{"id":18524,"date":"2020-11-05T12:25:37","date_gmt":"2020-11-05T12:25:37","guid":{"rendered":"https:\/\/habiletechnologies.com\/?p=18524"},"modified":"2022-07-22T10:13:46","modified_gmt":"2022-07-22T10:13:46","slug":"the-lenders-roadmap-to-digital-onboarding","status":"publish","type":"post","link":"https:\/\/wiki.cloudbankin.com\/index.php\/2020\/11\/05\/18524\/the-lenders-roadmap-to-digital-onboarding\/","title":{"rendered":"The Lender&#039;s Roadmap to Digital Onboarding"},"content":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;18580&#8243; img_size=&#8221;medium&#8221; alignment=&#8221;center&#8221;][vc_column_text]<span style=\"font-weight: 400;\">This blog is a conversation between 2 important people from the lending technology landscape. <\/span><span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/in.linkedin.com\/in\/hafeez-mirza-93935711b?trk=people-guest_people_search-card\"><span style=\"font-weight: 400;\">Mr. Hafeez Mirza<\/span><\/a><\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/in.linkedin.com\/in\/maniparthasarathy?trk=people-guest_people_search-card\"><span style=\"font-weight: 400;\">Mr. Mani Parthasarathy<\/span><\/a><\/span><span style=\"font-weight: 400;\"> talk about,<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400; color: #000000;\">The digital onboarding process and its three main aspects.<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">Challenges faced in digital onboarding.&nbsp;<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">The use of APIs.&nbsp;<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">Role of customer in the digital lending process.&nbsp;<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">Regulatory measures.&nbsp;<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The conversation between the tech enthusiasts from the lending world requires the mention of two important things. The two factors help the audience to understand the relevance and significance of this conversation.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">First, all queries posed during the conversation are based on a survey conducted by Habile Technologies among several <\/span><span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/habiletechnologies.com\/blog\/10-stages-loan-origination-process\/\"><span style=\"font-weight: 400;\">lending organizations<\/span><\/a><\/span><span style=\"font-weight: 400;\"> that are facing issues with the digital onboarding process.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">Second, this dialogue comes at a time, when the pandemic, though slowing down in pace, has left back a huge economic void in the professional and personal lives of people. With social distancing on one side and the growing need for funds on the other side, it is not less shocking to know that over 500, 000 people are searching for loan providers online.<\/span><\/p>\n<h3><strong><span style=\"color: #000000;\">Let us get started\u2026<\/span><\/strong><\/h3>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;25px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><strong><em>The need to \u201cgo digital\u201d has increased tremendously and digital onboarding has become the buzzword in the lending landscape. Hafeez, what is digital onboarding and how is its different from the traditional method of onboarding a borrower?<\/em><\/strong><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"color: #000000;\">Digital onboarding is the use of an online platform to gain new clients (borrowers), in laymen terms.<\/span><br \/>\n<span style=\"color: #000000;\">The traditional onboarding process involves too much paperwork, is tedious, time consuming, and prone to errors. Even big banks make the government mandated KYC process a tiresome, boring, and repetitive process. This unyielding nature of the traditional loan process has paved way for digital onboarding of borrowers.<\/span><br \/>\n<span style=\"color: #000000;\">In digital onboarding, the process is completed by uploading the soft copies of relevant documents and validating them using technologies like OCR (Optical Character Recognition). The KYC process takes only few minutes to be completed when compared to the many days involved in the traditional process.<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><strong><em>Hafeez, what are the biggest advantages of digital onboarding?<\/em><\/strong><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">With digital boarding the process is completed in just few minutes. Also, there is very less effort and cost involved. Manpower can be reduced, and <span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/habiletechnologies.com\/blog\/workflow-management-the-key-to-efficient-loan-origination-system\/\">errors can be minimized<\/a><\/span>.&nbsp;<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>With respect to the collection of information, what is the difference between the digital and traditional approach?<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">In the traditional process, when the customer approaches the bank or the NBFC, they are informed about the documents required for the process and are requested to keep them all ready.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">The customer goes back to get original documents along with the photocopies. Then comes the problem of missing documents and the need to submit documents multiple times when applying to more than one bank.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">The traditional approach of collecting documents and gathering the required information can take about 5 -6 days on an average.