have been able to win over this logistical challenge. This mode of onboarding is seeing a rapid increase on a daily basis by our partners and investors. The number of registrations via Video e-KYC has more than doubled between January and April of this year. The adoption of technology across stakeholders will be central to the growth of the mutual fund industry, a need further amplified in the current environment. At Aditya Birla Sun Life AMC, with 97% of our transactions being carried out digitally during lockdown shows how our partners and customers are leveraging the tech infrastructure for ease and speed.”
Arpit Ratan, co-founder of Signzy said, “We are excited to have partnered with Aditya Birla Sun Life AMC to support their customer onboarding using our industry-leading Video KYC solution. This solution is designed to cut down time and costs for onboarding new customers while simultaneously delivering much superior customer experience. It also meets the strictest infosec regulations and data security requirements. Our collective goal is to bring awareness and importance to the idea of video-KYC and normalise digital banking for the benefit of both financial services providers and their customers.”
The current KYC process involves officially valid document verification and in-person (or virtual) identity verification. This physical process is a time-consuming exercise and made the onboarding experience of new investors quite cumbersome. There has been an overwhelming need to harness technology to create simpler digital versions of the KYC process. This sort of high-end technology adoption can further the consideration of mutual funds as an investment vehicle by simplifying processes.