Digital Authentication and Verification (DI - A&V)
- Customer
- Bajaj Auto Credit Limited
- Project manager on the customer side
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- Year of project completion
- 2024
- Project timeline
- May, 2024 - June, 2024
- Project scope
- 880 man-hours
- Goals
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DI - A&V (Digital Authentication and Verification) project at Bajaj Auto Credit Limited (BACL) is an innovative step towards changing the client onboarding process into an entirely digital, seamless experience. By digitizing the manual verification process, we are revolutionizing customer integration in the corporation ecosystem, cutting processing time from few hours to mere minutes while greatly increasing operational efficiency and satisfaction. Strategically, moving away from paper-based processes also reduces operational costs, minimizes environmental impact, and eliminates manual errors, resulting in more accurate and reliable data.
The project also strengthens fraud prevention through advanced verification methods, ensuring greater security for both BACL and its customers. With the ability to complete digital authentication and verification anytime, anywhere, customers experience unparalleled convenience, free from the hassle of physical documents or branch visits. Aligned with the stringent regulatory guidelines of the Reserve Bank of India, the Digital authentication initiative is a testament to BACL's commitment to secure, compliant, and efficient financial services. - Project Results
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The execution of our DI - A&V project has delivered exceptional results, signalling a pivotal evolution in how Bajaj Auto Credit Limited (BACL) manages customer onboarding. Leveraging the regulatory platform, we have automated over 70% of onboarding processes, resulting in a substantial increase in operational efficiency while dramatically reducing processing times. This digital transformation has not only mitigated human error but also bolstered data security and integrity, enhancing our compliance framework.
We are now targeting 95% automation by further integrating advanced Digital solutions with Optical Character Recognition (OCR) technology, driving even greater efficiency and accuracy. The initiative has already led to significant cost savings by eliminating paper usage (approximately 1.5 lakh per month) and streamlining administrative functions. Customer feedback has been resoundingly positive, with clients praising the enhanced user experience and accelerated service delivery.
This initiative has firmly positioned BACL as a forward-thinking leader in the NBFC sector, aligning innovation with regulatory compliance and setting a new industry standard for seamless, secure financial solutions.
The uniqueness of the project
The project is eminent by its comprehensive integration of advanced technologies tailored to meet the diverse needs of customer base. Unlike the traditional manual systems, this initiative utilizes artificial intelligence (AI) and machine learning for Optical Character Recognition (OCR) and facial recognition, significantly streamlining and securing the verification process.
It features a dual approach that incorporates both with the regulatory system and DI - A&V (Digital Authentication & Verification) methods, providing a robust and adaptable solution for various customer scenarios. Additionally, the project emphasizes environmental sustainability by eliminating the need for physical documents, aligning with global digital transformation trends. With around 1.2 Lakh logins per month, through automation, we aim at saving approximately 1.5 Lakh papers per month.
Implemented in just 30 days, the project demonstrates our commitment to automation in a traditionally conservative sector. Ultimately, the Digital initiative enhances operational efficiency and redefines customer interactions within the Non-Banking Financial Institution landscape, setting a new industry benchmark.
- Used software
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Our goal of combining state-of-the-art technology with a customized touch to meet our clientele's changing needs is demonstrated by this project. Moving beyond traditional verification manual systems, we've leveraged the power of Artificial Intelligence (AI) and Machine Learning to seamlessly integrate Optical Character identification (OCR) and facial identification into a faster and more secure procedure.
Our two-pronged strategy, which makes use of the regulatory system and DI - A&V, guarantees adaptability and durability while providing customized solutions for a range of client situations. More than just a technological advancement, this project demonstrates our profound dedication to sustainability by eliminating the usage of paper, resulting in a greener, more digital future.
