Over the last 12 months, The banking and financial organisations have adopted digital innovations at a break-neck speed. While the RBI gave a green signal to the use of Video KYC by banks and FIs in early 2020, it was only after the pandemic hit the world that banks and financial institutions put the technology to actual use.
Signzy, a no-code AI platform that offers AI-led digital onboarding and verification and fraud detection solutions for banking and financial institutions, was one of the early advocates of video KYC and had even won an RBI award for its Video KYC back in 2016.
The startup has come a long way and today it provides AI-based digital KYC solutions to over 100 leading Indian banks, insurance firms, and asset management companies like Aditya Birla Sunlife AMC, BoB Financial and more. Signzy’s clients also include four of the largest banks in India with State Bank of India (SBI) and ICICI Bank among them. Globally, Signzy has a strong partnership with Mastercard and with presence in New York and Dubai to serve customers in the multiple geographies.
So how does a No-Code AI platform help banks and FIs? Ankit Ratan, cofounder of Signzy explains, “A No-code AI platform essentially requires no coding at the time of deployment. The no-code ML tools available today are enabling businesses, including leading banking and financial organisations to develop and deploy AI applications without any prior coding. By leveraging an automated platform that automates data management, machine learning and solution deployment, subject matter experts without coding experience can build complete AI solutions. As a result, companies leveraging No-code solutions can witness business advantages like increased operational efficiency, productivity and cost-savings.”
As AI and ML-based process automation gained popularity among mainstream businesses, the demand for enabling platforms that are plug and play and which require no-coding expertise has skyrocketed. Signzy’s no-code platform can be used by its clients to build custom solutions suited to their requirements. The fintech’s proprietary API microservices are capable of enhanced functions like extraction, forgery detection, background verification against government databases etc. These APIs follow a plug-n-play approach, requiring minimum hassle for integrating with existing solutions, providing huge reductions in overall operational expenditure.
