Video KYC- Seamless Way for Customer Onboarding

2. For adopting the latest trends, banks always have great prestige. Being so early adopters of change, they have changed their onboarding experience. By improving the customer experience will have a significant impact. In the cutting-edge era, bank official is looking for intelligent ways to conduct the KYC process. With the Video-based Customer Identification Process, the banks & financial institutions were up for it. This blog will try to describe how Video KYC influences the banking industry. Let us put a light on the Video KYC! Video KYC is commonly referred to as V-KYC. It is a process of conducting Know Your Customer verification via video calling. During the process, the bank official performs a video call with the customer to authenticate the documents, signature, & facial recognition. Based on the data collected and checks performed by the bank officials, they approve or reject the KYC application of the concerned customer. These are the simple steps towards digitalization. In fact, the adoption of digitization is responsible for many advantages of Video KYC. It is conducted by a collection of KYC information of the customer digitally rather than an in-person meeting. Some Important Advantages of Video KYC For convenience, the benefits of Video KYC have been divided into two categories – Benefits for customers & benefits for business purposes. Benefits for Customers It provides great customer convenience: As per the traditional method for customer onboarding, the customers have to manually visit the banks or financial institutions to perform the KYC process. They have to leave their comfort to get their KYC done. As the video-based KYC process is completely digitized; so, it can also be done remotely. Makes the process fast & automated: Nowadays, everyone is finding solutions to make things automated. With the use of facial matching software & advanced AI techniques, it can be used to capture data via video in VCIP. This is beneficial for the customer’s convenience. A rising trend to lift the financial sector up: The introduction of AI and ML techniques used in the Video KYC verification will encourage researchers to work on it harder to get fruitful results for the future. It will be considered as an added advantage for the entire world. Benefits for Businesses Video KYC is a cost-effective process:

3. This is an obvious statement that the process is digitized & supports remote customer onboarding. So, it is worth going with this flow. The businesses may cut costs by adopting Video KYC. It supports digitalization: The customers need not visit the banks for account opening as everything will be performed online. In fact, they have to show the identity proofs during the video call. So, it supports the growing digital world. Saves the traveling time: By adopting the Video KYC method of the onboarding process, the officials need not travel to various locations for performing customer verification. Thus, if you adopt it, it saves your travel costs. Innovation is an integral part of our life. We need to accept it and move accordingly. If you want to make your customers onboarding process automated and easy, explore the official website of Signzy. They are primarily focused on creating a smooth and seamless workflow for your businesses. Take a significant step towards the modern world by adopting an all-new Video KYC onboarding process. Source: https://signzyonlineidverification.wordpress.com/2021/12/15/why-is-video-based-kyc- seamless-way-for-customer-onboarding/