iBIND Systems automates infrastructure for financial institutions, expediting corporate client onboarding. Their platform enables the creation, storage, reuse, and verification of KYC data, identity information, digital signatures, and e-documents, greatly improving efficiency.
Problem
- Slow onboarding: Financial institutions struggle with lengthy and inefficient corporate onboarding processes, contributing to US$3.3 trillion in global banking losses in 2022.
- Customer attrition: 78% of banks lose customers to digital competitors due to delays and errors in verifying identities, signatures, and other KYC requirements.
- Disjointed systems: Current solutions are fragmented, lacking a unified process for corporate onboarding, which can take up to 100 days, as well as account management.
Solution
- Streamlined digital infrastructure: iBIND offers a comprehensive digital infrastructure layer for financial institutions, simplifying the creation, storage, reuse, and verification of corporate KYC data, digital signatures, and e-documents.
- Integrated system: Their platform issues a unique corporate ID, stored in a digital wallet, that integrates with core banking systems. This ID allows for seamless onboarding, efficient transactions, and data reuse across financial services within the iBIND network.
- Future transactions: By enabling the reuse of corporate digital information, iBIND ensures that future transactions are faster and more efficient.
Media Links
Type
BFSI
Focus Area
Enterprise and Sustainability
Capital Raised (US$)
1M to 5M
Operational HQ
India
SECTOR
Big Data & Analytics and Enterprise Data & Software
status
Current
founders
Sanat Bhat
partnered
2024
exited
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