The problem BIOCODE solves

We want to highlight the biggest challenges that our country is facing:
● Identity Theft
● Financial Frauds & financial inclusion.
● Banking problems.

Banking Problems:
The problems faced by banks can be classified into 2 segments as KYC related & Money laundering due to identity fraud.

1. Establishing identity of the account holder is through physical documents/otp/sms
2. Prone to frauds, compromise of user password /otp
3. Inconvenience caused to user as it requires lot of paper documents
4. KYC is required for availing every services of banks.
5. Requires OTP, PIN, CVV every time while doing a financial transaction.
6. KYC verification by banks is time consuming, cost inefficient and not fool proof also manpower
   requirement is high for on-field physical verification etc.
7. Memorising passwords, carrying cards, cheques, signature mismatch, requesting the banks for
   blocking the stolen or lost cards, cheque, bonds and a whole lot of other problem calls for a new and
   efficient way of banking.

BIOCODE will help in:
Card less, Cashless and paperless, password, PIN, CVV, OTP free financial transactions which will help in digitization of the nation.
All Banking services such as opening accounts to loans, credits, trading, insurance, etc can be applied instantly on the BIOCODE platform without any documentation or KYC thereby promoting financial inclusion.

By use of BIOCODE platform the benefit for banks are:
There will be no identity Fraud
Time saving/Increase productivity: Applying for a loan, credit, any facility of the bank can be applied instantly on BIOCODE platform. No need for filling forms, signatures, kyc etc.
No financial loss.
Less manpower.
Increase profitability.
Increased supervision
Increase in customer satisfaction.

Benefit for Users:
Card less, Cash less and paperless financial Transaction
Freedom from remembering password, PIN, CVV, etc.
Freedom from giving OTP for every transaction.
Freedom from filling form,giving signature,kyc,documents

Challenges I ran into

Out of many there are problems which needs to be highlighted.

1. Identification of vendors in India & abroad.
2. Financial problems.
3. Lack of adequate support from technology experts.
4. Filing of patent in India & abroad.

5. Development of HW/SW
   

I got over the problems by

1. Strong will power & Support from friends & family.
2. Adequate research.
3. Filed the patent in India & abroad.