How and Why is Video KYC Changing the Picture of the World?

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.   

The world welcomes the video-based KYC verification method wholeheartedly due to an increase in demand for digitization in harsh COVID conditions. It enables businesses to promote contact-less customer onboarding with reduced operational costs.   

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.  

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• 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.   

How does Video KYC Verification Solution Boost Businesses?

Know Your Customer (KYC) is a compulsory method for verifying the identity of various customers. Undoubtedly, Video KYC gives new wings to the fintech industries as it is a reliable solution to curb financial crime & money laundering. In addition, Video ID KYC has also enabled the digitization of Officially Valid Document acquisition, geo-tagging as well as facial identification to confirm the client’s remote location. This, in turn, has enabled companies to onboard new clients remotely which is the emerging demand of the financial sector. 

Automate your business operations by introducing Video KYC solutions now! 

The constant progress in technology has left a great influence on many sectors worldwide. Video KYC Solution is a perfect example of digitalization. Typically, the fintech industry or the KYC official connects over a video call with their clients to validate the signature, submit records, & confirm facial identification along with other examinations. Based on the information gathered and judgments, the company officials accept the KYC application made by the customers.   

In America, most of the financial companies have already upgraded their systems to perform the “Know Your Customer” in a better way. In fact, Video KYC Solution has been beneficial in pandemic times wherein social distancing standards have become mandatory for everyone. So, the remote video KYC process has become famous as it helps to eliminate the requirement of stepping out for physical verification.  

Let us see some exclusive benefits of adopting the Video KYC process. 

Exclusive Benefits of Video KYC Verification Process  

• It can automatically enhance the consumer service as all the complicated processes are being done at one’s home.  

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• Promotes faster & accurate completion of all essential tasks without any kind of hesitation.  

• Easy access for everything due to the high-end algorithm & simplicity of the process.  

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• It helps to eliminate all the unnecessary use of documents, thus promoting the digitalization i.e., go paperless. 

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• This is an efficient process that allows nurturing of personalized customer reactions, thus updating the marketing strategies.  

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In today’s world of digitization, video-based services improve a business working of many sectors. Thus, it is considered to be a highly efficient method. With this latest technology, document verification will be done easily. As most banks and other financial institutions are completely new to online functioning, only some can completely comprehend the online atmosphere.   

Many banks do not have proper systems to identify their customers. This has increased the need for an accurate online customer identity verification solution and its usage. Moreover, data security of a customer is highly valued in the financial industries, but it needs appropriate solution to conduct it. That is why many financial institutions have opted video KYC Verification solution to solve online identity theft or any other fraud concerns.  

The fast-paced world has indeed been connected because of the advent of technology. Introducing the latest technology like video KYC will surely help to enhance the overall experience of online banking. If you want to learn about the Video KYC Onboarding solutions, check out our website today. Happy Learning!   

Is Video KYC Verification Good Idea for a Banking Business?

Literally, there are many KYC onboarding solutions available in the market. With the technology upgradation, digitization has gathered special attention as it makes things easy up to a great extent. For most banking and financial institutions, Video KYC is the ultimate onboarding solution.   

Every bank must select the right KYC onboarding solution for their needs; in fact, any investment firm, a crypto exchange, or other company must use it. The rapid acceleration towards digital adoption leads the world towards an unpredictable future of social upheaval. This revolution has introduced Video KYC Verification to a wide range of organizations & financial infrastructures to protect them from fraud-related activities.    

Nowadays, frauds are increasing day by day. Many businesses are trying their level best and spending extra time to adopt the enhanced video-KYC services to avoid fraudulent activities in the future. The primary purpose of customer onboarding is to prevent illicit money transfers, money laundering, and it helps to ensure a transparent relationship between customers & businesses.   

Some advantages Of Video KYC Software Solutions   

Here we are going to talk about some of the benefits offered by Video KYC Software Solutions to businesses & organizations to limit fraudulent activities.   

It comes up with enhanced security features; thus, providing a better customer experience to the businesses to detect illicit money transfers.   

KYC identification solutions are cost-effective methods that are highly beneficial for any banking business; they will save time and money.   

Video KYC for Customer Verification provides necessary peace of mind to business merchants as well as customers by giving them satisfactory services.    

It helps to enhance the data gathering processes for future reference with the help of KYC- video verification solutions.   

The video identification process is speedy, reliable, accurate, and easy to carry out; therefore, it offers various advantages to its customers.  

Video KYC for customer verification plays a crucial role in protecting the banks from fraudulent activities, which is rising parallelly with technological advancements. This all-new Video identification process does not involve any physical contact with customers. Thus, the verification process with this method can be carried out with high accuracy, efficiency, & convenience.   

During the video onboarding process, the interview is conducted between the banking representative & its client. The banking official will ask you about your personal information and identity proof. They also keep the recording for future convenience and safety purposes. It will make it difficult for people to commit fraud activities.    

Compared to the traditional in-person verification process, this video KYC verification is quite useful. The fusion of artificial intelligence (AI) and machine learning (ML) technology helps detect criminals easily. The video calling method is also helpful in reducing onboarding customer costs. It helps build excellent standards of trust & compliance, which cannot be expected from other KYC verification methods.    

End Note  

Explore the significance of Video KYC Solution for the banking and financial industry. Get the best onboarding solutions by performing Video KYC. If you want to upgrade your onboarding process, reach the official website of Signzy to grab the best solutions.