{"id":3232,"date":"2023-05-05T11:40:15","date_gmt":"2023-05-05T06:10:15","guid":{"rendered":"https:\/\/ongrid.blog\/?p=3232"},"modified":"2024-02-20T13:53:35","modified_gmt":"2024-02-20T08:23:35","slug":"how-ongrid-developed-a-system-for-digital-verification-and-onboarding-processes-tailored-for-a-prominent-bfsi-player-in-india","status":"publish","type":"post","link":"https:\/\/ongrid.in\/blogs\/how-ongrid-developed-a-system-for-digital-verification-and-onboarding-processes-tailored-for-a-prominent-bfsi-player-in-india\/","title":{"rendered":"How OnGrid developed a system for digital verification and onboarding processes tailored for a prominent BFSI player in India."},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ongrid.in\/blogs\/how-ongrid-developed-a-system-for-digital-verification-and-onboarding-processes-tailored-for-a-prominent-bfsi-player-in-india\/#Part_I_%E2%80%93_Introduction\" >Part I &#8211; Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ongrid.in\/blogs\/how-ongrid-developed-a-system-for-digital-verification-and-onboarding-processes-tailored-for-a-prominent-bfsi-player-in-india\/#Part_II_%E2%80%93_Factors_considered_while_adopting_an_onboarding_and_verification_process\" >Part II &#8211; Factors considered while adopting an onboarding and verification process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ongrid.in\/blogs\/how-ongrid-developed-a-system-for-digital-verification-and-onboarding-processes-tailored-for-a-prominent-bfsi-player-in-india\/#Part_III_%E2%80%93_Solution_through_OnGrid_and_eLockr\" >Part III &#8211; Solution through OnGrid and eLockr<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ongrid.in\/blogs\/how-ongrid-developed-a-system-for-digital-verification-and-onboarding-processes-tailored-for-a-prominent-bfsi-player-in-india\/#Part_IV_%E2%80%93_Impact_Created\" >Part IV &#8211; Impact Created<\/a><\/li><\/ul><\/nav><\/div>\n\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3232\" class=\"elementor elementor-3232\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7c4862e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7c4862e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5b7a26cf\" data-id=\"5b7a26cf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-315db343 elementor-widget elementor-widget-text-editor\" data-id=\"315db343\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 24-04-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><!-- wp:heading {\"level\":3} --><\/p>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_I_%E2%80%93_Introduction\"><\/span>Part I &#8211; Introduction<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>One of the common challenges that <strong>Banking, Financial Services, and Insurance (<\/strong><a href=\"https:\/\/kanerika.com\/industries\/bfsi\/\" target=\"_blank\">BFSI<\/a><strong>)<\/strong> organizations face is potential fraud by employees, customers, vendors, etc. The challenge increased multifold because of the regulatory nature of their business, where the provisions defined by the regulators such as RBI, SEBI, and IRDA are highly stringent.&nbsp;<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>The <strong>solution lies in adopting digital verification and background check solutions<\/strong> to balance the conflicting parameters &#8211; accuracy versus efficacy, or accuracy versus turnaround time.&nbsp;<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Verifications and background checks may include accurately verifying identity, address, employment history,&nbsp;education qualification, and checking for criminal records and credit history to mitigate potential risks such as fraud or misrepresentation, which may further lead to financial losses and legal liability. Some of these may be relevant for compliance reasons, and some are just for enhancing trust and safety.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:heading {\"level\":3} --><\/p>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_II_%E2%80%93_Factors_considered_while_adopting_an_onboarding_and_verification_process\"><\/span>Part II &#8211; Factors considered while adopting an onboarding and verification process<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:list {\"ordered\":true} --><\/p>\n<ol><!-- wp:list-item --><p><\/p>\n<li><strong>Time-consuming process<\/strong>: Conducting a thorough verification or background check can be a time-consuming process. This can cause a delay in employee joining, or customer onboarding, which may, in turn, impact business operations and productivity.<\/li>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<li><strong>Poor candidate experience:<\/strong> Candidates end up sharing information and documents multiple times, and wait for extended periods of time to get the KYC, verification or background check completed.<\/li>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<li><strong>Employee verification:<\/strong> Email-based employee verification (emails sent to previous employers\u2019 HR teams) is not a standardized process, is highly unstructured, and can end up taking a lot of time.&nbsp;<\/li>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<li><strong>User base Opportunity:<\/strong> The organization had millions of users, and they wanted to use the verification or KYC capabilities to understand the risk profiles or users better, and effectively enhance the footprint of their loan disbursement business.&nbsp;<\/li>\n<p><!-- \/wp:list-item --><\/p><\/ol>\n<p><!-- \/wp:list --><\/p>\n<p><!-- wp:heading {\"level\":3} --><\/p>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_III_%E2%80%93_Solution_through_OnGrid_and_eLockr\"><\/span>Part III &#8211; Solution through OnGrid and eLockr<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>After a careful review of their business goals and pain points, we advised taking a multi-pronged approach and implemented the following interventions<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Employees and Contractors<\/strong><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:list --><\/p>\n<ul><!