How to Choose The Best Video KYC Vendors?

The pandemic and the lockdown that followed made way for the digital revolution. The only way of survival was to migrate to the digital platform and that's what everyone did. The banks and other financial institutes might have had to take the worst hit, had it not been for the VideoKYC, which allowed them to remain functional and get new customers onboard despite there being the rule of social distancing.

The customers were onboarded with the help of the Video KYC India procedure which proved to be a savior for the industry. Now that the finance industry has adopted the procedure, there is a need for the right tool and the right vendors to make the procedure more efficient. However, things could easily change with the help of the Video KYC vendors. There are certain pointers that you need to keep in mind before you hire one.

Tips to find the best Video KYC Vendors

  • One of the biggest criteria should be the safety and security of the information. The tool you use must be laden with advanced technology so as to ensure that the data is secure and there is no chance of any kind of forgery and that could only be possible when end-to-end encryption will be involved along with AI features.

  • The vendor you are planning on opting for must be compliant with the RBI as this would ensure that you are operating within the framework of RBI guidelines.

  • While conducting the procedure you need to be aware of the drop-off rate. Any kind of connectivity issue that could disrupt the procedure and affect onboarding should be a matter of concern. So, opt for vendors who can help you conduct Video KYC at low bandwidth.

Those are a couple of pointers that you must keep in mind while selecting your video KYC vendor.

Location: India

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