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">Contrary to this, in the digital approach, banks are linked to a common database of information about customer and the verification process is real time. When used optimally, digital onboarding allows loan disbursements within only 3-4 hours. <\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>What are the top challenges that a borrower would face with digital onboarding process?<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">I believe the documentation part of the process is the biggest challenge for borrowers. This is especially true in the case of rural customers. Rural parts are the least tapped market and yet penetrating the market comes with a few challenges.<\/span><br \/>\n<span style=\"font-weight: 400;\">For instance, rural customers often have no bank account and thus no bank transactions. They do not have income tax related documents too. In most cases, the only document available would be the voter ID. Determining the financial information of such borrowers can be a problem.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">However, digital onboarding is still the better option for such borrowers as visiting these customers physically, may not be feasible.&nbsp;<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>Your answer triggers another question. How can the location of a customer from a rural area be captured during the digital onboarding process?<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">Capturing the exact location of rural customers is a challenge as they do not have elaborate addresses. However, the location is captured through techniques like geotagging and by using the information they provide while availing a LPG connection. Accuracy of the location captured may not be 100% perfect.&nbsp;<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>Hafeez, could you please explain the various stages for digital onboarding from the lender\u2019s perspective?<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">Sure, of course! My answer will also address the question from our audience about the data points involved in the process.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">There are <span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/habiletechnologies.com\/blog\/introduction-loan-origination-system\/\">three major aspects<\/a><\/span> involved in the digital onboarding process, they are<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">POI \u2013 Proof of Identity<\/span><\/li>\n<li><span style=\"font-weight: 400;\">POA \u2013 Proof of Address<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Proof of Income.&nbsp;<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In other words, these are the key data points involved in the digital onboarding process. All details are collected and verified digitally.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">As we move on to explore the various stages of digital onboarding, one must remember that while I furnish a general outline of the process, there may be some changes based on how an organization is willing to onboard a customer.&nbsp;<\/span><br \/>\n<strong>The first step attempts to answer the question WHO IS THE CUSTOMER?<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Basic details such as name, gender, age, family details are collected.&nbsp;<\/span><\/li>\n<\/ul>\n<p><strong>The second step attempts to answer the question WHAT IS THE CUSTOMER (what is the liability of the customer)?<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The customer is expected to submit the required documents in this stage. The documents needed to support their basic details.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Customers are expected to upload soft copies of their PAN card, voter ID, bank statements and so on. The documents to be submitted is based on the loan applied and the lender.&nbsp;<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>The third step is the verification of the documents.<\/strong>&nbsp;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The documents submitted in the previous stages are verified digitally and the credit underwriting process is completed during this stage. <\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>Ok Hafeez. But does the digital onboarding process stop here? What happens when the customer is indeed eligible for the loan?<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">The digital onboarding journey continues beyond the underwriting process too. The complete digital process has three main stages.<\/span><br \/>\n<b>Stage 1: Customer onboarding and validation of documents.<\/b><br \/>\n<span style=\"font-weight: 400;\">Documents are collected digitally and are validated through digital means. The underwriting process is completed, and the loan is approved for the right customers.&nbsp;<\/span><br \/>\n<b>Stage 2: Signing of agreements and E -mandate.<\/b><br \/>\n<span style=\"font-weight: 400;\">Using the e-mandate service, servicing the loan through payment of instalments can be done. Habile Technologies and ZOOP as a team can help in this stage by setting up the e-signing as well as the e-mandate process for the lender, thus ensuring the payments are automatically received by the lender.&nbsp;<\/span><br \/>\n<b>Stage 3: Closure of the loan agreement.&nbsp;<\/b><br \/>\n<span style=\"font-weight: 400;\">When the final settlement has been completed by the borrower, the loan agreement is terminated. <\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>The process seems straightforward. With this information in the background, I would like to introduce a product called CloudBankIN on behalf of Habile Technologies.<\/strong><\/em><br \/>\n<em><strong>Can you explain how an API actually works? Let us take an example, say, driving licence, how can the API be used in this case?