WorkApps’ Video Platform Reduces Bank Customer Verification Time from Days to Seconds
Uncovering the Power of Video
During his tenure in the financial services industry, Rudrajeet Desai, chief executive officer at WorkApps Product Solutions (WorkApps), witnessed inefficiencies in business processes ranging from credit verification to insurance claims settlements. For example, the loan application process in India is time-consuming—applicants are required to meet with a credit officer in person, to discuss the terms of the loan and share physical documents for verification.
There was an opportunity to streamline the workflow and make customer interactions more effective by automating manual processes. Determined to solve this, Rudrajeet shares, “One day, it came to me. We can “videofy” the process,” a phrase that is now imbibed in the company’s mission.
He adds, “With a secure video-integrated digital solution, the loan application process can be done remotely—a video call, where applicants can also share digital documents for verification, and instantly find out the outcome of the application. The same approach can be applied to multiple use cases across the industry.”
Founded in 2017, WorkApps strives to improve collaboration and communication for organizations within India’s financial sector, through the use of video-based messaging tools.
“During the lockdown period, we were conducting 40,000 KYCs a day, and today, we have captured 80 percent of the market share for video KYC—all thanks to our early decision to go all-in and build our platform on AWS.”
Chief Executive Officer, WorkApps
Building a Strong Foundation in Video
Rudrajeet and his team identified 14 other key business processes which could benefit from a similar video-based workflow. These included credit verification, loan and health advisory, online customer support, and video medical examination report, among others.
To turn Rudrajeet’s ‘videofy’ concept into reality, WorkApps used Amazon Web Services (AWS) to build its enterprise-grade messaging product. While designing and developing the product, WorkApps adopted AWS’ best security practices to meet security, regulatory, and compliance requirements of financial services institutions.
WorkApps also benefits from using AWS Lambda, a serverless service, to run its code. This allows the company to focus on its core business goals as server provisioning and its management are now automated. Furthermore, the features of AWS Lambda enables WorkApps to automatically scale the messaging platform to perform its customers’ preferred processes any number of times, in line with customer demand.
Utilising Amazon Elastic Compute Cloud, which holds a resizable compute capacity, and Amazon Simple Storage Service, a highly available and scalable object storage service, WorkApps is able to meet its customers' requirements for high scalability with ease.
Rudrajeet says, “AWS has enabled us to tap into a niche opportunity within the financial sector, and offer our customers greater value and convenience. Our video-based messaging platform is highly secure, flexible, and can be deployed in less than a week. Not only have we removed inefficiencies in business processes, we’ve also created a solution that can seamlessly integrate in any organization within the financial sector, including banks, non-banking financial companies, insurers, and other fintech organizations.”
With AWS, WorkApps is able to offer its customers the convenience and choice to digitalize any or all of the 14 processes and tailor the messaging platform to best suit its requirements.
Innovating for the Future
Throughout its growth, WorkApps stayed attuned to its customers’ pain points and uncovered more business processes to digitalize. Similar to the loan application process, customer onboarding in banks could take up to two days, as it required physical verification of the customer's identity.
However, in January 2020, the Reserve Bank of India announced a new ruling to allow financial services organizations to use video-based Know Your Customer (KYC) verification services—an opportunity which WorkApps was able to quickly seize, having developed a solution strongly rooted in video.
The team promptly incorporated Amazon Rekognition, an image and video analysis tool, providing its customers with the ability to verify customer identities in near real-time. This process would take over 48 hours if completed in person or manually. With Amazon Rekognition, WorkApps’ platform can detect faces within a video frame and verify against their Aadhaar, a government-issued identification document, or passport, with a high degree of accuracy and within two to three seconds.
Implementing the video KYC feature within its platform gave WorkApps a business edge during the pandemic. When India went into lockdown, the demand for digital KYC tools spiked as banks turned to digital onboarding and verification processes for business continuity. Running on AWS made WorkApps’ platform highly compatible with over 80 percent of its customers, who also built their infrastructure on AWS. The integration was therefore much faster, allowing WorkApps’ customers to implement video KYC within a week, down from 3 months.
Rudrajeet adds, “During the lockdown period, we were conducting 40,000 KYCs a day, and today, we have captured 80 percent of the market share for video KYC—all thanks to our early decision to go all-in and build our platform on AWS.”
“The fact that the Reserve Bank of India reached out to us to co-author an industry whitepaper on leveraging video technology within the sector is further testament to the potential of Video-as-a-Service tools. We are more confident than ever that we have what it takes to venture into other sectors as well.” concludes Rudrajeet.
WorkApps Product Solutions
WorkApps Product Solutions (WorkApps) provides enterprise Software-as-a-Service messaging tools, designed specifically for the financial sector. Founded in 2017, it aims to enhance communication and digitalize business processes within the sector using video-based communication.
Benefits of AWS
- Developed a highly scalable and customizable messaging platform with over 14 use cases
- Captured 80 percent of market share for video KYC in India
- Conducts high accuracy customer verification in two to three seconds, using an image and video analysis tool
AWS Services Used
Amazon Simple Storage Service
Amazon Simple Storage Service (Amazon S3) is an object storage service that offers industry-leading scalability, data availability, security, and performance. This means customers of all sizes and industries can use it to store and protect any amount of data for a range of use cases, such as data lakes, websites, mobile applications, backup and restore, archive, enterprise applications, IoT devices, and big data analytics.
Amazon Elastic Compute Cloud
Amazon Elastic Compute Cloud (Amazon EC2) is a web service that provides secure, resizable compute capacity in the cloud. It is designed to make web-scale cloud computing easier for developers. Amazon EC2’s simple web service interface allows you to obtain and configure capacity with minimal friction.
AWS Lambda is a serverless compute service that lets you run code without provisioning or managing servers, creating workload-aware cluster scaling logic, maintaining event integrations, or managing runtimes. With Lambda, you can run code for virtually any type of application or backend service - all with zero administration.
Amazon Rekognition makes it easy to add image and video analysis to your applications using proven, highly scalable, deep learning technology that requires no machine learning expertise to use. With Amazon Rekognition, you can identify objects, people, text, scenes, and activities in images and videos, as well as detect any inappropriate content.
Companies of all sizes across all industries are transforming their businesses every day using AWS. Contact our experts and start your own AWS Cloud journey today.