Aditya Birla Sun Life AMC on Wednesday said it has witnessed an increase in paperless onboarding of customers, with the asset manager adding over 50,000 new investors with its video e-KYC system during the nationwide lockdown.
To provide video e-KYC service, the asset manager had partnered Signzy to leverage its AI-based digital customer onboarding solution.
The technology enables a zero-contact, paperless system that replaces the need for physical submission of KYC (Know Your Customer) documents, Aditya Birla Sun Life AMC said in a statement.
The asset manager said it has already onboarded close to 1 lakh investors to the mutual fund industry with video e-KYC system since its adoption a year ago.
This artificial intelligence and machine learning enabled video e-KYC system replaces the need for document management, providing an instantaneous experience.
Investors can complete and submit their KYC application from the safety and security of their homes using the facility, which significantly reduces the turnaround time by speedy onboarding.
"The ongoing lockdown has made physical modes of submitting KYC applications inconvenient. With our already available video e-KYC solution we have been able to win over this logistical challenge. This mode of onboarding is seeing rapid increase on a daily basis by our partners and investors," Aditya Birla Sun Life AMC MD and CEO A Balasubramanian said.
He further said the number of registrations through video e-KYC more than doubled between January and April this year. The adoption of technology across stakeholders will be central to the growth of the mutual fund industry, a need further amplified in the current environment.
In addition, he said 97 per cent of transactions at the asset management company (AMC) were carried out digitally during lockdown
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