Nowadays, the KYC (Know YourCustomer) has become a significant element in the fight against financial crime and customer identification. Identifying the customer's real identity has become the most critical aspect. It is one of the first steps to perform in any banking process. Nowadays the Video KYC is quite trendy due to pandemics in order to fulfill the social distancing norms. This is because by adopting the video KYC techniques, there is no need for the physical visit.
What do you mean by KYC?
The term KYC is known as KnowYour Customer or Know Your Client. Nowadays, the KYC is considered as the mandatory process step to identify and verify the customer's identity. All the onboarding customers must do their KYC. With the help of KYC, it gives the banks satisfaction that their new clients are genuine. Additionally, the banks can also refuse to open a new account of the person if they are not able to fulfill the minimum KYC requirements. If you want to open your account remotely, then you can use the Video KYC solution to complete the KYC. This gives the new wings to the banking sector to promote their services remotely.
Why do all the financial institutions or banks make the KYC process necessary?
The KYC process defined by financial institutions or banks basically contains all the important actions to ensure that their customers are real. This client-onboarding processes are quite helpful in preventing any terrorism financing, money laundering, or any kind of illegal corruption.
The process of includes ID card verification, face verification, important document verification like address proof or biometric verification. According to some estimation, in the U.S., Europe, the Middle East, & Asia Pacific, the cumulated USD26 billion in fines have been charged for non-compliance of AML, KYC. The KYC checks are performed via a reliable source of documents or information. Every customer needs to provide the right credentials of identity proof.
How the Video KYC process makes the banking onboarding process easy?
Earlier, banking processes were so complex as everything has to handle manually. In fact, earlier, the use official recognition was like unimaginable in the banking process. But nowadays, it comes out as a promising way to complete the KYC and keeps your details safe. KYC onboarding with the help of facial recognition online is one of the trendy topics in these days. The Video KYC process is proved to be quite useful as the only thing required from the customer side is better connectivity.
Due to the outbreak of the Covid-19, it forced many customers & banks to use digital channels or apps. In the United States, around 64% of primary checking account openings were done online. This online account opening trend will continue even after the end of this pandemic.
Most of the banking and financial institutions are adopting to the latest preferences of their customers. They start investing in digital onboarding, such as video KYC, thus, leverage the biometrics via online method & through the mobile channels.
Final Words:
If you are looking for a better system for your onboarding customers, you can reach Signzy. They have highly skilled professionals who use their innovative ways to create a system which provides you complete satisfaction. All the experts are capable of playing with the latest technology. If you want to make your onboarding process quick, approach Signzy through their official website and get the top-notch VideoKYC solution in the minimum possible time.
