Video KYC for Banks: A Revolutionary Step Towards the Future

 

The pandemic brought home the reality that we need to embrace the digital, as the digital solutions have the power to deliver what we were denied during the new normal situation. The prolonged lockdown made our stay at home and without there being accessibility to the normal ways of life, things could have truly gotten complicated, had it not been for the video KYC. However, the timely introduction to the Video-based KYC identification solved so many issues for the banking sector as well as for the financial sector at large. The beneficial features of the video KYC process not only helped us out but, also upgraded the verification system. Things can completely change when you have access to such a powerful solution. It was no doubt a revolutionary solution.

Video KYC for Banks: The Advantages are Hard to Ignore:

  • The Video KYC, is completely paperless and that does make the verification process much more fuss-free and simple. To be frank, the submission of the documents and then processing those massive number of documents was a tiresome process and this was something that delayed the whole verification and onboarding process eventually. However, with the video KYC process this  problem was solved, as there is no paperwork involved, which is why it enables the officials to carry out the verification process real fast and there is no delay in onboarding customers.
  • The Video KYC India process is not only faster and hassle-free but is also a highly secure process. The ID and location get verified in real-time, using video KYC tools that are empowered with advanced AI technology. This ensures that there is no fraudulent activity involved, the data and sensitive information remain secure.
  • The video KYC procedure also ensures that the unbanked section of the population is also getting the opportunity to access banking, insurance, and other financial opportunities. Earlier they had to find a branch of a bank to submit documents and get verified, and without a branch, they couldn't complete the procedure. However, the video KYC is completed virtually, which is why now completing the verification process is a breeze.
The video KYC is certainly a significant step towards a future that is secure, with more and more organizations opting for the video KYC it is obvious that this is going to be the preference for a safe verification mode.

Location: India

Comments

Post a Comment

Popular posts from this blog

Tourism and Other Industries are Turning to Video-based Solutions

Image
  The pandemic is definitely causing big paradigm shifts across industries around the world, the situation has changed in such a big way as we all hurried to resort to digital solutions. Every industry had to struggle to fit into the new normal, the situation was most definitely complicated as the very survival of the industries was under threat, the hospitality industry especially was having a tough time, they had to shut the shop for longer months and there was no way they could have stayed afloat. As slowly things started getting back to normal the industry needs to find its unique digital solutions to stay functional. The video-based solutions including the video KYC verification will probably be accepted norms now. To understand its impact let’s take a deeper look at the situation. Video-based solutions: The auto-check-in would be a reality from now on as this is definitely a measure that the customers can enjoy and this would also enable the staff to maintain a safe distance. Th
Read more

How Video KYC can put an end to fraud?

Image
The number of crimes taking place in the finance sector is alarming, there have been many fraud cases that shook us all. The introduction of the KYC procedure was done to eliminate the risk factor, as the procedure made it mandatory for the banks and other financial institutes to check the ID and the address proof documents of the customers and get the verification done before allowing them to access services. However, the procedure was lengthy, costly and cumbersome, and since it involved documents that could be easily forged, the risk still remained. The introduction of  Video KYC  changed things for the better. Video KYC India: How secure is it? The timely arrival of  Video KYC for Banks  and other financial institutes saved people and organizations during the lockdown process and allowed them to carry on with their transactions. The key features of the procedure were enough to ensure that the verification process could be free from any kind of forgery or, such activities. The reaso
Read more

Video KYC is Being Implemented Across Various Sectors

Image
  During the pandemic, online services and remote work culture became prevalent among people. Various sectors and industries had to implement solutions that could help them adjust to this new trend in the work culture. For example, the onboarding process can now be done remotely with the tools of video KYC solution providers . Nowadays, companies from both the financial and non-financial sectors have started implementing this solution in their workspace. Let us look at some of the industries that have started using video KYC . Sectors Using the Video KYC: Banks Many banks have started using the tools of video KYC solution providers to do the verification process of their customers. It is especially helpful for people opening a new account as their verification process is completed quickly within a few minutes. They can have access to their bank account as soon as their identification process is completed . Insurance Companies Previously, people had to fill out multiple forms and provid
Read more