The client was facing the following business problems prior to implementation:
- A lack of standardization in methods for collecting information from the customer.
- The process of customer onboarding is too costly and slow, resulting in loss of business.
- Unavailability of data sharing option to other banks.
- Data security of the information shared by the customer.
- Unavailability of customer data repository leads to a time-consuming verification process.
Solutions We Provided
The customer enjoyed the following benefits through the solution team.
- We have developed a blockchain-based platform for collecting information from customers where multiple banks and third-party verification agencies can onboard as Blockchain node.
- Bank can send the applicant info for verification to third party agency and on successful paperless verification, the bank can quickly onboard the customer.
- The platform helps to share verified customer data with other banks where all transactions between banks recorded in the blockchain network as a single point of truth.
- The platform is developed on the R3 Corda framework which confirms that data sharing only visible between two parties.
- The digital wallet provides the customers and bankers a space to upload all the important documents for future use and download them whenever required.