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 and an impossible feat to achieve during the lockdown as social distancing norms had to be followed even though banks remained opened, conducting physical KYC was out of the question.

The Video-based KYC identification changed a lot of things while offering the ideal alternative to the traditional KYC system. From banks to insurance companies later on and other financial institutes started reaping benefits, as the process is cost-effective, efficient, fast, and error-free. This is the combo they have been looking for so long. It is paperless, no need to submit any documents. The verification is instantaneous as it takes place in real-time. Furthermore, there is no need for IPV. So, basically, this process is efficient and absolutely hassle-free.

The video KYC procedure is a solution that is being embraced by other industries as well as they are realizing the immense potential it holds. The digital journey has started and video KYC is making it smoother.

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