Fintuple (www.fintuple.com) is an exciting young Fintech startup based in India. Fintuple helps fund and wealth institutions move to the digital age by building a technology backbone around fund data, insights, and automation. Their vision is to build a product suite that connects the capital market eco-system, where onboarding, reporting, sales and marketing, and portfolio construction will be powered for the industry.
One of the key components of this end-to-end solution, in a very archaic industry, is to have a state-of-the-art Onboarding solution that will reduce the Fund’s time-to-value, by onboarding investors and distributors on the Funds from the current 30-45 days to hours.
Onboarding new customers at pace with ease
Fintuple knew that in a cutthroat world of Fund Management, especially in India, giving exceptional customer service is important for maintaining a competitive advantage. The onboarding process was invariably the first touchpoint an investor or distributor had with the Fund and hence it was important to have this as part of their product suite. Yet, a large chunk of Funds was still manually onboarding investors and distributors, a process that was slow, error-prone, and bring in inefficiencies.
Automating this process required a solution that had the following key components:
- An AI-based platform with intelligent data extraction, verification of documents, and Face/Liveness based Fraud detection techniques
- Safe & Secure- Enterprise-grade infrastructure with end-to-end data encryption
- Cost-Effective – A flexible usage-based pricing that grows with Fintuple
- Bespoke Workflows- Customizable workflows, interfaces, and document templates
- Fully Compliant- Updated regularly with Capital Market regulators guidelines and directives
Fueling Growth with IN-D eKYC and Video KYC
To speed up and reduce errors during onboarding, the whole solution needs to be completed in Minutes with minimum manual intervention and very high levels of accuracy. IN-D’s Identity and Onboarding Solution (IN-D I&O) provided the flexibility and the AI capabilities required to build this solution.
IN-D offers Flexibility with its API based approach for delivering services such as Identity Card Classification and OCR, Identity Card Fraud Check, Identity Verification, Face Match, Liveliness Check, Video Web-RTC (for Video KYC) API, etc.. independently such that they can be consumed for all kinds of Be-Spoke workflow requirements for changing customer needs. Also, the solution is deployed in Fintuple’s Cloud Infrastructure allowing Fintuple to have control on security and network latency aspects.
IN-D team deployed the solution and help the Fintuple team build integrations, ready for the client use, in a short time of two weeks. And with ZERO initial investments. Moreover, IN-D also offered a flexible chargeback mechanism where IN-D’s payments were linked to Fintuple’s Success.
Setting up for a long-term partnership
With IN-D I&O, Fintuple helped its Fund Management Clients automate 90%+ of customer onboarding journeys. It also saved precious time that was wasted on manual onboarding and processing significantly improve customer experience. Fintuple and IN-D’s partnership is soaring to new highs with the addition of two new large-clients within 3 Months of this partnership and the best is yet to come