The stock markets have hit an all-time high. The kind that was unfathomable just a few weeks ago. It’s now fair to say that doomsday predictions from March have been proven wrong.

This bull run has brought in a lot of first time investors. For AMCs and investment firms, this has been a double-edged sword. There’s the massive surge in demand. However, the entire onboarding and servicing needs to be done remotely given the circumstances.

So how have these companies met this demand?

In our experience of working with many companies in Capital Markets, here are a few key factors that have helped these companies adapt to this change.

  1. Planning and foresight

Like in most cases, the early movers clearly had an advantage. Companies that had invested in digitization were ready to capitalize on this opportunity. Like our client Motilal Oswal Financial Services Ltd., one of India’s leading AMCs. They integrated digital onboarding solutions in mid-2019 and have really reaped in the dividends during this year.  

2.  Timely SEBI regulations

The regulator acted swiftly and precisely. SEBI has laid out a simple yet comprehensive digital onboarding guideline. They were announced on 17th April, just a few weeks into the national lockdown. This paved the way for the industry to start exploring digital customer onboarding seriously.

3.    Aadhaar XML facility

Considering the ubiquity of the Aadhaar card, it was important for the industry to be able to use it for customer identification while ensuring privacy of the customer data. The Aadhaar XML process has proven to be very successful in achieving this.

The UIDAI has a simple process for generating a personal XML file. With many phone numbers now linked to Aadhaar cards, this has made it simple and accessible. Aditya Birla Money Ltd., another of our clients, have built the Aadhaar XML verification into their customer onboarding journey. This has helped them onboard new customers swiftly.

4.    Video Onboarding

One massive shift in customer behaviour is our comfort with video communication. Customers are comfortable getting on a video call and completing their onboarding journey. Aditya Birla Money Ltd. and TATA Capital Limited, for instance, has customers using a self-driven DIY video onboarding journey. Uploading their documents, selfie and completing the process in one single flow.

With a supporting regulator, advancing technologies, and fast-learning customers, we expect digital onboarding techniques to continue getting adopted in larger numbers.  


IDfy unlocks value for Capital Markets companies by helping them smoothly onboard authentic customers.

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