{"id":4829,"date":"2020-12-09T05:43:58","date_gmt":"2020-12-09T05:43:58","guid":{"rendered":"https:\/\/signdesk.com\/in\/?p=4829"},"modified":"2025-09-17T07:06:38","modified_gmt":"2025-09-17T12:36:38","slug":"why-nbfcs-require-a-holistic-approach-to-kyc-verification","status":"publish","type":"post","link":"https:\/\/melento.ai\/en-in\/blog\/why-nbfcs-require-a-holistic-approach-to-kyc-verification","title":{"rendered":"Why NBFCs Require A Holistic Approach To KYC Verification"},"content":{"rendered":"<h2><span style=\"color: #008000;\"><strong><a style=\"color: #008000;\" href=\"https:\/\/melento.ai\/en-in\/blog\/aadhaar-based-ekyc\">KYC Verification<\/a>: One size doesn\u2019t fit all<\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Know Your Customer (KYC) procedures are a huge pain point for banks, NBFCs, insurers &amp; several other businesses. These procedures are subject to rapid change, entail huge costs and precipitate huge losses for the businesses involved.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">The purpose of stringent and overarching KYC regulations is to deter money laundering &amp; fraud, however not every case requires adherence to the same regulations. In the same vein, organizations implementing <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/kyc-verification\"><b>KYC verification<\/b><\/a> solutions must account for a similar variance and tailor their solutions based on evaluated risk.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">For example; A young and upcoming bank catering to smaller local businesses and younger individuals will have compliance requirements that differ from a global bank. These organizations will have a similar difference in requirements when it comes to <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/kyc-verification\"><b>KYC verification solutions.<\/b><\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">In the same vein, NBFCs, which are less regulated compared to banks, have varying KYC verification requirements that align with their business models. NBFCs have more room to innovate and use technology to boost credit disbursement and reduce documentation, and the KYC identity verification solutions used must match these characteristics.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">The current trends point to online <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/aadhaar-based-ekyc\">KYC<\/a> identity verification as the perfect digital onboarding solution for NBFCs. Let\u2019s examine why.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4842 aligncenter\" src=\"https:\/\/melento.ai\/en-in\/blog\/wp-content\/uploads\/2020\/12\/Why-NBFCs-Require-A-Holistic-Approach-To-KYC-Verification-2-1.jpg\" alt=\"NBFCs-KYC-Verification\" width=\"1000\" height=\"454\" \/><\/p>\n<h3><span style=\"color: #008000;\"><strong>The Current State of NBFCs &amp; <a style=\"color: #008000;\" href=\"https:\/\/melento.ai\/en-in\/blog\/kyc-verification\">KYC Verification\u00a0<\/a><\/strong><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">The pandemic has not been kind to NBFCs. NBFCs possessed a total 16% share of credit disbursed in 2017, and even out-performed banks in new credit deployed.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">The picture is not as rosy in 2020. NBFCs have generally held the majority of the share in credit loans to retail and industry. However, retail loans have <\/span><a style=\"color: #333300;\" href=\"https:\/\/www.livemint.com\/market\/mark-to-market\/covid-19-ends-retail-loan-boom-for-india-s-banks-11590982408603.html\"><span style=\"font-weight: 400;\"><b>shrunk<\/b><\/span><\/a><span style=\"font-weight: 400;\"> by 2.46% this year, and NBFCs have had to borrow <\/span><span style=\"font-weight: 400;\">\u20b98.07 trillion from Indian bankers due to worsening asset quality.\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">NBFCs need a way to turn things around and online <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/aadhaar-based-ekyc\"><b>KYC verification<\/b><\/a> offers itself as a convenient option.\u00a0<\/span><\/p>\n<h3><span style=\"color: #008000;\"><strong>What are the Problems with Current <a style=\"color: #008000;\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-document-verification-is-the-future-of-kyc\">KYC Verification<\/a>?<\/strong><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Traditional KYC verification is plagued by numerous problems. These include<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><span style=\"font-weight: 400; color: #333300;\">Massive onboarding costs<\/span><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><span style=\"font-weight: 400; color: #333300;\">Long turnaround times\u00a0<\/span><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><span style=\"font-weight: 400; color: #333300;\">Errors due to manual verification<\/span><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><span style=\"font-weight: 400; color: #333300;\">Frequently changing KYC regulations\u00a0<\/span><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><span style=\"font-weight: 400; color: #333300;\">Loss of productivity due to paper-based documentation<\/span><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><span style=\"font-weight: 400; color: #333300;\">Fines &amp; losses due to non-compliance\u00a0<\/span><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><span style=\"font-weight: 400; color: #333300;\">Fraudulent documentation &amp; ID theft<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">All of these problems are due to a lack of automation and digitization in the <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-document-verification-is-the-future-of-kyc\"><b>KYC verification<\/b><\/a> used by financial institutions (FIs).