A radical change in customer onboarding helps financial sectors to prevent fraud. Nowadays, most banks continue to become digitized. In January 2020, RBI made amendments with Know Your Customer norms which allows Banks, fintech start-ups, and various lending companies to remotely complete the KYC process through a live audio -video interface. The provision of Video KYC India has been a great boon in the current situation. Several financial institutions allow you to open savings & corporate salary bank accounts by completing the Video KYC process from your home via a smartphone, tablet, or laptop.
An Overview of Video KYC
KYC is a well-defined procedure used by financial institutions to verify the customer’s identity. Traditionally, the customers have to visit the bank branch to complete the KYC in person. To carry out the physical verification of documents, the RBI allows Regulated entities to digitally verify customers' identities through Video KYC. It clearly depicts that the video KYC-based account opening has become easier. During the process, the Bank official will perform identification checks along with capturing photographs & verifying your PAN card.
Through contactless audio-visual interaction, you can open a bank account without physically visiting the Bank. To perform the Video KYC, the customer must be a resident of India, 18 years of age & be physically present in India.
Video KYC is the new way of the customer onboarding process of Financial Institutions!
You can perform video KYC only via a bank’s website or its mobile application. It enables you to complete your KYC for a savings account, credit card, or any personal loan via a quick video call. Thereby making the customer onboarding process faster, hassle-free, & contactless.
V-KYC has also contributed to fighting against the Covid-induced slowdown. In fact, tools like V-KYC have given banks new wings to stand still over the uncertainties of the Corona pandemic. In today’s world, people are looking for the best solution to fix every problem in just a few clicks. Thus, Video KYC is a perfect game-changer solution for various banking processes.
Adopting the Video KYC solutions helps speed up the entire process of application which otherwise takes a few days. This process ensures quick access to the product or service you need. Video KYC Solution is also a cost-effective option for the banks. Banks have reported that with the digital KYC method there is a reduction of about 40 percent on KYC completion costs with the need for fewer staff & infrastructure requirements. It also standardizes the entire process of KYC, thereby providing an excellent experience for the customers.
The Future
As the future moves to digital financial institutions, it seems that digital transformation will head-on. This trend will definitely stay for a long time. Every organization must make an attractive investment to boost its business. Video KYC Process came as a real boon in the financial sector as it simplified the whole process.
Do you want to make your customer onboarding process smooth? Explore the Signzy website and feel free to talk with the experts for better guidance.
