Know Your Customer (KYC) verification is done by businesses
to verify the identity of their clients. Through KYC, businesses seek
information about the address, identity proof, phone number of their clients.
KYC is critical for any institute; companies of all sizes are a big supporter
of KYC. KYC is done to ensure that the client is not involved in money
laundering, bribery, corruption, or terrorist financing. Through KYC, businesses
can assure that they are doing business with legitimate entities.
However, many customers are not happy with the way KYC is
done; the customer is required to visit the institute to submit the
documentation. Not everyone has time to go out for KYC personally; it is
especially difficult for sick and seniors. Keeping in mind all these problems,
online video KYC has been introduced.
What Is Video KYC?
Video KYC enables a business to complete the KYC process
without meeting the customer. It is beneficial for the customer as he doesn’t
need to visit the institute.
How video KYC is done?
In video KYC, there is a live video session with the client
in which he establishes his presence; the user confirms his identity as per
government identification cards. For the purpose of compliance and audit, the
video is recorded.
Online video KYC saves time, enhances user experience and a
business saves 90 percent over physical verification costs.
