WorkApps launches VideoApps.io – A Video platform to help the BFSI sector

• A SaaS product to move processes like KYC, IPV, PD, Credit Verification to Video
Mumbai, India, February 20, 2019 : WorkApps, the Indian Enterprise Product Startup that specializes in Internal and Customer facing Chat solutions for the BFSI Sector, today launched a very unique video platform called www.VideoApps.io, that will enable Banks, NBFCs, Securities, Insurance Companies, Mobile Wallets, and Mutual Funds to Digitize many of the physical processes using Video. 
Most Financial Sector companies spend a lot of time and money on physical meetings with customers for various processes like… 
1. KYC (Know your Customer) in case of Banking
2. In Person Verification (IPV) in case of Securities and Mutual Funds 
3. Credit Verification / Personal Discussion for Loan underwriting
4. Health assessment of Medical Insurance
5. Claim settlement in case of Life Insurance
6. Vehicle / Property / Asset verification in case of General Insurance
VideoApps.io is a platform that will allow Customers to get on Video calls with Bank Employees using a simple browser on their Phones, Pads or Laptops. A customer doesn’t need a registration, login, app or plugin. A bank employee, on the other hand, will have features like Video Recording, Live Screenshots, Document Collection, Photo Capture, Customer Location and more that will enable them to complete their business workflow. Being an Indian company and building solutions for the Indian BFSI sector, VideoApps.io has ensured that the video works even with low internet bandwidth speeds. 
The solution can also integrate with any existing workflows of the company like a customer could be filling up a form, or doing a purchase, and gets connected on a Video Call with a bank employee. 
NRI Banking, Virtual RM and Remote Banking 
The BFSI sector is always in the constant lookout for solutions that can decrease their branch footfalls or reduce their call center traffic. VideoApps.io also offers integrated solutions for Virtual RM, Remote Banking and Customer Support over Chat and Video. The solution includes Text Chat based support by authenticating the customer and having the chat history available on both sides. 
Credit Verification for Loan Underwriting 
Personal Discussion (PD) for Loan Underwriting is one of the most critical processes for NBFCs, which ensures their Bad loans are kept in check. A Credit Verification officer has to travel to meet the customer of every loan the institution is dispersing. Home, Personal, Auto etc. Migrating that process to Video will not only ensure that time and money is saved, but will also lead to faster loan processing, and a more authentic verification. Recording these interactions will also ensure that the archived video can be referred in case the repayment doesn’t go as per plan. 
Rudrajeet Desai, Founder and CEO, WorkApps said,  “The need for a Product and Platform based solution like this, was very clear to us a few months back when we launched our Video Service in beta. We can proudly say that our Customers helped us build the product and it’s used cases with numerous inputs on how this would fit in their business processes and workflows, by adhering to their compliance requirements.” 
Knowing that data security and ownership are of utmost importance to the BFSI sector, VideoApps.io has ensured that they have all the data hosting options possible, and yet remain compliant with the Data Protection Law that is soon to be released in Parliament. Their services are available in 4 hosting options.
1. Public cloud on AWS Mumbai Region, which also ensures that all customer data remains in India 
2. The conventional On-Premise setup for Large Enterprises 
3. Private Cloud setup that is compatible with most Cloud Hosting Providers in India 
4. A hybrid solution for smaller companies, where the data processing happens on VideoApps.io servers, but the storage can be done on a device owned by the Client 
Vishal Shah, Head of Data Sciences, Go Digit Insurance said, “Digital Data Security is an extremely important aspect for the BFSI Sector today, especially when you are dealing with sensitive business information and customer data. WorkApps products are available in a Private Cloud setup, which becomes an extremely lucrative option for us. It’s like having all the benefits of a Cloud-based SaaS product, but with 100% data control and security.”
A solution like this is the need of the hour, given the current environment in the industry. The Indian Banks Association (IBA), the industry body representing banks and financial institutions, had written to the Reserve Bank of India (RBI) seeking revised KYC (know your customer) guidelines following the recent Supreme Court verdict on Aadhaar. Banks are worried about the impact on business due to the lack of clarity following the ruling.
In December last year, RBI had announced that they are strongly evaluating Live Video as an option for e-KYC process. After a ban on Aadhaar-based eKYC, mobile wallet transactions have since showed a decline, both in value and volume. 
Financial Inclusion is a major initiative for the Government as well, and yet reaching out to Rural India remains a challenge for most BFSI players. Putting a branch and employee in every city, district or village is not possible and does not make commercial sense. Video-based solutions will only help cover this gap and allow faster and more processing of banking instruments. Only 7 to 8 percent of India’s population has access to formal credit, leaving a massive population that needs to be reached for Financial Inclusion. 
VideoApps.io is also working on Video Signatures, something that could very well become the future of signing anything digitally. Imagine filling up a form on a bank’s website and then recording your video to authenticate that process using Facial Recognition.