Multiuser Video Conferencing Workflow for the banking, financial services and insurance (BFSI) industry built on Amazon Chime SDK

VideoCX.io (earlier known as WorkApps) launches multiuser video conferencing workflows for the BFSI industry with Amazon Chime SDK. End Quote

(1888PressRelease) September 20, 2023 - VideoCX.io built Multiuser Video Conferencing Workflow using Amazon Chime SDK, a set of real-time communications components from Amazon Web Services (AWS) that developers and builders can use to quickly add messaging, audio, video, and screen sharing capabilities to their web or mobile applications.

VideoCX.io is an Enterprise Grade Video Banking and Video know your customer (KYC) platform used by over 60 BFSI sector customers like ICICI Bank, Kotak Bank, Axis Bank, IndusInd Bank, Aditya Birla Capital, HDFC Life, Bajaj Life, and Poonawalla Fincorp. Launched in 2019, VideoCX.io supported Kotak Bank in becoming the first bank to launch a Video KYC offering in India on 18th May 2020.

Video meetings have become a mainstream customer acquisition and servicing channel in the BFSI space today. The VideoCX.io platform enables over 1.6 million Video KYCs a month across products like savings, credit cards, FDs, current account, and loans. Using the VideoCX.io platform, banks like AU Small Finance Bank have built a branch like experience over video, Insurers like HDFC Life, Aditya Birla Sunlife, Bajaj Life have policy servicing helplines over video, and more than 25 lenders in India like Aditya Birla Capital, Fullerton, L&T finance facilitate credit verification and personal discussions on video.

VideoCX.io’s new Multiuser Video Conferencing Workflow opens many new use cases for the BFSI industry, such as credit verification for housing loans with multiple applicants; in insurance, where the customer, agent and a subject matter expert often need to be on a call; and in banks, where the relationship manager (RM), customer and an advisor need to connect over investment options. The mutual fund industry also requires investment advisory services between the independent financial advisor (IFA), customer and experts.

Rudrajeet Desai, Founder and CEO of VideoCX.io said, “Our aim is to enable the BFSI sector to cover all possible workflows and processes over video. Be it onboarding, sales, servicing, advisory, or even complaints. With comprehensive features like recording, screen sharing, chat, file sharing, and screenshot capture, if a process can be done in a physical meeting, then it should be possible on a video call. We want to contribute towards the financial inclusion goals of India, which needs everyone in India to be banked. Needless to say, doing a video call is far easier than meeting a person or setting up a branch.”

With this development, VideoCX.io becomes one of the first companies in India to launch a multiuser video conferencing platform using Amazon Chime SDK. Rudrajeet added, “To overcome existing limitations of the open-source tech stack, and improve scale, speed of development and integrations, Amazon Chime SDK helps facilitate seamless integration of video into technology applications, removing developer concerns around scale, concurrency, and uptime. With Amazon Chime SDK, we can also easily add machine learning enabled real-time communication capabilities to our platform, which allows us to focus on building more workflows and use cases.”

Jennie Tietema, principal product manager technology for Amazon Chime SDK at AWS, said, “We are excited that VideoCX.io built their video banking and video know-your-customer (KYC) platforms on Amazon Chime SDK’s real-time voice, video, and messaging capabilities. This can pave the way for VideoCX.io’s customers in the banking, financial services and insurance spaces to add machine learning-powered call analytics, like sentiment detection, call recording and transcriptions, to their real-time customer communications. Ultimately, this can help VideoCX.io’s customers to attract and retain customers, giving them a more human customer experience overall.”

Mr. Ankur Tripathi, Chief Information Officer, AU Small Finance Bank, said, “Multiparty Video Conferencing elevates our service offerings to a new echelon. It empowers customers to seamlessly connect with their relationship managers, branch teams, and experts across the nation, all through a single call. This enhancement spans various domains including loan advisory, insurance, and investments. Notably, senior citizens and Non-Resident Indians (NRIs) often desire the presence of their children or relatives in India during these interactions, a preference that Multiparty Video Conferencing now conveniently accommodates.”

Vikash Khanna, Head of Central & Branch Operations for Aditya Birla Sun Life Insurance said “Getting multiparty video conferencing in a secure and enterprise setup opens up many possibilities for us. Overall, video conferencing will help us speed up operations and have less dependency on physical meetings. The functionality not only serves as a conduit for seamless collaboration but also heralds an era of efficiency, agility, and customer-centricity. The innovation is a potent reminder that, in the dynamic realm of insurance, embracing cutting-edge technology isn't just an option — it's a strategic imperative."

VideoCX.io recently launched its operations globally and now has customers in Turkey, Brazil, Thailand and Singapore. Shedding light on its future plans, Kaizad Shroff, Business Head of VideoCX.io, said, “India is a leader in BankingTech and Fintech today, and the world is looking at us for innovation. With the kind of success we got in India, now it’s our responsibility to take this tech to other markets, to the developed and most certainly the developing ones. Working with AWS, our solutions are now also listed in AWS Marketplace, an online software store that helps customers find, buy, and immediately start using the software and services that run on AWS. This makes it easier for organizations across the world to access our services.”

With AI transformation necessary for every software today, VideoCX.io is on its path to becoming an AI-enabled Video Banking solution by end of this year. It already supports live language translation across 75 languages, speech-to-text, and face recognition, and plans to add capabilities for call analytics, summarizing, video bots, text-to-speech, and more.

More details on the Multiuser Video Conferencing Workflow can be found on www.VideoCX.io/videoconferencing

About Amazon Web Services India Private Limited
Amazon Web Services India Private Limited (AWS India) undertakes the resale and marketing of AWS Cloud services in India.

Contact
Kaizad Shroff - Business Head
+91-9890988498
kaizad ( @ ) workapps dot com

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