Financial institutions double down on more checks for tech partners
Signzy.
Bengaluru-based Signzy is a regulatory technology firm which offers digital customer onboarding technology to banks, financial services companies and other businesses. It helps in customer identity verification, processing electronic signatures, bank statement analysis and offersother such services. Its platform is used in account opening, credit disbursal, processing investments and also in the insurance industry.
The firm suffered a massive data breach a week ago, resulting in hundreds of gigabytes of data of customers of mutual fund firms, banks and credit card companies getting leaked in multiple hacker forums.
A few of the impacted financial institutions have started enquiring for new partnership opportunities, three senior industry executives told ET on condition of anonymity.
“Usually, banks work with multiple service providers, but they typically have one vendor for their savings product, one for the credit card product and so on. Now they are evaluating if they can diversify their partnership base further in the wake of the Signzy episode,” said one of the executives.
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