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Impact of Video KYC India

· Banking

KYC has been a spine of the finance industry for a long time. The current norms related to RBI give the industry with required digital KYC that makes every process paperless. The video KYC makes every lengthy process to the remote.

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Let us get upon how does the video id KYC works.

The current norms of the RBI implement the digital KYC that is recently been introduced and brought KYC additionally. To strain on the process more deeply, this brings in use either Aadhar eKYC, Aadhar based offline verification, or say a process that talks about the live photo of the customer based upon the officially valid document and also, the geolocation coordinates. In the video KYC process, the technicalities are seized with the help of the encrypted audiovisual encounter that comes from the domain from the entity like a bank-issued smartphone application.

In all respect of the process, e-documents could be used either from the OVD, PAN card, or any business based questions that are arbitrary.

Video KYC India getting us our nation paper-free:

Talking the instant advantages of the paperless form of KYC is its reduced costs. The video KYC discusses the additional benefits of being fully remote, although digital KYC still needs a visit directly to the customer or the touchpoint. Video KYC also doesn’t require any wet signatures that are needed at the very last step of the digital KYC process, i.e., over a printed customer application form.

Therefore, video KYC showcases a major benefit for getting scale, which has been counted as an essential factor in the initiates taken by the finance industry for its success. It is because it provides a very cost-effective method to achieve acquiescence, even in remote locations.

Talking the variation:

Many finance-based companies have founded the new age digital identity and authentical technologies for KYC compliance, making use of the AI, blockchain, and cloud-based API technology. The video KYC is recently used in opening the mutual fund accounts. So, these norms bring in the variation with the needed fillip, specifically provided that RBI has highlighted the use of the face-matching technology and AI in the process. It can be considered the new use case of the future, like expanding the use of facial recognition technology as the authentic one for many financial services. This can be used at the bank branches, for the ATM services or at the sale terminals.

Most of all, Signzy video KYC is currently in use to take around thousands of customers onboard every single month. Infact, they present some outstanding features that include:

1. Real-time PAN verification

2. Face ID recognition

3. Enlarged video storage and quick comeback

4. Capturing the geolocation with IP check

5. Smooth and reciprocated UI for further live video interaction

6. Complete end to end encryption for video, channel, and communication

7. Digitalized forgery check over the displayed IP proof for video KYC verification

8. Timestamp, as well as an audit trail for every application as well as video interaction

Signzy is an expert in providing a global digital solution with full authentication of the entities. Contact us for further technical details and do not worry about the low bandwidth environment to proceed with the real-time solutions from us. We are here to take care of all of your issues to grab the best solutions from us.