CAMS Introduces Instant Customer Onboarding with AI-Embedded KYC in 2023.

CAMS

CAMSKRA, a renowned subsidiary of CAMS and a leading player in the KYC Registration Agency (KRA) sector, has taken a significant step towards simplifying the KYC registration process by harnessing the power of Artificial Intelligence (AI). Through this innovative approach, CAMSKRA can now verify and confirm the KYC status of new customers with remarkable efficiency, according to a recent press release.

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This cutting-edge solution by CAMSKRA allows businesses to seamlessly verify the identity of their new customers in a frictionless manner. The KYC registration process can now be completed in under ten minutes, ensuring a smooth onboarding experience for customers without any interruptions.

CAMS

The secret to this new KYC solution lies in custom image classification and extraction models that leverage AI. These models facilitate comprehensive identity verification, encompassing key documents such as Aadhaar OTP, PAN card, and bank account details. As a result, businesses can benefit from near-instant KYC completion, leading to improved conversion rates and seamless transactions during the onboarding journey.

Apart from speed and convenience, CAMSKRA places great emphasis on security. The platform employs industry-leading security measures to safeguard customer data, including robust encryption, data backups, and access control protocols.

Anuj Kumar, the Managing Director, expressed his excitement about this groundbreaking offering, stating that it is an industry first. He believes that the AI-backed seamless KYC solution will revolutionize the KYC registration process by enabling customers to be onboarded within minutes. The combination of Aadhaar-based eKYC for KYC submission, along with the 10-minute KYC registration process, makes CAMSKRA’s KYC suite an exceptionally compelling and unique proposition for capital market entities.

The solution is expected to significantly enhance new customer onboarding while providing top-notch data security through industry certifications such as BCMS, SAFE, and advanced BitSight. Since the recent launch of this AI-embedded technology, they have already registered nearly a million KYCs for Mutual Funds and Stockbrokers.

The introduction of this new solution holds the promise of transforming the traditionally time-consuming investing process into a quick and efficient one. By reducing the KYC registration time from days to minutes, manual verification processes are eliminated, resulting in cost reduction and improved accuracy for businesses. CAMSKRA’s AI-powered KYC solution marks a milestone in the financial industry, setting the stage for faster, secure, and customer-centric onboarding experiences.

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