Pandemic has disrupted the world, but the adoption speed of digital technology has accelerated like never before. It ultimately affects the way we live, study, shop, work, transact, travel, and dine. Every sector is tweaked the way they worked earlier. In traditional banking, if you want to open a bank account, you need to go to the bank, and it is messy and time-consuming work. However, the entire scenario has changed and became much smoother than earlier with the video KYC verification option in banks. It is a paperless remote account opening alternative to the traditional manual KYC procedure.
With the recent amendment in the Prevention of Money Laundering (PMLA) act 2002 by the ministry of the finance department, several modes for capturing the customers' details are allowed now. As a result, RBI has authorized visual KYC verification to verify customers, allowing onboarding through video-based KYC.
What is Video KYC?
It is a video-based and automated customer verification procedure for onboarding. With the help of a trained professional, businesses can use the online KYC via video method for document image capture, face-to-face interaction, and digital Id verification to expedite the onboarding procedure.
Benefits of Visual KYC in India
The demand for video-based KYC is already going beyond the sky due to its tremendous benefits. Some of them are mentioned below:
Paperless, Anytime, and Anywhere Access
This method provides a quick, convenient, easy, and paperless customer onboarding process. Nowadays, people are looking more towards the remote option, and it perfectly matches the customer's preference of anytime, anywhere access.
Opens the Doors of Omnichannel Mode
Its versatile feature lets us open an account, be it a demat account, bank account, insurance account, or trading account. It is easy to complete the procedure in minutes.
Eliminating the Need for Personal Visit
Undoubtedly, video KYC is genuinely a blessing for all of us during this difficult time. It eliminates the need to visit personally to complete the onboarding procedure. You can conveniently complete the onboarding while sitting in the comfort of your home.
Reduced Operational Costs of Businesses
With the elimination of paper and reduced manpower, the total operational cost of the businesses is now less, which eventually benefits the companies. In other words, we can call it cost-effective.
Secure
It confirms the security of the customer's data and ensures that the security protocol never gets compromised throughout the process.
Positive Impacts of Visual KYC
With the rise in the video-based KYC verification mode, we see various positive impacts.
The rise in the number of account openings.
Increased ROI (Return on Investment).
Improved profit margin as ROI increases with a decrease in cost.
Much faster turnaround time.
If you are looking for an online KYC via video onboarding software solution in India, Signzy offers its client the best-in-class and easy-to-use video KYC solution.
