Video KYC Can Help in Financial Inclusion


The path to achieving the goal of financial inclusion has just become a lot smoother thanks to the arrival of Video KYC.  There are remote areas where people had a problem earlier accessing the banking services as there was no bank available and the nearest branch was miles away. So, to cross such a vast distance to access basic banking services was a mammoth task. However, such issues could be handled as Video based KYC identification is now a reality.

Whether you are a small business owner who needs a bank loan or, a working professional planning on getting a credit card, you can fulfill your requirement regardless of your location, as Video KYC helps bridge every gap while making the verification procedure faster and smoother.

Video KYC emerged at a time when the entire nation went under lockdown. That situation forced people to go virtual to carry out all of their financial activities, this no doubt helped people realize the significance of going digital. Since Video KYC had already been approved before the announcement of lockdown, it made things easier for banks to onboard customers maintaining social distancing.

People from remote locations too could access banking services without leaving home as video KYC, only requires you to have access to a Smartphone and internet connection. Another vast improvement has been the IRDAI approval of the Video KYC procedure which makes it possible for the insurance companies to be back in business, as now the verification could be conducted virtually. The other beneficiary of the process comprises fin-tech companies, the Video KYC being loaded with features like OCR, Geo-tagging, Liveliness detection, help them save money and time while ensuring an error-free verification process.

Video KYC despite being launched recently is gradually being adopted as the preferred verification mode. Kwik.ID's cutting edge solutions that make Video KYC at low bandwith possible, are making the financial inclusion dream a reality.

If you are curious to learn more, check out the full blog at: https://getkwikid.com/blog/2020/09/07/financial-inclusion-and-the-potential-of-video-kyc/

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