Home / Industry / Banking /  Central Bank of India partners Kwik.ID to ​digitize customer onboarding

Mumbai: State-owned Central Bank of India has selected Kwik.ID to implement digital know your customer (KYC), video KYC and eKYC for its network across India, a statement said on Monday.

Central Bank of India had an eight-month-long gruelling evaluation process on technology and product experience followed by a reverse auction commercial round for this selection. This partnership, the statement said, will support the bank in driving its digital transformation agenda and supporting digital finance initiatives championed by the government.

With Kwik.ID — an AI-based video KYC solution — the lender aims to digitize 10 million customers’ onboarding annually and streamline their end-to-end processes. Kwik.ID is a flagship product by Think360.ai — a full-stack AI firm — that has conducted over 1.5 million such sessions for some of India’s biggest digitization, customer onboarding and KYC practices for Bank of Baroda, RBL Bank, Bajaj Finserv and Spice Money, among others.

Amit Das, CEO and co-founder, Think360.ai said, “This partnership with Central Bank of India is the starting point for building a relationship focused on delivering customer-centric services while addressing the gap in availability of financial services across tier two tier three and rural areas."

Das said that video KYC tools that reach even the farthest rural areas with provisions for low bandwidth mode and guided step-by-step processes are essential to increase financial access to all community segments.

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