<br \/>\n<\/strong><\/em><br \/>\n<em><strong>Moving on, Hafeez, can you please explain about this much-hyped term called API, in laymen terms?<\/strong><\/em><br \/>\n&nbsp;<\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">API \u2013 Application Program Interface is the technical term used to refer to that which needs very less integration and allows people to copy and paste the code to get started with. To make it easier for the non-technical people, we can call the API, a product that defines very single process from input to output.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">Zoop.One has about 30 \u2013 40 APIs live, currently. In the lending landscape, we have APIs for customer identification and verification such as for PAN card verification, Aadhar card authentication, Voter ID, Passport, and Driver\u2019s License&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">And for the financial data, we have APIs for bank account verification, bank statement analysis, IFSC check and we have recently launched two new APIs for ITR extraction and Form 26a extraction. Using these two APIs, lenders can extract ITR information and salary information for the previous year as well as in real time with minimal details about any individual.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">In addition to these APIs, we provide APIs for OCR, face match and liveness, GST verification for merchant onboarding and asset verification. <\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>Can you explain how an API actually works? Let us take an example, say, driving licence, how can the API be used in this case?<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">Sure. So, when the DL number is entered by the borrower, this information is communicated to the API server. When there is an API call, there is a real-time communication with the government database. The information required by the lender (customer photo, name, DOB, father\u2019s name, present and permanent address, types of vehicles the customer is allowed to drive, data of issue of license) is obtained from the government database and communicated to the lender without being processed, changed or stored anywhere.<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>Sounds good. However, what happens when there is a fraudulent case? For example, what happens when I enter a random DL number?<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">If the number entered is a valid DL number, then the API pulls information that is relevant to that particular number. However, since the photo of the customer is obtained, the information can be cross checked using the face match API. If the lender believes that this proof can also be tampered, then there is the face liveliness API. This API helps identify a fraudster by asking him\/her to perform actions like tilting the head, waving and so on.&nbsp;<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>Great! Moving to questions from the audience, one of them would like to know if customer assistance is needed for fetching Form 26 information?<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">Yes, the customer assistance is required for the process. This is because, during the process, the IT department sends 2 OTPs \u2013 one to the registered mobile number and another to register email ID.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">Both OTPs must be provided as they are both different and therefore customer information is mandatory in this process.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">However, the process is simple and has only three steps:<\/span><br \/>\n<span style=\"font-weight: 400;\">Step 1: Consent provided by the customer (we are completely consent-driven platform).<\/span><br \/>\n<span style=\"font-weight: 400;\">Step 2: Reading into the OTP.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">Step 3: Data fetch.&nbsp;<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>What kind of RBI regulations are involved with the digital onboarding process?<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">The RBI requires all banks and NBFCs to perform the POI and POA verification before sanctioning the loan. Apart from this requirement, regulations and rules are primarily implemented by the lender based on their needs and specific use cases.&nbsp;<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>Can images of the Aadhar card be taken and encrypted in the digital process?<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">Yes, the image can be taken and the rules of the UIDAI is that the user must be always involved during the Aadhar verification and the Aadhar number must always be masked. They do not stop the lender from storing any information.<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>What is the minimum set of data point required for digital KYC verification?<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">As mentioned earlier, the RBI requires the lender to perform POI and POA verification.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">The best part about digital onboarding is that it requires very minimal information. For instance, for PAN authentication, the lender only needs the PAN number. In other words, the unique number associated with the POI or POA is alone sufficient.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">Our APIs focus on the new sector of the customer platform that can be tapped for data and how the required data can be collected through obtaining minimal information. <\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>What happens in the case of mismatch in the name of the consumer? How can name mismatches be resolved?