HDFC Securities Deploys IDfy’s KYC for onboarding clients in India

IDfy has partnered with HDFC Securities, one of India’s leading stock broking companies, to fully digitize new investors’ onboarding journey by simplifying the KYC process.

The regtech firm’s suite of Digital KYC solutions will be integrated into HDFC Securities’ platform to provide customers with a smooth digital onboarding journey.

IDfy’s Document and Face Recognition Solutions will help HDFC Securities to accurately identify their customers, verify and authenticate their credentials, and onboard them in real-time.

With IDfy’s solutions, HDFC Securities can provide access to capital markets to people in remote corners of the country while staying compliant with SEBI’s KYC norms.

The partnership facilitates remote onboarding of investors looking to capitalize on wealth creation opportunities in the stock markets during these times of lockdowns and physical distancing.

The onboarding process will replace a live video session with a simple selfie of the customer. This will simplify the onboarding process thereby significantly reducing customer drop-offs as it will allow HDFC Securities to grow faster in Tier 2 and 3 markets in the country.

Gagan Singla, Chief Digital Officer at HDFC Securities said: “We are happy to partner with IDfy who are providing us a good solution to offer a seamless on-boarding experience for our customers. Complementing our digital growth initiatives, this experience aims to simplify the account opening process, while opening up unlimited possibilities for customers to expand their investment universe through our wide spectrum of product offerings.”

Ashok Hariharan, Chief Executive Officer at IDfy, commented: “Events in recent times have made it imperative to bridge the digital divide between India and Bharat. HDFC Securities is contributing to this movement. We are proud to partner with them to unlock opportunities for real investors.”

With more and more Indians dabbling into the stock market amidst the pandemic, the emphasis on remote onboarding is more pronounced than ever.

HDFC securities, a subsidiary of HDFC Bank, will thus make the most of the new trend with the IDfy’s regtech solution.

Onboarded clients will gain access to various asset classes such as stocks, derivatives, mutual fund, fixed deposits, NCDs, insurance, bonds and currency derivatives.

IDfy’s AI-driven technology solutions help enterprises accurately identify and verify entities, prevent fraud at source, and engage with the genuine with confidence.

The regtech firm works with the leaders in their respective sectors like Amazon, Airbnb, HDFC Bank, HUL, Dream11, British Telecom, Cognizanologies, Legato Healthcare, and Kotak Life Insurance.