Video-based KYC Identification Procedure: What Advantages Can Organizations Expect?
With the introduction of lockdowns and other restrictions, many sectors got adversely affected. Similarly, the finance sector was also forced to adapt to work in this situation. While internet banking and other online services were already available to the customers, one of the main issues that financial institutions faced was how to do identity verification remotely. With the help of new digital solutions like video KYC that has been approved by the Reserve Bank of India, banks, and other financial institutions can now complete the verification process of their customers remotely through online video calls. Let us look at the benefits that video KYC brings to financial organizations and customers. Financial Organizations Benefit From Video KYC in the Following Ways- It reduces the overall cost related to document verification: In the manual document verification process, banks and companies had to spend a significant amount and time verifying the customers' details. From gett