COVID-19
virus has put everything on the stake in the real world. As a result of this,
social distancing seems to be the only ideal way out to stop community
transmission and break this chain to save lives. Taking this in the notice,
regulators are too now reiterating their support towards video based digital KYC to ensure safe and secure financial
transactions across banks, and other financial institutions. In fact, it not
unsurprising for us all to see the phishing scams happening these days in this
pandemic time. Therefore, this video KYC
for customer verification has come up as an hour of need and a huge relief.
Reserve
Bank Of India’s recent decision to allow video KYC has brought so much relief
at this crucial time. It not just brings great benefits but also cuts the costs
by big margins. With this, there comes the great advantage of on-boarding
customers remotely, which provides greater security to financial institutions
and banks as compared to other forms of methods that exist presently.
This video based digital KYC process is considered as an effective means to leverage
numerous digital channels for customer authentication by official
entities. There are many good reasons
that make everyone integrate into their working processes. It has also become a
must to follow approach too.
Video Based Digital KYC Process
This Video
KYC for customer verification method allows banks and financial institutions to
make a check with the customer’s identity by going through his or her Aadhar
card, PAN card, driving license, online remotely. The best part about this
process is that one can do this whole process in the comfort of their homes
only. To carry out this process, an agent must be appointed in order to make
sure everything is carried out effectively and that the person is present at
the certain for that time being. This process can be carried out by capturing
the geo coordinates of the concerned person.
Presently,
it has become a necessity for everyone to follow up with the process. No
matter, if wishes to open an account in the bank, or want to make any
transaction in mutual funds and fintechs. In this process, a customer has to
make the video call online via the domain link of the concerned financial
institution and not with any other third party link. The best part about this video KYC for the customer verification
process is that it can only be done by the officials who are specifically
trained for this verification process only.
This process has now mandatory for everyone to follow up with.
A
prospective person / customer can do this video KYC process in simple steps.
Following are those three simple steps –
·
At
the very first, he or she has to register with an official link and fill up all
the details online.
·
He
or she has to follow up with the process and attach all the documents by taking
all the regulatory guidelines into consideration.
·
At
last, please submit the form, and it is going to take a few minutes from a
person’s end.
Following
up, this process is not as hard as it may seem. One can also consider availing
some assistance from professionals, in a case, if required.
Benefits of Video Based Digital KYC Process
Despite of
being in rage, there are many other benefits that banks, other financial
institutions and government can experience and avail advantage of. These are
one of the major and standout benefits of the digital KYC process and of
course, the alluring ones. Let us consider, the best of them –
- It
lessens the cost of total services
- Helps
in providing better and superior customer experience to people
- Gets
faster and quicker turnaround time
- This
effective and innovative process minimize many security and other risks
These are
some of the top benefits, everyone currently in availing with video KYC for customer verification process.
