What is Video KYC and What are the Top Perks Offered by this Smart Process?

2. Today, it's a challenging time because covid-19 has taken the whole world by storm. All activities are happening online via video conferencing and video calls like board meetings, family gatherings and product releases. Thanks to this technology for making that happen because it is the need of the hour to fight against this deadly virus. Even many other financial institutions and banks have also started embracing this process for the purpose of onboarding new customers in their working process. As per the RBI (Reserve Bank of India) norms, this video KYC (Know Your Customer) mechanism is required to be integrated. What exactly is KYC? It’s typically a Know Your Customer process conducted by banks and other financial institutions today. According to official resources, RBI has made this process mandatory for the purpose of identifying and verifying a person’s identity while opening a new account in bank and for doing major transactions. As of today, all financial institutions must positively follow this KYC process. How Video KYC is different from standard KYC process? The idea of inception was to complete this process beforehand to do financial transfers and other related activities. Earlier financial institutions use to follow regular KYC but since now video-based KYC process is there, it is found to be far much better from the earlier one and can be completely from the comfort of homes respectively, requiring a working PC and stable internet connection. Probably the best thing is, this process is time-efficient and not takes more than 7 to 10 to get completed. Fruitful Benefits of This Video KYC in COVID-19 Pandemic Lately the covid-19 wave has take the whole world by knees, thousands and even lakhs of deaths happened and the only solution to fight back with it is to follow social distancing norms. That’s where video KYC process has worked tremendously well in banking and financial sector, when the people are locked at their homes. Top perks offered by this super-smart process – It enables real-time customer verification via facial recognition. AI technology is used to onboard customers quickly. It saves a lot of time, resources and papers. It automates the complete process and eliminates the odds of human errors. Regulatory Requirements While Doing Video KYC There has been a live video conducted of the customer Original PAN card Aadhar verification is mandatory Geo-tagging to have a check on a person’s location A photograph of the customer is going to be compared to that picture used in government ID proof. While having a video call, video gets encrypted with the data as well as time.

3. It’s a time-efficient plus super-effective process. Final thoughts Video KYC process is the most effective, safest means of authentication since it doesn’t require any human presence. It is simply based on technology as it enhances performances and lowers costs. Source: https://signzyonlineidverification.wordpress.com/2021/06/25/what-is-video-kyc-and- what-are-the-fruitful-benefits-of-this-process-in-pandemic/