Video-based KYC verification is a verification method that uses a live video call and document verification to identify and verify an individual. It not only helps to onboard trustworthy customers but also combats online fraud and money laundering.
Video-based KYC (Know Your Customer) mechanisms are replacing the physical verification method. A video KYC India allows a bank or other financial institution representative to validate the customer’s identity by checking the details of the papers presented via video call. For Android users, video KYC can be done using Google Duo, while for iOS users, it will be done through Facetime. After validating his credentials, a customer would be required to produce his original documents—proof of residence and identity—to the company’s representative during the conversation. After that, the tape would be submitted for final review by the company’s personnel.
The following are some of the advantages of Video KYC:
• It saves time and money by reducing paperwork.
• It also helps to eliminate costly human errors.
• It is a cost-effective solution since it reduces revenue loss due to delays in the process, which begins with the client application and finishes with verification.
• It saves time since verification can be done at anytime and anywhere; it also eliminates the risk of identity theft and the submission of fake documents.
Why Did We Ever Feel The Need For Online Video KYC India?
As individuals were driven into their homes due to the pandemic, there was a growing demand for a paperless system that was both efficient and cost-effective.
The finance and banking sectors aren’t the only ones going digital. Every facet of our lives and every sector we can think of is being transformed by digital technology. A car may be hired, a property purchased, and a loan taken from the convenience of one’s own home. With the aid of a remote ID verification service, the user may be authenticated with a single click of a button. Regardless of workflow, the Know-Your-Customer (KYC) process is moving to digital for each step from start to finish.
Video KYC can fill the need for an easy, secure, and compliant solution and is also beneficial to various non-financial entities. e sign solutions provide you with efficient alternatives for all your business requirements.
Applications of Video KYC by Non-bank Institutions
● The Securities and Exchange Board of India, which regulates companies that manage assets, can use the Video KYC onboarding client process for authentication.
● The Insurance Regulatory and Development Authority that regulates insurance can use video KYC India to check digital fraud detection and improve the customer experience while lowering digital risk.
● The SME lending process can result in faster decision making and an improved user experience using Video KYC.
● Mobile wallet companies can streamline payments using Video KYC.
Applications of Video KYC by Non-Financial institutions
• The telecom sector now has access to the quickest ID verification thanks to Video KYC’s safe, contactless alternative.
• Making payments via digital wallets can be resumed with video KYC. By validating the correct student, Video KYC may be utilized to prevent cheating in competitive examinations.
Conclusion
Video KYC India provides ID verification solutions for every sector, whether you’re a bank or a non-bank. The new-age trust protocol aims to enhance user experience, save expenses, and simplify onboarding. It is on its way to becoming a multi-industry standard. To remain ahead of the curve, adopt it. To know more about Video KYC, get in touch with an e sign solution today.
