Signzy launches video conferencing tool for secure communications between banks and customers

India’s leading RegTech startup Signzy has launched a Video Conferencing (VC) tool for secure, private one-to-one communication between banks and other financial institutions on one hand, and their customers on the other.

The Signzy VC tool uses Artificial Intelligence to enhance security and reliability and thus aims to deliver seamless business continuity for banks, FIs and other organizations during the prevailing national lockdown. It has been designed for enabling front-end processes that necessitate a face-to-face conversation with the customer.

“Generic video conferencing apps and tools are simply not designed for banking-grade security and privacy and are thus unsuitable for use in financial services industry’s customer-facing workflows. Signzy’s Video Conferencing tool on the other hand delivers industry-leading security and privacy for one-to-one interactions and is therefore best suited for banks, insurance companies and other organizations where security and privacy of communications is a critical requirement,” said Ankit Ratan, the co-founder of Signzy.

Signzy’s video conferencing tool is honed with numerous layers of checks and balances including, AI-enabled video forensics and identity document checks that eliminate security gaps by combining human scrutiny with both software and ML and AI-enabled learning.

The tool ensures seamless communication and end-to-end encryption along with securing data leakage. For example, a bank can choose to disable client-side video controls during a call, which would prevent a customer from switching off the video while the call is in progress. Further, the AI technology ensures that all calls can be audited and any breach in the protocol can be readily caught. “Since this has been developed with banks as intended users, no other third-party software currently matches this level of security,” Ankit added.

In the wake of global COVID-19 pandemic and India’s nationwide lockdown, banks have been encouraging their customers to use digital channels for transactions as far as possible. Many banks have adopted video KYC as a 100% digital KYC process for new customer onboarding and customer verification.

Signzy’s VC tool allows banks, insurance companies and other financial services providers to go a few steps further and use secure video conferencing for other processes that otherwise necessitate a face-to-face interaction with the customer, inside the branch or at the customer’s premises. For example, client relationship managers can schedule a secure video call with their clients for processing certain types of financial transactions.