-- wp:list-item --><p><\/p>\n<li>OnGrid platform for background verification for employees and contractors was deployed in phase I, where the process could start with just the email ID of the new joiners, who registered on the OnGird platform.<\/li>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<li>OnGrid platforms\u2019 parent-child community structure ensured easy trackability for relevant HR managers sitting from different regions, who could also configure the choice of checks they wanted for different employee profiles. They could see the real-time status of those verifications on the dashboard, and expedite the hiring process<\/li>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<li>In the second phase, the organizations\u2019 HRMS was integrated with OnGrid\u2019s onboarding verification request and result APIs, allowing candidates to avoid the hassle of sharing documents two times across different platforms (HRMS and OnGrid portal).<\/li>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<li>eLockr was adopted to issue digital credentials to ex-employees that would be verified in an automated manner.&nbsp;<\/li>\n<p><!-- \/wp:list-item --><\/p><\/ul>\n<p><!-- \/wp:list --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Vendors<\/strong><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:list --><\/p>\n<ul><!-- wp:list-item --><p><\/p>\n<li><strong><a href=\"https:\/\/ongrid.in\/#\/bookDemo?utm_source=Blog&amp;utm_medium=NBFC+Case&amp;utm_campaign=BGV\" target=\"_blank\" rel=\"noreferrer noopener\">OnGrid\u2019s<\/a><\/strong> entity due-diligence offering was used to standardize onboarding and verification of all vendors and suppliers<\/li>\n<p><!-- \/wp:list-item --><\/p><\/ul>\n<p><!-- \/wp:list --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Customers<\/strong><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:list --><\/p>\n<ul><!-- wp:list-item --><p><\/p>\n<li>Gridlines APIs were used for customer onboarding, KYC and notification of customized loan offers based on the candidate\u2019s employment history<\/li>\n<p><!-- \/wp:list-item --><\/p><\/ul>\n<p><!-- \/wp:list --><\/p>\n<p><!-- wp:heading {\"level\":3} --><\/p>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_IV_%E2%80%93_Impact_Created\"><\/span>Part IV &#8211; Impact Created<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:list {\"ordered\":true} --><\/p>\n<ol><!-- wp:list-item --><p><\/p>\n<li>Pre-onboarding screening TAT was reduced from <strong>8 working days <\/strong>to<strong> 1 working day <\/strong>covering ID verification, Criminal record check, previous employment history check, global database check, credit history check, and eLockr reference check.<\/li>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<li>Onboarding delay due to BGV was reduced from <strong>43% of cases <\/strong>to<strong> less than 4%.<\/strong><\/li>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<li>Median overall background verification TAT reduced from <strong>~28 working days<\/strong> to <strong>8 working days<\/strong><\/li>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<li>Ex-employee verification through eLockr reduced <strong>~3 hours of HR team time<\/strong> per ex-employee<\/li>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<li>The organization was able to get useful attrition insights of the core reasons of people leaving their organization and also identified that <strong>38% of their ex-employees<\/strong> joined their top-3 competitors<\/li>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<li>Their loan book expanded significantly by <strong>over 400%<\/strong> after they were able to able to send customized loan offers to the users based on their employment history, identified via Gridlines APIs<\/li>\n<p><!-- \/wp:list-item --><\/p><\/ol>\n<p><!-- \/wp:list --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>About Us<\/strong><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>OnGrid is India\u2019s leading background verification platform which&nbsp;<strong>offers 50+ checks and verifications<\/strong>&nbsp;including drug tests at the fastest turnaround time! We work with over&nbsp;<strong>3000 organizations<\/strong>&nbsp;and have conducted over&nbsp;<strong>100 million checks and verifications<\/strong>. To know more about the process and commercials,&nbsp;<strong><a href=\"https:\/\/ongrid.in\/#\/bookDemo?utm_source=Blog&amp;utm_medium=NBFC+Case&amp;utm_campaign=BGV\" target=\"_blank\" rel=\"noreferrer noopener\">schedule a demo<\/a><\/strong>&nbsp;now or simply give us a call at&nbsp;<strong>080 470 94800.<\/strong><\/p>\n<p><!-- \/wp:paragraph --><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>This case study discusses how BFSI organizations can mitigate the risk of fraud through digital verification and background checks. By adopting OnGrid and eLockr, the organization can reduce pre-onboarding screening TAT and onboarding delays, resulting in increased productivity and trust. <\/p>\n","protected":false},"author":2,"featured_media":3234,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[11,14],"class_list":["post-3232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ongrid","tag-backgroundchecks","tag-background-verification-process-in-india"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How OnGrid developed a system for digital verification and onboarding processes tailored for a prominent BFSI player in India. - OnGrid Blogs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ongrid.in\/blogs\/how-ongrid-developed-a-system-for-digital-verification-and-onboarding-processes-tailored-for-a-prominent-bfsi-player-in-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How OnGrid developed a system for digital verification and onboarding processes tailored for a prominent BFSI player in India. - OnGrid Blogs\" \/>\n<meta property=\"og:description\" content=\"This case study discusses how BFSI organizations can mitigate the risk of fraud through digital verification and background checks. 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