Signzy: The Future of Digital Onboarding

Signzy: A No-Code AI Platform for Digital Onboarding and Compliance – Digital onboarding and compliance are essential processes for financial service providers to verify the identity and eligibility of their customers, as well as to adhere to the regulatory and legal requirements. However, traditional methods of digital onboarding and compliance, such as manual verification, document scanning, and rule-based systems, are often slow, costly, error-prone, and vulnerable to fraud.

Signzy

Details of the startup:

  • CITY: Bengaluru
  • STATE: Karnataka
  • STARTED IN: 2015
  • FOUNDERS:  Ankit Ratan, Ankur Pandey, Arpit Ratan and Aloka Kumar
  • NUMBER OF INVESTORS : 21
  • LATEST ROUND INVESTMENT : ₹2100.00M
  • TOTAL INVESTMENT : ₹3039.06M
  • TOTAL SECURED LOANS AVAILED :Nil

You can find their website here.

Signzy is a fintech company that offers a no-code AI platform that helps financial service providers automate and streamline their digital onboarding and compliance processes. Signzy’s platform utilizes artificial intelligence, cryptography, and biometric-enabled digital contracts to provide fast, secure, and accurate solutions for customer verification, due diligence, risk assessment, and contract management .

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How Signzy Works

Signzy’s platform works in four simple steps:

  • Capture: Signzy’s platform captures the customer’s identity and personal information, such as name, address, date of birth, and social security number, from various sources, such as ID cards, bank statements, utility bills, and tax returns. Signzy’s platform uses optical character recognition (OCR) and natural language processing (NLP) to extract and validate the data from the documents.
  • Verify: Signzy’s platform verifies the customer’s identity and authenticity, by using facial recognition, liveness detection, and biometric signature. Signzy’s platform also checks the customer’s background and credibility, by using artificial intelligence and machine learning to perform KYC (Know Your Customer), AML (Anti-Money Laundering), CFT (Combating the Financing of Terrorism), and PEP (Politically Exposed Person) checks.
  • Decide: Signzy’s platform decides the customer’s eligibility and risk profile, by using artificial intelligence and machine learning to analyze the customer’s data and behavior, and generate a risk score and a decision recommendation. Signzy’s platform also provides a human-in-the-loop option, where the financial service provider can review and override the decision if needed.
  • Contract: Signzy’s platform creates and executes a digital contract between the financial service provider and the customer, by using cryptography and biometric signature. Signzy’s platform also ensures the security and validity of the contract, by using blockchain and smart contracts.
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Benefits of Signzy

Signzy offers several benefits for financial service providers, such as:

  • No-code, plug-and-play: Signzy’s platform is a no-code, plug-and-play solution that can be easily integrated with the existing systems and workflows of the financial service providers, without requiring any coding or customization. Signzy’s platform also provides a user-friendly interface and dashboard, where the financial service providers can configure and manage their digital onboarding and compliance processes.
  • AI-powered, data-driven: Signzy’s platform is an AI-powered, data-driven solution that leverages the latest technologies and innovations, such as OCR, NLP, facial recognition, liveness detection, biometric signature, machine learning, blockchain, and smart contracts, to provide fast, secure, and accurate solutions for digital onboarding and compliance. Signzy’s platform also uses data from various sources and partners, such as credit bureaus, government databases, and social media, to enhance the quality and reliability of the solutions.
  • Compliant, scalable: Signzy’s platform is a compliant, scalable solution that adheres to the regulatory and legal requirements of various jurisdictions and sectors, such as RBI, SEBI, IRDAI, and GDPR. Signzy’s platform also supports multiple languages, currencies, and products, and can handle high volumes of transactions and customers.
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Industries and Clients of Signzy

Signzy caters to a wide range of industries and sectors, such as banking, insurance, mutual funds, stockbroking, lending, and fintech. Signzy has worked with some of the leading clients in these industries and sectors, such as ICICI Bank, SBI, HDFC Bank, Axis Bank, Bajaj Finserv, Aditya Birla Capital, Reliance Nippon, and Mastercard.

Signzy has helped these clients to achieve various business outcomes, such as:

  • Reduced onboarding time: Signzy has helped ICICI Bank to reduce its onboarding time from 3 days to 30 minutes, by automating the verification and decision processes for opening savings accounts.
  • Reduced operational cost: Signzy has helped SBI to reduce its operational cost by 80%, by eliminating the need for manual verification and document handling for opening demat accounts.
  • Reduced fraud risk: Signzy has helped HDFC Bank to reduce its fraud risk by 90%, by using liveness detection and biometric signature for authenticating customers for personal loans.

Awards and Recognition of Signzy

Signzy has received several awards and recognition for its innovation and excellence in digital onboarding and compliance. Some of the notable ones are:

  • India FinTech Award 2019 by India FinTech Forum.
  • RegTech100 2020 by FinTech Global.
  • Top 10 RegTech Startups in India 2020 by Analytics India Magazine.
  • Top 50 Emerging Startups in India 2020 by Nasscom.
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Signzy is a fintech company that offers a no-code AI platform that helps financial service providers automate and streamline their digital onboarding and compliance processes. Signzy’s platform utilizes artificial intelligence, cryptography, and biometric-enabled digital contracts to provide fast, secure, and accurate solutions for customer verification, due diligence, risk assessment, and contract management. Signzy has worked with some of the leading clients in various industries and sectors, and has helped them to achieve various business outcomes, such as reduced onboarding time, reduced operational cost, and reduced fraud risk. Signzy has also received several awards and recognition for its innovation and excellence in digital onboarding and compliance.

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