The Video KYC is The Solution We Have Been Waiting for
The digital activities were gaining momentum in the pre-COVID world, where we were making digital payments, and we were also busy doing online shopping. This was only an alternative platform for us which we resorted to when we preferred but the moment we were hit by the pandemic, it was no longer a choice it was the only way of survival. Things couldn't have been better, as the Video KYC was introduced and helped the banking and the entire finance sector later on to survive the onslaught of the new normal situation. With the pandemic still raging on, it is time to appreciate the beneficial features and the effects of the video KYC procedure. Video KYC India: A Welcome Change In order to keep the fraudulent activities at bay, the KYC procedure was introduced in the first place. The submission of documents, followed by a long waiting phase during which sorting and verification would be done and then getting an IPV and later on approval made the traditional KYC a tedious process an...