Euphoria Technologies: Implementing Digitization Across Financial Institutions With A Complete CKYC

CIO Vendor In keeping with the rising customer base, banks across the globe today are in need of a patchwork of internal resources and external vendors to handle their Know Your Customer needs. Although financial institutions can greatly benefit through the KYC and its correct implementation, the presence of a highly complex compliance framework brings with it numerous challenges such as heavy costs and operational risks that are frequently associated with implementation. Adhering to compliance also demands the implementation of high end technology, presence of a dedicated team of specialist data experts and a complete transformation of internal processes within institutions. In India particularly, banks and financial institutions are being mandated to adopt a Central KYC system to unify KYC data across all financial regulators,which in turn presents financial technology providers with a great number of networking and collaboration possibilities.Recognizing these widespread opportunities, Mumbai headquartered Euphoria Technologies Pvt.Ltd.(ETPL)offers a comprehensive solution suite that is aimed at addressing the unique challenges that arise in CKYC compliance.

Incorporated in 2010, Euphoria Technologies began primarily as a Staffing and Recruitment enterprise and has steadily expanded its service offerings across multiple industries and verticals. The company delivers specialized services in the four key areas of Staffing and Recruitment, Digitization, Business Process Outsourcing and Business Solutions.In July 2014, when the Central Government approved and adopted the ‘Digital India’vision as one of its thrust area, Euphoria Technologies added Digitisation as a business vertical. The company has focused extensively on building an inclusive service framework for CKYC compliance execution. This framework has been designed to simplify the elaborate process of generating a CKYC system in the second most populated country in the world. “For a country as heavily populated as India and spread across vast geographical boundaries, generating the CKYC number can prove to be quite a daunting task. Technology is going to act as the single biggest factor in enabling all the banks to be compliant with the norms,” explains Vishal Nandimath, CEO, Euphoria Technologies.

At the Vanguard of India's Digital Revolution

The rise of the Digital India Movement has paved the way for completely digital and paperless financial services.Despite the Government of India as well as financial regulators providing considerable support to these initiatives,there have been several impediments to the ongoing digital transformation. Banks, financial institutions, cooperative banks and financial brokers across the country encounter several challenges while implementing CKYC compliance with its ever-evolving norms. In order to meet complete CKYC compliance needs of banking and financial institutions,Euphoria Technologies serves as a single window service provider for CKYC Training/Awareness, Processing and Execution. Combining manual effort with technological intervention, Euphoria Technologies has ventured into this space with a CKYC Compliance solution CKYC-Pro. As a self-propelled solution,CKYC-Pro serves as a one-stop-shop for complete CKYC compliance requisites of banks. This system is aimed at eliminating tedious manual processes,large volumes of paperwork and duplication of data, while scrutinizing and organizing the flow of finances. The solution thus enables the uploading of bulk data onto the Cersai website, while providing vector denominations to incorporate proof of address and identity information. After the required information has been identified by CKYC-Pro, the company also deploys its BPO team to expedite the entire process. Through their BPO Centre of Excellence at Navi Mumbai, Euphoria assists banks and other clientele in acquiring all the mandatory information required to generate a CKYC number.

To ensure that the CKYC compliance implementation offered by Euphoria adequately caters to service delivery expectations of customers, ETPL carries out operations in two phases. The company first deploys trained manpower at the banks to carry out end-to-end work including scanning of documents,bulk uploading onto the Cersai website and generation of the CKYC number. The entire transaction is recorded and reports are then generated. The second phase involves catering to the legacy customers, where in the company tries to capture at least 70 mandatory fields as required by
Cersai, before the CKYC number can be generated. As these mandatory fields may not be available with the legacy customers, Euphoria Technologies deploys the services of its BPO Centre of Excellence to capture the required information.

Having Ventured Into Diverse Industry Verticals In A Span Of 7 Years, Euphoria Technologies Has Gained Vast Industry Experience In Building Digitization And Business Solutions

“Euphoria has the first mover’s advantage as we are completely in sync with the changing norms of Cersai,”affirms Vishal.“Our specialty also lies in the fact that we provide managed services through our BPO offerings,” he goes on to add.

Further more, Euphoria Technologies also carries out Bulk Scanning and Indexing of Documents,Data Integration with Core Banking System or Data Management Systems, Financial Institution Registration Services and Wallet Management. These services are uniformly provided PAN India and reduce the governance overheads incurred from multiple service providers. ETPL also facilitates its customers with trained manpower for CKYC, bulk scanning technologies and customer service orientation. With extensive experience in bulk document scanning, the company has carried out large volume scanning of Account Opening Forms in more than 30 locations across India.

Driving Paperless Environments with Scalable DMS

Another arena where Euphoria Technologies has established a stronghold is that of document management. The company has built expertise around document, microfilm and process digitization to develop robust DMS solutions that have the proven capabilities to scale across more than a billion documents. ETPLs DMS allows the facility to create custom document types and associated metadata, delivering customized solutions and interfaces for small and medium enterprises while helping them maintain low operational costs. For large organizations,the company focuses on implementing and tailoring platforms to simplify the adoption of digital methods and processes. ETPL’s DMS stands apart from that of its competitors on account of having an out-of-box configuration that requires a minimum amount of coding and supports metadata validation in a variety of formats,standards, and security and retention policies. Having been in the digitization space since 2014, the DMS vertical of Euphoria Technologies has been growing at a steady pace, garnering clients from sectors such as Judiciary,police, higher education,banks etc. However, the advent of the CKYC and the consequent data explosion has only further amplified the growth of Euphoria’s DMS technology in this space.

Having ventured into diverse industry verticals in a span of 7 years, Euphoria Technologies has gained vast industry experience in building digitization and business solutions. Since its ideation,the company has grown from a few 100 employees to a 1700 strong workforce across 29 locations in India. Combining this expertise with the market and business intelligence of a team of analysts, the company has drawn inspiration from the Prime Minister’s Digital India initiative to create grooming and etiquette programs for underprivileged people. By initiating training of unskilled and semi-skilled workforce, ETPL endeavors to increase employment opportunities within the country and ultimately contribute to the overall GDP. “India is struggling with a number of issues right now, one among which is the lack of employment in a steadily growing population. Digitization is going to bring in the next million jobs and Euphoria Technologies is at the forefront of this ideation,” enunciates Vishal.

Euphoria Technologies also hopes to capitalize on this phenomenon to further build innovative solutions in Digitization and the BPO business vertical. Leveraging the expertise of an adept team of IT professionals,the company hopes to build customized solutions in these verticals that can align with client expectations as well as contribute to key government initiatives in the upcoming future.