<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">Our APIs, along with collecting information about a PAN card or a DL, tag the proof with a status too. Thus, the real time status of the proof certainly says something about the name mismatch.&nbsp;<\/span><br \/>\nAlso, in some cases, the complete name is not entered into the document thus causing more confusion. For instance,&nbsp;Hafeez Mirza is sometimes entered as M Hafeez or Hafeez M. During such instances, it is recommended to use the name match API. This API renders an accuracy percentage for name match. Generally, a name match percentage of 80% or above can be considered good to go ahead with the verification process.<\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>Well! However, your answer triggers another question. Matching the name from multiple documents can itself be tedious. Can the name match API resolve this issue?<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">Yes, certainly. This is done by matching the customer input with any of the documents and a match percentage can be generated.&nbsp;<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>What happens when I enter my PAN number into the stipulated space with the Aadhar number of Hafeez? I believe this is a case of fraudulence though both documents are valid.<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">As I already mentioned, in the initial stages of digital onboarding, the lender collects the basic information and later the supporting documents from the customer.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">Lenders must set up a risk algorithm at their end to match the information obtained from the data fetch to the information obtained from the basic and supporting documents. If the information does not match, then the algorithm will yield a zero and the application can be rejected.&nbsp;&nbsp;<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>Are all API hits (API history) recorded?<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">No, not from our (API provider) end for security reasons.<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>How secure is the digital onboarding process?<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">As the API provider, I can assure 100% security through two important aspects.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">First, we provide cloud services using Amazon servers and try to follow the highest level of encryption to ensure optimal safety.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">Second, we do not store any data. We are only a channel of communication and do not process or alter data in any way. Thus far, there has been no case of data leakage through our APIs and this is one of the reasons why we have over 90% customer retention. <\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><em><strong>Mani, can you please explain about the benefits that lenders can reap from the partnership between Habile Technologies and Zoop.One?<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><span style=\"font-weight: 400;\">Sure. The major benefit we provide for NBFCs and microfinances in reduced cost. Cost per lead for these organizations is generally around INR 200. We will be able to reduce the cost by a significant amount.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">The next important benefit is the ability to go paperless. And then the amount of time taken to handle a loan is reduced significantly.&nbsp;<\/span><br \/>\n<span style=\"font-weight: 400;\">Finally, the history of every customer is recorded. For instance, if a customer is onboarded using a mobile number, this number is matched with his PAN number. If another customer with a different mobile number uses this PAN number, then the act of fraudulence can be captured easily.&nbsp;<\/span><em><strong>&nbsp;<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">I would like to add another point. NBFCs can easily integrate the system into their business. They do not have to worry about seamlessly integrating the system and scale further. Instead, they can continue to focus on capturing more customers.&nbsp;<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>Can you please explain what are the validations that can be done through video KYC?<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">Banks and bigger lending institutions can implement the Video KYC setup as they have the resources needed for it. However, for smaller lenders, this may not be financially feasible. In this case, digital onboarding is a better option.&nbsp;<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>Can the KYC process be completed without video KYC?<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">Yes, the KYC can be completed with the help of APIs alone.&nbsp;<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>Can APIs be connected to judicial cases?<br \/>\n<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">No, not now. But the possibility does exist for the future.<\/span><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"CIBIL\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/mani-profile.jpg\" alt=\"Mani\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Mani Parthasarathy<\/h4>\n<p><em><strong>What is the future of digital onboarding?<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;12px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_empty_space][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<div class=\"stm_partner style_2\">\n<div class=\"image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"Hafeez Mirza\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/10\/Hafeez-img.jpg\" alt=\"Hafeez Mirza\" width=\"50\" height=\"50\"><\/div>\n<div class=\"stm_partner_content\">\n<h4 class=\"no_stripe\">Hafeez Mirza<\/h4>\n<p><span style=\"font-weight: 400;\">Data privacy will certainly be a major area of focus for the consumer as well as the client. We are also working on this area, to ensure optimal safety of data.