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Customer Background Verification for Bank and NBFC Docboyz

The Banking sector in India has seen steady growth over the year. The online financial sector has seen immense growth as well. NBFCs are also expected to witness growth in their lending capacity. The value of assets in the banking sector has increased in the last couple of years. Penetration in rural areas, strict regulation, the insurance market, and mobile Internet banking have contributed to the growth of the banking sector. 

But with the rising growth of the baking sector, the chance for financial fraud has also increased in the financial sector. According to Google Bard Research, loan fraud cost the Indian Economy R.s 25000 crore every year. The financial sector of our country is not perfect. There are many loop holes in the processes, which can be misused by people to commit different financial fraud. As per reports from RBI, In FY2022 banks reported 9,102 cases of financial fraud more than the previous year, i.e. 7358 fraud cases in FY2021, amounting to R.s 60,389 crore. This trend can continue in FY2023 as well. The fraud amount is estimated to touch 1.5 lakh crore in FY2023, as per Google Bard AI. 

Banks and NBFCs are vulnerable to many types of fraud and cheating. Customers may produce fake documents, addresses, or income proof to use any product or service. The document needs to be personally verified by the bank authority. The banks and NBFCs dealing in lending businesses need to know their customer better in order to prevent themselves from any kind of fraud such as loan defaults, cheating, etc. Don’t worry there are many fintech companies such as Docboyz, who have solutions for banks and NBFCs to protect themselves from fraud.

what is background verification?

All the details submitted by the customer such as identity and address need to be properly in-depth verified. But verifying the details of every customer can be time taking and need a lot of resources and effort from bank and NBFCs. NBFCs may not have the resource to go to the native place of each and every customer for verification. The bank can outsource the background verification process to different field verification service providers in India. 
Zapfin Teknologies is one such background verification companies in India whose product, Docboyz has a background verification platform for Banks and NBFCs. we physically visit the address for verification. We provide field verification services pan India. We have trained and experienced field executives all over India who can verify the background of the customer with contact point verification.

Different types of customer background verification in the banking sector.

Identity Verification  In the Identity verification service, it cross checks the identity of the customer. It means if the customer is real or pretending to be someone else for committing financial fraud.

Address verification - With the address verification service, it verifies if the customer has produced a fake address to commit fraud.
Credential Verification  - Credential Verification service cross check the document produced by the customer. It checks if the customer has produced false credentials.


Banks and NBFCs need to check the background of the customer before onboarding them or giving them any kind of service or loan. The background verification process helps banks and NBFCs to protect themselves from any kind of fraud.

Docboyz is one of the best background verification companies in India. Contact us for more information.