A fast-growing digital lending platform was losing applicants at the KYC step. Manual document checks and siloed PAN/Aadhaar verification calls meant a single onboarding could take anywhere from a few hours to two full working days, and drop-off climbed every time a customer was asked to resubmit a blurry document or wait on a support queue.
The Challenge
The bank's compliance team needed airtight KYC and AML screening, but their engineering team was stitching together multiple vendors for PAN validation, Aadhaar e-KYC, and bank account verification — each with its own API shape, latency, and failure behavior. Every new lending product meant re-integrating the same checks from scratch.
- Onboarding drop-off during document verification exceeded 30%
- Compliance reviews were manual, slowing disbursal for time-sensitive loans
- Three separate vendor contracts for identity, address, and financial checks
The Solution
Veriqos replaced the fragmented vendor stack with a single verification layer: PAN and Aadhaar checks, penny-drop bank account validation, and AML screening all called through one consistent API. Real-time status webhooks let the bank's product team show applicants live progress instead of a blind "under review" screen.
The Results
Within the first full quarter after switching, average onboarding time fell from a full working day to under 20 minutes for most applicants. The compliance team cut manual review volume by over a third, freeing analysts to focus on genuinely high-risk flags instead of routine document checks.
