Video KYC: Addressing Issues to Ensure a Smooth Verification

 

Gone are the days when you had to go through so many troubles to get the verification process done in the banks. From collecting the form to standing in the long lines to submit the paperwork, and then wait till the verification gets done to start your banking activities was a tedious experience and this is something you no longer have to face, as the Video KYC procedure has now arrived to be the perfect replacement. The situation is changing fast and now the financial institutes are happily onboarding customers being empowered by the video KYC procedure. So, what is so great about this procedure that is changing everything? Let's check out here.

Why The Video KYC in India is a Powerful Procedure?

  • The traditional KYC procedure was not right for people who did not have any branch nearby.  The absence of such facilities had affected people time and again. Also, the fact that one has to physically visit a branch, wait in lines to submit documents was a hindrance for many. So, the Video KYC for Banks completely is changing the fact, there is no need to visit a physical branch and the entire verification procedure would take place online, this virtual procedure is definitely helping the banks, the customers to save themselves from so much trouble. Even if you want to open an account online, there is no need for you to leave your home, you can easily complete the entire task online.
  • The traditional way of conducting the verification procedure was definitely costly. There need to be employees who would be especially in charge of the procedure, and that means they need to be trained specially for this, there would be an IPV which would come with the cost of its own. Furthermore, due to the lengthy procedure, it would take a long time for the bank to even start onboarding the customers. The delay means there would be lesser customers and this could definitely be a hindrance. But, the Video KYC procedure can be surprisingly cost-saving. There is no need for an IPV, it is a cost-efficient measure, and it is fast which means more customers could be onboarded than the traditional way. Accessing the right Video KYC solution providers matters here.
  • Handling the documentation was a big hassle for all involved with the traditional KYC. The procedure would be cumbersome because of the documentation, submitting so many documents, and then the verification of all of them that would take days and with chances of human error involved. With the Video KYC for Banks process, it can be addressed. The entire verification takes place online in real-time. There is no chance of forgery, or, errors, with the help of the Video KYC solution providers, you can certainly conduct the procedure without any hassle.
The Video KYC procedure has been gaining momentum and for good reason too. This is an advanced process that promises a secure future.

Location: India

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