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Video KYC- An Easier & Faster Process For Onboarding

If you want to know about how video KYC is an easier & faster process for onboarding, just read the PDF and get information in detail.

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Video KYC- An Easier & Faster Process For Onboarding

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  1. To enhance the user experience, financial institutions have always been the pacesetters whenever it happened to embed innovative ways. Earlier, in Jan 2020, the video KYC process policy was amended through the RBI. This was to have an added method for Know Your Customer, which is Video-Based Customer Identification. As of today, a great number of financial institutions have embraced this change. Nevertheless, why it shouldn’t be as it is set to be a mandatory process for customer onboarding and banking by the RBI (Reserve Bank of India). Gone are the days when customers were required to visit the branch by his or her own to submit their documents to open their accounts in the bank respectively. However, or else bank representative must have visited their homes to get their account opened and submit all the mandatory documents, in person. Thanks to RBI and constantly driven technology – it is no longer a case now! Going through successful video KYC method ensure full-fledged banking services at your fingertips. Everything can be done from the comfort of your homes, all you need is a working PC and a stable internet connection for the same. While going through this video KYC process, there will be a live video call with the bank representative, whereby you will be required to showcase and submit your personal ID as well as address proofs digitally. Video KYC Process All financial institutions have to perform same guidelines set by RBI in order to comply with this process. Following mentioned below are the steps for the same – At first, there is a need to log in at the official site Filling in the required option needs to be done There will be the OTP, one need to confirm the same now Giving consent to use your details is required, hence do the same Add your PAN as well as other details in the given form Enable the access to use your present location Now, there comes the need to do geo-tagging (well, this is to limit people from outside from opening their bank accounts) By now, the video KYC will be initiated among the user and assigned bank operative The authenticity will be checked via facial recognition and liveliness checks Once each of these things are done successfully, the user finally gets the approval and bank will be able to onboard a new customer in matter of some minutes Perks Of Video KYC Verification

  2. This super-smart and effective process has got innumerable benefits connected with it. Here are some of the top of them – First comes first, the most evident one, everything can be online and digitally, without the need to be present over the bank branch, in person. It can be completed in matter of some minutes. Works immensely great in onboarding new customer real quick. Happens to be more convenient. So, here it is everything about video KYC verification! Hope, you find it a great piece. For any queries or concerns, please feel free to leave a comment. Source: https://signzy.mystrikingly.com/blog/video-kyc-easy-compliant-process-for-faster-onboarding- and-safety

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