eKYC for Bank and Financial Sector, Modern Bank is one of the leading banks in India. Last year, the bank decided to leverage the growing tide of digitalization and increasing shift to use of cell phones in India to launch a service to help prospective customers open a bank account on their mobile phones. In a short time of about 12 months, the bank had opened 5 million new mobile banking accounts under this service. Now, the bank faced the challenge of converting these accounts to fully operational accounts, complete with the issue of cheque-books.

The bank started with the traditional method of its staff contacting each customer personally and persuading them to complete the requisite KYC process. However, this was a daunting task for three reasons – the number of the customers involved, the number of additional processes that existing staff would need to handle and the proclivity of the customers to avoid visiting a bank branch. Considering the fact that the mobile banking service is now a hugely popular choice, the Modern Bank will continue to acquire millions of new customers every year and the problem of customer on-boarding would acquire gargantuan proportions.

Faced with this crisis, the Modern Bank chose to handle this problem through the truMe solution. With the truMe powered self-service kiosks placed at various locations of the bank’s choice, the mammoth operation does not put any stress on the bank’s present bandwidth. truMe kiosks handle the entire process of customer on-boarding, right from the welcome message to a mobile banking customer to validating her identity to completing her eKYC to collecting her signature and dispatch of a cheque-book to her, without any staff required to manage the process except at the dispatch of cheque-book stage.

In truMe, eKYC for Bank and Financial Sector Bank has found the perfect partner to support it in its ambition of acquiring millions of customers at a fast clip. Its newly acquired customers are also happy that they don’t have to go through the usually cumbersome banking processes to start enjoying the full spectrum of services a bank offers its KYC verified customers.