Video KYC for Banks is Here to Stay

The last year was spent amidst such big chaos, all of a sudden we had to adopt a lifestyle that we were not at all prepared for. The industries had to find a way to stay operational during the lockdown with the help of digital tools. However, things could have gotten worse for the banking sector, had it not been for the Video KYC procedure, which RBI had given its approval to in January before the lockdown hit us.

The banking sector indeed survived the onslaught of the pandemic all thanks to the Video KYC procedure. Although the situation had started being back to getting normal, there is suddenly a requirement for a further lockdown. Until and unless the situation gets better we cannot imagine getting back to the normal way of life.

Video KYC for Banks is the Solution:

Now with another lockdown situation staring at us, we cannot afford to put things on the backburner. We could easily make things moving despite the lockdown. The only thing that could help the banking sector and other financial institutes in the Video-based KYC identification procedure.

The video KYC does not require any IPV which means that people can complete the verification without having to go to the bank, or, having somebody from the bank visiting the house. So, basically, things are sorted for both the banks and the customers. The banks can stay operational and save money on IPV. The video-based identification is cost-effective and is instantaneous. Most importantly it is highly efficient and secure and it eliminates the chance of a forgery or, human error as there is no physical document involved.

The people from the remote areas could be onboarded as well, this does help in financial inclusion and helps the banks expand their territory. This does pave the way for a secure and brighter future for all.

The video KYC procedure is definitely the need of the hour and it could lead us to a digital future. 


Location: India

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