<\/span><br \/>\nTo summarize, ZOOP.ONE is a tech company that is basically a transporter of data from one source to another. We never store, process and format the data passing through our product. Our main aim is to ensure that time is never lost while relaying the data from one source to another. And this makes us stand out of the competition.<\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h3><strong>Speaker Profiles:&nbsp;<\/strong><\/h3>\n<p><b>Hafeez Mirza:<\/b><span style=\"font-weight: 400;\"> With vast experience in the fintech, ed-tech and health-tech industries, Hafeez is adept with handling technology to deliver the right amount of automation for any business process. He is a part of the <span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/zoop.one\/\">ZOOP.ONE<\/a><\/span> business team and is responsible for handling end-to-end customer onboarding journey for the digital identity platforms.&nbsp;<\/span><br \/>\n<b>Mani Parthasarathy: <\/b><span style=\"font-weight: 400;\">Co-founder of <span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/habiletechnologies.com\/\">Habile Technologies<\/a><\/span> and a thought leader in his own right, Mani is a seasoned technology expert from the fintech world. His company has been serving clients across the globe and their signature product CloudBankIn has changed the way several NBFCs and microfinance corporations have been doing business thus far.&nbsp;<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h3>You may also like:<\/h3>\n<div class=\"stm_news blog_most_recent_posts\">\n<ul class=\"news_list posts_per_row_3\">\n<li id=\"post-7288\" class=\"post-7288 post type-post status-publish format-standard has-post-thumbnail hentry category-loans tag-agency tag-collection tag-debt tag-loan tag-modern tag-technology tag-traditional\">\n<div class=\"post_thumbnail\"><a href=\"https:\/\/habiletechnologies.com\/blog\/the-indian-loan-management-system-during-and-after-the-pandemic\/\"><img loading=\"lazy\" decoding=\"async\" class=\"attachment-consulting-image-350x204-croped size-consulting-image-350x204-croped wp-post-image\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/07\/The-Indian-Loan-Management-System-\u2013-During-and-After-the-Pandemic-350x204.jpg\" alt=\"\" width=\"350\" height=\"204\"><\/a><\/div>\n<h5><a href=\"https:\/\/habiletechnologies.com\/blog\/the-indian-loan-management-system-during-and-after-the-pandemic\/\">The Indian Loan Management System \u2013 During and After the Pandemic<\/a><\/h5>\n<\/li>\n<li id=\"post-7037\" class=\"post-7037 post type-post status-publish format-standard has-post-thumbnail hentry category-banking-and-finance category-loans\">\n<div class=\"post_thumbnail\"><a href=\"https:\/\/habiletechnologies.com\/blog\/challenges-and-opportunities-for-digital-lenders-in-covid-19-recession\/\"><img loading=\"lazy\" decoding=\"async\" class=\"attachment-consulting-image-350x204-croped size-consulting-image-350x204-croped wp-post-image\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/08\/Challenges-and-Opportunities-for-Digital-Lenders-in-Covid19-Recession-350x204.jpg\" alt=\"\" width=\"350\" height=\"204\"><\/a><\/div>\n<h5><a href=\"https:\/\/habiletechnologies.com\/blog\/challenges-and-opportunities-for-digital-lenders-in-covid-19-recession\/\">Challenges and Opportunities for Digital Lenders in Covid 19 Recession<\/a><\/h5>\n<\/li>\n<li id=\"post-7037\" class=\"post-7037 post type-post status-publish format-standard has-post-thumbnail hentry category-banking-and-finance category-loans\">\n<div class=\"post_thumbnail\"><a href=\"https:\/\/habiletechnologies.com\/blog\/lending-revival-post-covid-19\/\"><img loading=\"lazy\" decoding=\"async\" class=\"attachment-consulting-image-350x204-croped size-consulting-image-350x204-croped wp-post-image\" src=\"https:\/\/habiletechnologies.com\/wp-content\/uploads\/2020\/12\/Lending-Revival-Post-COVID-19-350x204.png\" alt=\"\" width=\"350\" height=\"204\"><\/a><\/div>\n<h5><a href=\"https:\/\/habiletechnologies.com\/blog\/lending-revival-post-covid-19\/\">Lending Revival Post COVID-19<br \/>\n<\/a><\/h5>\n<\/li>\n<\/ul>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;18580&#8243; img_size=&#8221;medium&#8221; alignment=&#8221;center&#8221;][vc_column_text]This blog is a conversation between 2 important people from the lending technology landscape. Mr. Hafeez Mirza and Mr. Mani Parthasarathy talk about, The digital onboarding process and its three main aspects. Challenges faced in digital onboarding.&nbsp; The use of APIs.&nbsp; Role of customer in the digital lending process.&nbsp; Regulatory measures.&nbsp; The [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":18580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[129],"tags":[],"class_list":["post-18524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-origination"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Lender&#039;s Roadmap to Digital Onboarding - Habile Technologies<\/title>\n<meta name=\"description\" content=\"Technology experts from the digital lending sector enlighten us with their views, thoughts and perspectives about the present and future of digital lending.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wiki.cloudbankin.com\/index.php\/2020\/11\/05\/18524\/the-lenders-roadmap-to-digital-onboarding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Lender&#039;s Roadmap to Digital Onboarding - 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