KYC Made Easy: Jio Haptik-IDfy Partnership Leverages WhatsApp for Complete End-to-end Process
India, May 23, 2023: Opening a bank account, dealing with an insurance provider, or filling out a loan application is something that’s now going to be as easy as chatting with a friend – you’ll now be able to do it over WhatsApp.
Jio Haptik, a leader in conversational commerce, and IDfy, a B2B technology company that helps brands in identity management and fraud mitigation, have joined hands to develop a journey where companies can onboard their users and partners and complete their end-to-end KYC process on WhatsApp.
With Haptik’s GPT bot-powered proactive messaging capabilities, businesses can now receive personalized notifications to re-engage and nudge users to complete pending KYC on WhatsApp. IDfy’s advanced APIs, on the other hand, leverage AI/ML algorithms to extract information from documents, detect tampering, verify ID details against official databases, compare faces across pictures, and run criminal record checks, creating a secure verification process.
The joint solution powers businesses to achieve up to 99% auto-approval with automated decision-making around KYC checks – over a conversation on WhatsApp.
Haptik CEO & co-founder, Aakrit Vaish, said: “We are thrilled to collaborate with IDfy, whose expertise in the BFSI sector perfectly complements our experience in the WhatsApp chatbot domain. Our joint focus is on providing exceptional solutions by maximizing the potential of WhatsApp as a powerful messaging app for brands like IDfy to streamline support while ensuring convenience and customer satisfaction. By bringing the entire account opening and e-KYC process onto WhatsApp in a frictionless and seamless manner, we are committed to delivering a superior customer experience.”
The integration is a milestone in the digitization of India, where it not only improves customer satisfaction but also reduces drop-off rates during the onboarding process. The platform will enable other use cases such as loan applications, merchant onboarding, and more, all within the same platform, providing a seamless user experience for customers – all of this from an instant messaging platform, without having to install a third-party app.
IDfy’s CPO, Paritosh Desai, said: “IDfy and Haptik’s partnership is one-of-a-kind, transforming how businesses operate in the Fintech and BFSI space. At IDfy, our priority is delivering exceptional user experiences and, in Haptik, we’re collaborating with a technology partner that shares our brand ethos and is an innovator par excellence. Haptik’s industry-leading WhatsApp chatbots help us accomplish a wide range of use cases, including account opening in the Banking space and merchant onboarding in the e-commerce industry. Our vision is to touch more users with our products and create seamless user journeys. We are confident that this partnership will help businesses improve their conversion rates while offering a superior customer experience that translates to better retention and customer loyalty.”