Complex Regulatory Framework's - Karza

Keeping the lack of advanced internet infrastructure in mind, Karza developed a Video KYC solution that dynamically adjusts the video call resolution based on the bandwidth available in real-time.
By: Karza Technologies
 
MUMBAI, India - Aug. 17, 2022 - PRLog -- It is challenging for new entrants to enter the FinTech industry because of its complex regulatory framework. All FinTech companies must comply with compliance requirements even before they begin operations, which increases their costs and creates a significant barrier for startups. While regulations are needed to protect consumers, a number of existing laws are slowing down the growth of many Indian FinTech companies, thereby extending their time to reach the market.

Karza's K: LevelUp programme is solving this problem for startups right from their incubation stage. Through this programme, early-stage startups can automate their onboarding processes, enrich data, meet all the regulatory requirements & reduce costs considerably by leveraging technology for compliance at very specially curated commercial plans and free credits from Karza. By providing a cost-effective technology, Karza is able to power FinTech companies that are poised to disrupt their respective industries in the future!

Reaching the Unbanked Population

India still has a large population that is unbanked or underbanked. Despite government initiatives like the Jan Dhan Yojana, a large proportion of the population remains unbanked. Although the country is taking all the right steps in the right direction, whose impact shall be visible in the coming years, the lack of financial inclusion currently remains a key obstacle.

Karza is taking strides to counter this, with its agile and fully automated solutions like Aadhaar-based Offline E-KYC (OKYC) with Digital KYC, Video KYC, KYC OCR, Face Match, Passive &Active Liveness, and other online and offline cognitive services that are RBI compliant in terms of infrastructure. These solutions are enabling financial institutions to onboard and extend credit to a huge number of unbanked populations at a fraction of the cost.

Availability of Supporting Infrastructure

Although India has already introduced 4G services, the quality of internet connections remains a problem. Mobile internet speeds in India are among the slowest globally1. Smooth internet services are the bare necessity for the FinTech ecosystem. Therefore, a lot can be done to improve internet services in India & that still has a long way to go.

In the midst of the lockdown, Video-KYC became essential for onboarding new customers in India who were confined to their homes but still eager to open bank accounts for digital transactions. However, because of the weak internet infrastructure, banks had high call drop rates & this negatively impacted the customer experience.

Keeping the lack of advanced internet infrastructure in mind, Karza developed a Video KYC solution that dynamically adjusts the videocall resolution based on the bandwidth available in real-time. As a result, the call completion rate and customer satisfaction significantly improved

Website: https://karza.in

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Karza Technologies
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Tags:Video KYC Solution
Industry:Security
Location:Mumbai - Maharashtra - India
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