In Candid Conversation with TBF , Ankit Ratan, Ankur Pandey & Arpit Ratan is the Founder of Signzy have shared some insightful views about their company.
Q. Briefly tell us about the CEO/Founder of the company.
Ankit Ratan, Ankur Pandey and Arpit Ratan founded Signzy in 2015. Ankit and Ankur both are alumni of IIT-Delhi and brought the expertise of data science and app development. Arpit is a corporate lawyer and studied at ILS Law College and completed LLM from Pune University. He brings in the knowledge of financial regulations and expertise of working with statutory bodies to the table. The idea behind Signzy came from their personal experiences of dealing with Banks and NBFCs as individuals and companies in their previous start-ups. Forbes 30-under-30 has also featured Signzy cofounders among India’s most promising entrepreneurs.
Q. Kindly brief us about your strategies behind those services/products. If possible, kindly give us a one line unique quote that best describes your company.
Signzy is a no-code AI platform that offers AI-led digital onboarding and verification and fraud detection solutions for banking and financial institutions. Its clients can use Signzy’s no-code platform to build custom solutions suited to their requirements. The company’s proprietary API microservices can enhance functions like extraction, forgery detection, background verification against government databases etc. These APIs follow a plug-n-play approach, requiring minimum hassle for integrating with existing solutions, providing considerable reductions in overall operational expenditure.
Q. Kindly share your opinion on the Industry.
A recent study by Boston Consulting Group (BCG) & the Federation of Indian Chambers of Commerce and Industry (FICCI) suggests that the current valuation of the FinTech industry in India is over $50 Billion, and its valuation estimated to reach as high as $150-160 billion by 2025. The adoption and implementation of technology have taken a giant leap forward during the pandemic. Banking and financial firms realize value from their use of various fintech solutions and their positive impact on customers. Financial organizations are looking more keenly at fintech collaborations for digitalization now, as it offers an agile and cost-effective transformation to digital without overhauling their legacy systems.
Q. Kindly brief us about the most satisfactory experience with a client. What kind of game changing services have you provided to them?
Leading asset management firm Aditya Birla SunLife partnered with Signzy to leverage our AI-based digital customer onboarding solution in the past year. With the onset of the pandemic and the subsequent lockdown, they were facing a challenge in collecting physical modes of KYC applications from their customers, making it inconvenient for their investors and distributors. They needed a solution that would enable remote customer onboarding quickly and seamlessly, and our AI-based video KYC solution fit the bill.
Signzy’s AI and ML-enabled Video e-KYC system replaced the need for document management to provide an instantaneous experience for the customers of Aditya Birla SunLife. The customers were able to complete and submit their KYC application from the safety and security of their homes as the technology enabled a zero-contact, paperless submission. At the same time, it significantly reduced the turnaround time by speedy onboarding. Aditya Birla Sun Life AMC Limited’s application is pre-integrated with Aadhaar XML validation. Signzy’s API framework allows easy integration across multiple platforms providing a leaner and quicker way to drive synergies with partners and businesses.
The solution is designed to cut downtime and costs for onboarding new customers while delivering a superior customer experience. It also meets the strictest infosec regulations and data security requirements.
By implementing our Video e-KYC solution, Aditya Birla wasn’t just able to win over the logistical challenges, but its remote onboarding also witnessed a rapid increase of use by its partners and investors.
Q. With cut-throat competition and everyday evolution, how does the company faces new as well as prominent competitors?
At Signzy, we treat competition as something that keeps us motivated to excel and provide the best in class solutions to our clientele. Our product solutions are highly customizable, befitting the business needs, and more importantly, our customers have complete control over them.
We conceptualized Signzy to create a trust mechanism in the digital economy. Today, we are proud to say that we are one of India’s fastest-growing company working with over 140 banking and financial services companies globally, including the four largest banks in India and a Top 3 acquiring Bank in the US. We are also India’s largest digital onboarding provider in terms of capacity and scale.
Q. Share with us challenges faced by company in the industry.
In our early days, the major challenge for us was to make our potential customers aware of the need for digital infrastructure and understand that the future is digital. This required switching from legacy systems to fully automated solutions, and understandably, financial institutions were reluctant to trust us. However, things changed for the good gradually, with industry regulators giving a significant thrust on digitalization within the banking and financial industry.
In finance, a secure and trustworthy infrastructure is of utmost importance. Developing a secure digital infrastructure, which would help clients meet their security needs, was a big challenge that required months of R&D and testing before implementation. Our young team of highly qualified engineers successfully developed a swift, secure and hack-free solution that allowed easy transmission into a digital infrastructure.
Q. What lies ahead of the company in the future?
Today, Signzy is a leading no-code AI platform for financial institutions, working with over 140 banking and financial services companies across the globe, including the 4 largest banks in India and a Top 3 acquiring bank in the US. Our strength is currently 150 hardworking and enthusiastic individuals. We would like to expand our business deeper in both Indian and international markets. We aim to increase our strength team to cater efficiently to the global demand. The company plans to invest in strengthening its AI platform and expanding its global sales team in order to serve the rapidly growing demand for its solutions.
Major Prominent Clients: Signzy works with over 100 Indian banks, insurance firms, and asset management companies like Aditya Birla Sunlife AMC, BoB Financial and more. The clients also include four of the largest banks in India, with State Bank of India (SBI) and ICICI Bank among them.
Globally, Signzy has a strong partnership with Mastercard and offices in New York and Dubai to serve customers in the multiple geographies.
