VideoCX.io adds video conferencing to their Video Banking suite with Amazon Chime SDK

WorkApps, which recently rebranded itself as VideoCX.io, has launched a Multiuser Video Conferencing Workflow for the BFSI industry, built on the Amazon Chime SDK.

VideoCX.io built a 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 add web or mobile applications.

VideoCX.io is an Enterprise Grade Video Banking and Video Know Your Customer (KYC) platform used by 60+ clients from the BFSI sector such as ICICI Bank, Kotak Bank, Axis Bank, IndusInd Bank, Aditya Birla Capital, HDFC Life, Bajaj Life and Poonawalla Fincorp.

The VideoCX.io platform enables over 1.6 million Video KYCs every month for products such as savings, credit cards, FDs, current accounts and loans. Using the VideoCX.io platform, banks like AU Small Finance Bank have built an industry-like experience through video, insurers like HDFC Life, Aditya Birla Sunlife and Bajaj Life have policy settlement helplines through video, and over 25 lenders in India such as Aditya Birla Capital, Fullerton and L&T Finance facilitate credit verification and personal discussions on video.

This opens up many new use cases for the BFSI industry, such as credit verification for multi-applicant home loans; in insurance, where the customer, intermediary and a subject matter expert often have to be on the phone; and in banks, where the relationship manager (RM), customer and advisor must communicate with each other about investment options.

Rudrajeet Desai, Founder and CEO, VideoCX.io said, “Our goal is to enable the BFSI industry to cover all possible workflows and processes through video. Whether it concerns onboarding, sales, service, advice or even complaints. With extensive features such as recording, screen sharing, chatting, file sharing and screenshot taking, if a process can be done in a physical meeting, it should also be possible during a video call. We want to contribute to India’s financial inclusion goals by making it accessible everywhere.”

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

Jennie Tietema, chief technology product manager for Amazon Chime SDK at AWS, said: “We are excited that VideoCX.io has built their video banking and video know-your-customer (KYC) platforms on the real-time voice, video, and messaging capabilities. This could pave the way for VideoCX.io customers in the banking, financial services and insurance industries to add machine learning-powered call analytics, such as sentiment detection, call recording and transcriptions, to their real-time customer communications. Ultimately, this can help VideoCX.io customers 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 takes our service offering to a new echelon. It enables customers to seamlessly connect with their relationship managers, branch teams and experts across the country, all through a single conversation. This improvement covers several areas, including credit advice, insurance and investments. Seniors and Non-Resident Indians (NRIs), in particular, often require the presence of their children or family members in India during these interactions, a preference that Multiparty Video Conferencing now easily accommodates.”

Vikash Khanna, Head of Central & Branch Operations for Aditya Birla Sun Life Insurance said, “Providing multi-party video conferencing in a secure and business-friendly setup opens up a lot of opportunities for us. Overall, video conferencing will help us accelerate our operations and rely less on physical meetings. The functionality not only serves as a channel for seamless collaboration, but also ushers in an era of efficiency, agility and customer focus. The innovation is a powerful reminder that embracing cutting-edge technology in the dynamic world of insurance is not just an option, but a strategic imperative.”

VideoCX.io recently launched its operations globally and now has customers in Turkey, Brazil, Thailand and Singapore. Explaining his future plans, Kaizad Shroff, Business Head, VideoCX.io, said, “India today is a leader in BankingTech and Fintech, and the world is looking to us for innovation. With the kind of success we have achieved in India, it is now our responsibility to take this technology to other markets, to the developed and certainly to the developing world.”

VideoCX.io is also on track to become an AI-enabled video banking solution by the end of this year. It already supports live language translation in 75 languages, speech-to-text and facial recognition, and plans to add capabilities for conversation analytics, summaries, video bots, text-to-speech and more.

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