This campaign is extremely remarkable because of its rapidity with which it was launched — it was put into action in just thirty days. This success demonstrates our commitment to innovation and automation, particularly in a sector that has historically been resistant to change. Through the Digital DI - A&V program, we are not only improving operational efficiency but also redefining consumer experiences in the Non-Banking Financial Institution landscape, lifting the bar and establishing new industry norms. - Difficulty of implementation
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Implementing the DI - A&V project came with its fair share of challenges, largely due to the vast geographical spread of our sales team, which operates across both urban and rural India. With such a large workforce engaged in B2C sales, training everyone on the new digital processes was no small feat. This task was made even more difficult by the financial sector’s high attrition rates, which average around 30%, meaning we constantly had new hires to train. To address this, we had to establish ongoing training programs to ensure that every team member, from experienced staff to new recruits, was equipped to effectively use the new digital tools.Integrating the new technology with our existing systems was another hurdle. It required careful planning and coordination to ensure all systems worked smoothly together. At the same time, we had to maintain our ambitious target of 90-95% automation in customer onboarding, which meant continuously monitoring performance and making improvements along the way.Despite these challenges, our commitment to innovation and delivering excellent customer service kept us focused. It’s this determination that allowed us to successfully navigate the obstacles and implement this revolutionary project.
- Project Description
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Through integrating DI - A&V – Digital Authentication and Verification systems we automated a traditionally manual process, resulting in a seamless, secure, and highly efficient experience for both customers and the sales team.
1. DI- A&V Process for Regulatory Verification: The system embedding ‘Regulatory systems wrappers digital repository’, forms the backbone of this first process. Here’s how it works:- Mobile Verification and Consent: The onboarding process initiates with verifying the customer’s mobile number. Later, the sales team selects the relevant Officially Verified Document (OVD) type—such as an Aadhaar card or PAN card—and inputs the necessary information into the system.
- Data Retrieval from DI-A&V: Upon receiving an OTP (One-Time Password) from the customer, the regulatory system fetches the required personal details from the Government portal. This data is then seamlessly pushed to LOS on Salesforce platform, ensuring no manual data entry is required, which reduces the risk of human error.
- Live Photo Capture and Geotagging: To ensure the authenticity of the customer, a live photograph is captured by the sales team, which is geotagged (longitude and latitude), timestamped, and associated with specific employee details and a unique application identifier.
- Matching Photos for Security: For added security, the live photo captured must match the photograph retrieved from the regulatory system, which is AI driven. This safeguards against identity fraud.
- Digital Loan Application Signing: Once the verification is complete, the customer can digitally sign the loan application using an OTP, ensuring a completely paperless process. An application reference number is immediately sent to the customer via SMS, providing transparency and tracking capabilities for both the customer and the sales team.
- OVD Selection and Data Fetching: The sales team begins by selecting the relevant OVD. Data is then fetched directly from government databases through API integrations, ensuring the information is accurate and up-to-date.
- Customer Verification: The customer verifies the data, and additional details are immediately pushed to SFDC. This ensures real-time synchronization of data, allowing the sales team to focus on the customer experience rather than administrative tasks.
- Live Photo Capture and Document Traceability: A live photo of the customer and the OVD is captured, geotagged, and timestamped, adding multiple layers of traceability and ensuring that the information provided is accurate and authentic.
- Document Verification and OCR: For added security, an API is used to verify the authenticity of the documents, checking for any alterations or discrepancies. Simultaneously, OCR (Optical Character Recognition) technology extracts data from the documents and compares it with the information initially fetched via the API.
- Final Authorization and Digital Loan Signing: The application moves to the authorization stage. The customer then digitally signs the loan application via an OTP process. A confirmation reference number is immediately sent to the customer, ensuring they have a record of the transaction.
- Sales Representative Declaration and Final Submission: Moving ahead, the sales representative provides a declaration confirming that they have captured both the live photo and original document in their presence.
- Project geography
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Bajaj Auto Credit Limited (BACL) operates across the length and breadth of India, serving customers from both bustling urban centers and more remote rural areas, including Tier 1, Tier 2, and Tier 3 cities. Our presence is strengthened by direct operations as well as partnerships with Bajaj Auto dealerships, enabling us to offer tailored financial services that meet the unique needs of a wide range of customers.
Our Digital DI - A&V module was built with this diversity in mind. It ensures that the process is simple and accessible, no matter where our customers are located. With over 300 million people in India already using Digilocker, our digital solution fits seamlessly with the government’s drive towards digitization, making it easier and more convenient for customers to access our services.
By simplifying the automated process for such a varied customer base, we’re not just improving the way we deliver services — we’re also contributing to the larger goal of financial inclusion and digital empowerment. Our wide geographical reach allows us to make a real impact, helping us build trust and improve customer experiences across the nation, from big cities to smaller towns. - Additional presentations:
- White paper_Bajaj Auto_28-10-2024-Final.pdf