\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">The costs and loss of productivity due to these KYC methods have an even more stark effect on NBFCs due to the lower amount of capital available to them. Additionally, the regulatory leeway afforded to NBFCs is crucial and must be harnessed to increase efficiency and reduce operational costs. <\/span><\/p>\n<h3><span style=\"color: #008000;\"><strong>Online KYC Verification for NBFCs\u00a0<\/strong><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">NBFCs must make use of cutting edge regulatory technology to expedite and automate the <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/pfrda-allows-video-kyc-vcip-for-nps-pensions\">KYC verification<\/a> process. Emerging technology such as AI-based KYC risk assessment and data validation, ML-enabled facial matching and fraud filters, and smart workflow-based KYC, allow NBFCs to reduce manual errors, turnaround time, and onboarding costs. Technology also ensures that FIs are safeguarded from <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/video-kyc-solves-id-theft-online-bank-fraud\"><b>cyber-fraud<\/b><\/a> and customers from identity theft.\u00a0\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Here are some of the benefits afforded after implementing a <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/10-things-you-need-to-know-about-rbis-vcip-video-kyc\">digital KYC verification<\/a> process.\u00a0<\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #333300; font-size: 16px; font-family: 'open sans';\"><b>Reduced costs &amp; turnaround time: <span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><a style=\"color: #333300; font-size: 16px; font-family: 'open sans';\" href=\"https:\/\/signdesk.com\/digital-kyc\">Digital KYC<\/a> verification reduces the paper-work involved in the KYC verification process, and significantly reduces both the effort and time taken to verify a customer\u2019s KYC information. These factors precipitate a massive reduction in onboarding costs for NBFCs.<\/span><\/b><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #333300; font-size: 16px; font-family: 'open sans';\"><b>Assured compliance: <span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Compliance with regulations often amounts to a manual interpretation of regulations by officials, which equally often results in non-compliance and hefty compliance fines to go along with it. <a style=\"color: #333300; font-size: 16px; font-family: 'open sans';\" href=\"https:\/\/melento.ai\/en-in\/blog\/video-kyc\">Digital KYC<\/a> verification uses customizable workflow-based to concretize the interpretation of KYC and AML regulations and removes the possibility of non-compliance. Additionally, flexible <a style=\"color: #333300; font-size: 16px; font-family: 'open sans';\" href=\"https:\/\/melento.ai\/en-in\/blog\/video-kyc\">KYC verification solutions<\/a> allow NBFCs to quickly adapt their CDD procedures to changing regulations.\u00a0\u00a0<\/span><\/b><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #333300; text-align: font-family: 'open sans';\"><b>Increased productivity: <span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">According to <\/span><a style=\"color: #333300; font-size: 16px; font-family: 'open sans';\" href=\"https:\/\/www.business.com\/articles\/7-statistics-that-will-make-you-rethink-your-document-management-strategy\/\"><span style=\"font-weight: 400;\"><b>reports<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">, by adopting digital ID verification processes, businesses can increase productivity by 20%. This is due to the reduced paperwork involved in digital documentation methods.\u00a0<\/span><\/b><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #333300; font-size: 16px; font-family: 'open sans';\"><b>Happier customers: <span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">According to the <\/span><a style=\"color: #333300;\" href=\"https:\/\/customerthink.com\/new-report-annual-consumer-digital-identity-study-reveals-key-trends-and-consumer-expectations-as-digital-engagement-intensifies\/\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>third consumer digital identity study<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">, over 77% of customers prefer doing business with firms that use advanced verification processes. Additionally, available AI technology allows the implementation of smart and workflow-based verification procedures that allow customers to complete ID verification within 10 minutes.\u00a0<\/span><\/b><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #333300; font-size: 16px; font-family: 'open sans';\"><b>Reduced documentation &amp; fraud: <\/b><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Online KYC verification removes paperwork from KYC completely, consequently reducing documentation costs and removing the possibility of manual errors. Digital KYC verification also allows NBFCs to use cutting edge ML techniques to deter fraud. <\/span><\/span><\/li>\n<\/ul>\n<h3><span style=\"color: #008000;\"><strong>Role of Holistic <a style=\"color: #008000;\" href=\"https:\/\/melento.ai\/en-in\/vcip\">KYC Identity Verification<\/a>\u00a0<\/strong><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">FIs are as different as their KYC requirements. It isn\u2019t difficult to anticipate that FIs require a risk-based and holistic approach to <a style=\"color: #333300;\" href=\"https:\/\/en.wikipedia.org\/wiki\/Know_your_customer\">KYC verification<\/a>.