The advancements in technology have led to a competitive and accelerated ecosystem. These rapid developments have triggered traditional institutions to devise effective and optimal solutions for their customers to provide an enhanced user experience. The significance of digitized on-boarding has therefore gained momentum and many start-ups have laid special emphasis on the same.
Here’s a list of the top 5 SaaS fintech platforms that support BFSI players to on-board customers seamlessly:
Digitap: Founded in 2019, Digitap is an early-age start-up that empowers Financial Institutions (FI) through its extensive, alternate data based risk management stack and provides high tech advanced Artificial Intelligence (AI)/ Machine Learning (ML) solutions to new-age internet driven businesses for reliable, fast and 100% compliant Customer On boarding, Automated Risk Management along with Big Data enabled services like Risk Analytics and Customized Scorecards. Under their digital customer on boarding suite, they provide solutions like Aadhar based KYC, Video KYC, OCR and validation of OVDs, face matching & face liveness, online document signing using Aadhar/OTP, E-NACH & physical NACH mandate setup and auto debit functionality
Signzy: Founded in 2015, Signzy is a market leader in revolutionizing the speed, accuracy, and user experience of how FIs enrol clients and clients utilizing the services. The organization’s no-code GO platform offers workflows that are completely customizable while delivering seamless, end-to-end, multi-channel on boarding journeys. As a part of their digital customer on boarding offering, they provide AI assisted on boarding, secured digital contracts enabled by biometrics, algorithmic risk assistance, simplified & quick identity verification and Anti Money Laundering (AML) check.
Perfios: Founded in 2008, Perfios is another leading provider of product technology that enables businesses to collect structured and unstructured data, curate it, run analyses on it, and use that information to make decisions. The product line from Perfios enables businesses to create vertical applications across numerous industries. The solutions that they provide for digital customer on boarding includes a thorough Fraud Check Utility (FCU) by collecting details of bank e-statements, ITR form, ID verification, address verification and judicial verification. It also accepts KYC data inputs in both physical and digital formats (PDFs, hard copies, and photos), giving lending decision-makers a single window into the prospective applicants’ financial situation.
Karza Technologies: Founded in 2015, Karza Technologies serves the whole lending lifecycle, from on boarding to diligence & monitoring to collections, and is the largest provider of data, analytics, automation, and decisioning solutions to FIs. Through outstanding data engineering and cutting-edge applications, its solutions offer systemic fraud prevention, risk management, compliance, and automation. Its cognitive algorithms were created with the possibility of low resolution, Indian faces, worn documents, shadowed/blurred, or skewed images in mind. By matching the photos found in the documents with the face image recorded during the live video call, they are able to reduce the number of false positives.
Hyperverge: Founded in 2014, Hyperverge has created patent-pending technology that allows photos to be organized by identifying the persons, places, scenarios, and events that occur in them. It has partnered with many banks for on boarding customers online under COVID-19. Its video KYC solutions come with an accuracy of 99.5% which helps banks provide convenient digital services to the customers. It also performs pre-qualifier checks such as name, XML signature, address and simple randomization.
Zaggle: Save is an all-in-one expense management and employee benefits platform by Zaggle that enables companies and their employees to save by digitising, organising and aggregating spends, thereby saving time and money. Employees can simply upload and approve expenses, save tax with flexible employee benefit plans with a single card that can replace food coupons, food card, fuel card, travel vouchers, and gift card. Employers can add tax-free benefits electronically to the card and help their workforce save tax without any hassle. The platform is powered by AI and ML which can easily identify and duplicate bills and helps companies save more annually.