Video KYC – Complete Guide
Digital India is no more a saying. It’s a real thing now. People use the internet to order their necessities, pay off their bills, plan vacations, and whatnot. Almost every industry is taking a step closer to digitization every while. So, why not the customer service? Although it has an e-KYC process, the innovation and improved technology have resulted in a Video KYC solution for the customers. Look at why it is an efficient option for customers and service providers.
What is Video KYC?
Video KYC solution is an online process to complete your KYC. Customers and the officials connect through a video call where the customer needs to pass the verification process by following all the guidelines. The Video KYC process ensures stronger security, fewer time requirements, low expenses, and many more advantages. To know more about Video KYC, keep reading.
What are the guidelines for Video KYC?
Check out the requirements decided by the regulatory authorities for Video KYC.
- Customers must allow the companies to take their videos and pictures during the process
- Companies have to use the latest AI and face recognition technology
- The process should include random questions to examine the liveness of the customer
- Customers should join the call from a quiet place
- The office of the authorized person must be suitable for performing the process
- The official should thoroughly check if the face matches the identity proof provided.
- Geo-tagging must be used to make sure that the customer is in India
- The official should cross-check the details entered in the form with the identity proofs
- The video recording must be stored carefully with the exact time and date.
What steps are to be followed for Video KYC?
Check out the mandatory steps for the Video KYC process
What advantages does Video KYC offer?
Here are some advantages offered by the Video KYC solution.
- Paperless process: Video KYC is an online KYC approach. It doesn’t need customers to submit photocopies of their identity proofs. Thus, the employees are saved from handling all those bundles of papers
- Convenient process: Customers can schedule the video call conveniently and join the meeting from a comfortable place
- Less time requirement: Video KYC verification is a matter of mere 3 minutes. On the other hand, regular KYC procedures require a few hours or days
- Cost-efficient: Regular KYC process cost the companies at least Rs 75 for each KYC application. But for the Video KYC solution, the cost has become significantly lower
- Fewer cases of drop-offs: As the customers have to go through a lot during the usual KYC process, they often drop off and do not provide their KYC. However, the picture now has changed after the introduction of Video KYC
- Customer experience: Customers can learn about remote onboarding during this process
Why opt for a hectic and tiring way of getting your KYC done when you can avail the facility of Video KYC without any hassle. It matters a little if you are not skilled at using the internet. Video KYC requires minimal use of the internet among all the KYC processes. Once you join the video, you can take care of the rest. So, next time you are submitting your KYC anywhere, choose the Video KYC solution.
Video KYC FAQs:
1. Which industries are opting for Video KYC solutions in recent times?
2. What are the differences between Video KYC and Regular KYC?
3. What are some features of a standard Video KYC solution?
4. Why has Video KYC gained popularity?
5. Is Video KYC safe?
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