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Persons and entities evaluated to have lower risk can get by with a simplified Customer Due Diligence (CDD) process, but higher risk accounts are subject to a stricter set of CDD procedures. This state of affairs necessitates a flexible and holistic approach to KYC verification.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-nbfcs-need-to-adopt-video-kyc-right-now\"><b>NBFC<\/b><\/a>s, in particular, due to their proclivity for innovation and speed, must make full use of their ability to quickly customize interest rates &amp; other derivatives by adopting KYC verification solutions that are more risk-based and integrated into their method to identity authentication.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">This will allow comparatively de-regulated FIs such as <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-nbfcs-need-to-adopt-video-kyc-right-now\">NBFCs<\/a> to capitalize on their core characteristics and consequently experience the aforementioned benefits.\u00a0<\/span><\/p>\n<h2><span style=\"color: #008000;\"><strong>Award-winning KYC &amp; <a style=\"color: #008000;\" href=\"https:\/\/melento.ai\/en-in\/blog\/video-kyc\">Onboarding\u00a0<\/a><\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">We, at <\/span><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>Melento (Formerly SignDesk)<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">, create flexible and workflow-based <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/vcip\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>KYC verification<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> solutions that can be adapted to any CDD procedure, including video-based KYC identity verification procedures such as <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/vcip\"><span style=\"font-weight: 400;\"><b>VCIP<\/b> <\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">and <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/vbip\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>VBIP<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">.\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Our <\/span><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>digital identity verification solution<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> uses AI techniques for instant customer data validation and real-time document verification. OCR-based technology and ML-powered anti-fraud filters extract data from images and mitigate identity fraud. Our solutions are smart and workflow-based, allowing for easy customizations without third-party assistance.\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">We serve 250+ clients, including 50+ major banks and NBFCs, many of whom have used our KYC verification and evidence creation services to reduce onboarding &amp; operational costs by 90%, reduce turnaround time from months to 10 mins, and save 120 hours per customer. Our <a href=\"https:\/\/melento.ai\/en-in\/blog\/all-about-kyc-verification\">KYC verification<\/a> solution has also been <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/awards\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>awarded<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> the Global Banking and Finance Review\u2019s <strong>Best Digital Onboarding Solution of 2020<\/strong> in India.\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Are you curious about digitizing your documentation? Book a demo with us now!<\/span><\/p>\n<p style=\"text-align: center;\"><a href=\"#name\"><br \/>\n<button class=\"wpcf7-form-control wpcf7-submit envor-btn envor-btn-primary envor-btn-normal\" type=\"button\"><b>Book a Free Demo<\/b><br \/>\n<\/button><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>KYC Verification: One size doesn\u2019t fit all Know Your Customer (KYC) procedures are a huge pain point for banks, NBFCs, insurers &amp; several other businesses. These procedures are subject to rapid change, entail huge costs and precipitate huge losses for the businesses involved.\u00a0 The purpose of stringent and overarching KYC regulations is to deter money [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":6002,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"page_templates\/blog-new-3.php","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[14,22],"tags":[52,575,1091,1120,1449,1479,1483,1488,1633,1634,2373,2379],"class_list":["post-4829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekyc","category-video-kyc","tag-aadhaar-esign","tag-digital-kyc-verification-solution","tag-esignature","tag-estamp","tag-kyc","tag-kyc-verification","tag-kyc-verification-for-nbfc","tag-kyc-verification-solution","tag-nbfc-kyc-onboarding","tag-nbfc-kyc-verification","tag-video-kyc","tag-video-kyc-nbfc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why NBFCs Require A Holistic Approach To KYC Verification - Melento (Formerly SignDesk)<\/title>\n<meta name=\"description\" content=\"NBFCs are de-regulated FIs &amp; can quickly adapt to changing conditions. 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