WorkApps introduces VideoApps.io – A Video platform to help BFSI sector

WorkApps has launched a very unique video platform called VideoApps.io that will enable Banks, NBFCs, Securities, Insurance Companies, Mobile Wallets, and Mutual Funds to digitize many of the physical processes using Video.

Most financial sector companies spend a lot of time and money on physical meetings with customers for various processes like KYC (Know your Customer) in case of Banking, In- Person Verification (IPV) in case of Securities and Mutual Funds, Credit Verification / Personal Discussion for Loan underwriting, Health assessment of Medical Insurance, Claim settlement in case of Life Insurance and Vehicle / Property / Asset verification in case of General Insurance.

VideoApps.io is a platform that will allow customers to get on Video calls with bank employees using a simple browser on their Phones, Pads or Laptops. A customer doesn’t need a registration, login, app or plugin. A bank employee, on the other hand, will have features like Video Recording, Live Screenshots, Document Collection, Photo Capture, Customer Location and more that will enable them to complete their business workflow. Being an Indian company and building solutions for the Indian BFSI sector, VideoApps.io has ensured that the video works even with low-internet bandwidth speeds.

The solution can also integrate with any existing workflows of the company like a customer could be filling up a form, or doing a purchase, and gets connected on a Video Call with a bank employee.

NRI Banking, Virtual RM and Remote Banking

The BFSI sector is always on the constant lookout for solutions that can decrease their branch footfalls or reduce their call center traffic. VideoApps.io also offers integrated solutions for Virtual RM, Remote Banking and Customer Support over Chat and Video. The solution includes Text Chat-based support by authenticating the customer and having the chat history available on both sides.

Credit Verification for Loan Underwriting

Personal Discussion (PD) for Loan Underwriting is one of the most critical processes for NBFCs, which ensures their Bad loans are kept in check. A Credit Verification officer has to travel to meet the customer of every loan the institution is dispersing. Home, Personal, Auto, etc. Migrating that process to Video will not only ensure that time and money is saved, but will also lead to faster loan processing, and a more authentic verification. Recording these interactions will also ensure that the archived video can be referred in case the repayment doesn’t go as per plan.

Rudrajeet Desai, Founder & CEO, WorkApps, says, “The need for a Product and Platform- based solution like this was very clear to us a few months back when we launched our Video Service in beta. We can proudly say that our customers helped us build the product and it’s used cases with numerous inputs on how this would fit in their business processes and workflows, by adhering to their compliance requirements.”

Knowing that data security and ownership are of utmost importance to the BFSI sector, VideoApps.io has ensured that they have all the data hosting options possible, and yet remain compliant with the Data Protection Law that is soon to be released in Parliament. Their services are available in four hosting options.

* Public cloud on AWS Mumbai Region, which also ensures that all customer data remains in India

* The conventional On-Premise setup for Large Enterprises

* Private Cloud setup that is compatible with most Cloud Hosting Providers in India

* A hybrid solution for smaller companies, where the data processing happens on VideoApps.io servers, but the storage can be done on a device owned by the client.