Jio Haptik and B2B platform IDfy have partnered to develop a comprehensive KYC solution on WhatsApp, enhancing user onboarding and verification processes.
Jio Haptik, a conversational commerce platform, and IDfy, a business-to-business (B2B) technology provider, have joined forces to develop an end-to-end KYC (Know Your Customer) process on WhatsApp. This partnership aims to streamline the onboarding and verification process for companies, enabling them to onboard users and partners more efficiently. The solution can also be utilised for various use cases, including loan applications and merchant onboarding.
The Partnership and Its Implications
Haptik, a subsidiary of Reliance Jio Platforms, offers its GPT bot-powered proactive messaging capabilities to businesses. This allows them to re-engage and nudge users to complete pending KYC applications on WhatsApp. IDfy, on the other hand, specialises in identity management and fraud mitigation. It uses advanced APIs to extract information from documents, detect tampering, verify ID details against official databases, compare faces across pictures, and run criminal record checks, thus creating a secure verification process.
The Vision Behind the Collaboration
Aakrit Vaish, the co-founder and chief executive of Haptik, emphasised the potential of WhatsApp as a messaging app for brands. He stated, “Our joint focus is on providing solutions by maximising the potential of WhatsApp as a messaging app for brands like IDfy to streamline support while ensuring convenience and customer satisfaction.”
Paritosh Desai, the chief product officer at IDfy, expressed his confidence in the partnership, stating that it would help businesses improve their conversion rates while offering a superior customer experience that translates to better retention and customer loyalty.
The Impact of the Solution
The joint solution is expected to enable businesses to achieve up to 99% auto-approval with automated decision-making around KYC checks, all over a conversation on WhatsApp. This is expected to enhance customer satisfaction and reduce drop-off rates during the onboarding process.
In conclusion, the partnership between Jio Haptik and IDfy to develop a KYC solution on WhatsApp is a significant step towards streamlining user onboarding and verification processes. This innovative solution is expected to improve conversion rates for businesses and enhance the overall customer experience.