{"id":3232,"date":"2023-05-05T11:40:15","date_gmt":"2023-05-05T06:10:15","guid":{"rendered":"https:\/\/ongrid.blog\/?p=3232"},"modified":"2023-05-05T11:40:15","modified_gmt":"2023-05-05T06:10:15","slug":"how-ongrid-developed-a-system-for-digital-verification-and-onboarding-processes-tailored-for-a-prominent-bfsi-player-in-india","status":"publish","type":"post","link":"https:\/\/dev.ongrid.in\/blogs\/how-ongrid-developed-a-system-for-digital-verification-and-onboarding-processes-tailored-for-a-prominent-bfsi-player-in-india\/","title":{"rendered":"How OnGrid developed a system for digital verification and onboarding processes tailored for a prominent BFSI player in India."},"content":{"rendered":"\n

Part I – Introduction<\/h3>\n\n\n\n

One of the common challenges that Banking, Financial Services, and Insurance (BFSI)<\/strong> organizations face is potential fraud by employees, customers, vendors, etc. The challenge increased multifold because of the regulatory nature of their business, where the provisions defined by the regulators such as RBI, SEBI, and IRDA are highly stringent.\u00a0<\/p>\n\n\n\n

The solution lies in adopting digital verification and background check solutions<\/strong> to balance the conflicting parameters – accuracy versus efficacy, or accuracy versus turnaround time.\u00a0<\/p>\n\n\n\n

Verifications and background checks may include accurately verifying identity, address, employment history,\u00a0education qualification, and checking for criminal records and credit history to mitigate potential risks such as fraud or misrepresentation, which may further lead to financial losses and legal liability. Some of these may be relevant for compliance reasons, and some are just for enhancing trust and safety.<\/p>\n\n\n\n

Part II – Factors considered while adopting an onboarding and verification process<\/h3>\n\n\n\n
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  1. Time-consuming process<\/strong>: Conducting a thorough verification or background check can be a time-consuming process. This can cause a delay in employee joining, or customer onboarding, which may, in turn, impact business operations and productivity.<\/li>\n\n\n\n
  2. Poor candidate experience:<\/strong> Candidates end up sharing information and documents multiple times, and wait for extended periods of time to get the KYC, verification or background check completed.<\/li>\n\n\n\n
  3. Employee verification:<\/strong> Email-based employee verification (emails sent to previous employers\u2019 HR teams) is not a standardized process, is highly unstructured, and can end up taking a lot of time. <\/li>\n\n\n\n
  4. User base Opportunity:<\/strong> The organization had millions of users, and they wanted to use the verification or KYC capabilities to understand the risk profiles or users better, and effectively enhance the footprint of their loan disbursement business. <\/li>\n<\/ol>\n\n\n\n

    Part III – Solution through OnGrid and eLockr<\/h3>\n\n\n\n

    After a careful review of their business goals and pain points, we advised taking a multi-pronged approach and implemented the following interventions<\/p>\n\n\n\n

    Employees and Contractors<\/strong><\/p>\n\n\n\n