Quick Glance
This blog discusses the implementation of Digital KYC for loan origination, adhering to RBI guidelines. The current landscape shows a significant shift towards digital verification, reducing fraud by 80-90% and increasing application processing efficiency by 3-4 times. Readers will learn about the process flow, data model, and benefits of integrating Digital KYC in Salesforce for streamlined customer verification
Introduction
- With a view of leveraging digital channels for customer identification during Loan Origination Process by its Regulated Entities (like Banks & NBFCs), Reserve Bank of India has come up with guidelines towards introducing Digital KYC process. To adhere to RBI guidelines, digital KYC process needs to be implemented. This document consists of details pertaining to changes being made to the existing Two-Wheeler Loan (Line of Service) application to comply with Digi KYC Process.
- The objective of this proof of concept is to do KYC for loan applicants for loan applications built in Salesforce.
- To add applicant and Co-Applicant at initial stage and initiate their Digi KYC Journey
- Validation for stopping the loan application to move further until KYC is completed for all applicant/co-applicant added.
- Receive the KYC Response from Middleware and populate the respective details on User Interface in Salesforce
- To make KYC Details visible at all further stages.
Prerequisites
Salesforce: Sales cloud with Salesforce License
Integration Platform: MuleSoft or point to point integration.
Hyperverge: HyperVerge offers the fastest online identity verification, KYC/CKYC checks, and fraud prevention for all industries, enabling frictionless customer. Hyperverge validate customer details like
- Age Verification
- Address Verification
- Name Verification
- Photo / Video Verification
Tools:
- TinyURL: TinyURL is a URL shortening web service, which provides short URL for redirection of long URLs.
- SMS: ACL, Sinch to send SMS.
Process Flow
The Middleware Integration Journey shall be as follows:
KYC Journey:
- Hyperverge is used to verify customer details verification across the globe using Documents.
- Hyperverge can perform age verification, DOB and Address verification.
- Sales Reps initiates KYC from Salesforce Loan application.
- Passing External Id (customer Info) to Hyperverge as request in First API handshake and later Hyperverge provides the KYC URL.
- Tiny URL will be used to shorten the KYC URL which will be sent on Customer Mobile
- Customer will start completing KYC using his/her Proof of Address (POA), Proof of Identity (POI) and customer
Liveliness on his Mobile device.
- Once customers submit’ s POA, POI and Liveliness details, the 2nd Hyperverge API calls will provide the complete details (POA, POI etc.) from Hyperverge in Salesforce System.
- List of POA Document – Aadhar card, Driving License, Passport Voter Identification
- List of POI Documents– Pan Card, Form 60.
- Liveliness details – Selfie Photo
Data Model:
- Customer Details are stored in the Salesforce Contact object.
- Party profile object in FSC as child object of Contact to store Hyperverge received KYC details.
- Standard FSC Content Document Object to store the Hyperverge received KYC documents.
Benefits
- Sales executive can initiate KYC journey with minimal information and Sales reps process 3-4 times more applications.
- After KYC implementation remove 80-90% fraud loan applications.
- After successful KYC, all customer details to needs to populate from on Loan Application.
- Application form this reduce Sales executive time to fill Customer detail on Loan Application.
- Customer documents POA and POI documents attached with customer record with Masked details automatically.
- It prevents customers from putting wrong / fraudulent information of customers information in Loan Application.
Conclusion
Digital KYC is for identity verification of Customer, Consumer and Lead. It can be used in Financial, Insurance and other domains. It provides accurate and reliable centralized information of individual in fast way which reduce application creation time of executive.
References
Mahendra Singh is a Salesforce enthusiast with passion for problem solving through technology. He has 11+ yrs of experience in various techno-functional roles as a Salesforce Consultant, Lead, Developer. He is skilled in architecting multi-faceted new-age salesforce projects and is also an expert in driving complex third party integration and worked on Sales cloud, Digital Experience.
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