More and more banks are making it possible to open bank accounts without visiting the branch. All this is possible because of online video verification.
Below we are covering the FAQs related to video KYC:
What is Video Identification?
Video identification is a process to verify new customers and update data related to old customers through a video call.
What are the steps in the Video Identification Process?
In the video KYC process, the user gets on a video call with the bank executive. For the call, the user needs a working internet connection, a laptop, or a mobile phone. The user has to answer a few simple questions asked by the verification specialist on the other end of the call. The user has to present the required documents, or he can simply upload the documents. Documents are checked and verified.
What technology is used in the video KYC Process?
To ensure that the process is done without any mistakes, artificial intelligence, facial recognition, and optical character reader are used. It is detected that the video call is live and not a pre-recorded one. The technology helps to check the person on the video call is the same as the photo on the government-issued identity cards shown/uploaded by the user.
Is Video KYC Secure?
Video KYC is one of the safest and secure methods for online identity verification.
Can a person very similar to me use my identity card to open his account in a bank?
With Live-verify and Self-verify, it is very difficult to set up an account with another person’s identity document. The entire process is carried out on a video call. The outcome is not decided on the basis of photographs, and the whole interaction is recorded. Thus, the process is safe and secure.
How is Video KYC safer than sending your documents by email?
Video KYC is safer because it consists of the user interaction with a qualified expert, and the process is supported by technologies that ensure there are no errors. Also, the whole process is recorded on video, which acts as evidence.
Are standard processes at your bank’s branch not safe?
In banks, you have to be physically present. Many of us lead very busy lives; we don’t have time to take time off from work and go for the verification process. Also, people who are ill can’t risk it to go to banks. In addition to that, the process at banks takes time and is costly for banks. Bank employees have to do a lot of paperwork, and they are always preoccupied. Online verification saves time, and the process takes just a few minutes.
Final Words
The Online Video Identity Verification process is safe and secure. It takes just some minutes, and you can complete it from the comfort of your home. New age technology is used to ensure there are no mistakes.
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