Aditya Birla Sun Life Asset Management Company (AMC), a subsidiary of Aditya Birla Capital, said it has deployed a video e-KYC system from artificial intelligence-based fintech firm Signzy to onboard 50,000 new investors during the lockdown.
The number of registrations via video e-KYC has more than doubled between January and April this year, A Balasubramanian, managing director and CEO of Aditya Birla Sun Life AMC, said.
“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,” he said.
The technology from Bengaluru-based Signzy enables a zero-contact, paperless system that requires no physical submission of KYC documents, the companies said in a joint statement.
Signzy’s video KYC is already being used to onboard thousands of customers by Securities and Exchange Board of India (SEBI)-regulated institutions every month, the statement added.
“This (video KYC solution) solution is designed to cut downtime and costs for onboarding new customers while simultaneously delivering a much superior customer experience. It also meets the strictest information security 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,” Arpit Ratan, co-founder of Signzy, said.
Owned and operated by Signzy Technologies, the startup was founded in 2015 by Indian Institute of Technology alumni Ankit Ratan and Ankur Pandey, and corporate lawyer Arpit Ratan. The company has developed a prototype that aims to digitise documentation processes, such as identification, background checks and issuance of electronic bank guarantees, for banks.
It last raised capital in a Series A round in November 2018 when venture capital firms Stellaris Venture Partners and Kalaari Capital invested $3.6 million (around Rs 24 crore then) in the company.