Video KYC Verification: What Are Its Best Features?

 

There is no denying the fact that the KYC procedure is absolutely mandatory for the finance industry, especially for putting a stop to the issues like money laundering and fraudulent activities. You can certainly expect the verification process to take care of any such activity by making sure that the customers the organization is transacting with are genuine. However, the earlier procedures had their limitations and not to mention some hassles as well, but with the introduction of the video KYC verification, things definitely changed for the better. The procedure has much to offer and it certainly addresses the challenges well. Learn more here.

Video KYC Verification: What Makes This Process So Popular?

  • The video KYC bridges the gap, that is to say, the physical barrier that existed prior to the video KYC verification was successfully addressed. There is no need to visit a branch nearby to get the verification done, not at all this video KYC process allows the people to get the verification down without any kind of hassle. The process could take place remotely which means that people who reside in small villages with no accessibility to any bank branch, can easily complete the verification without leaving their homes. The process can be done with the powerful video KYC tool that allows the verification to take place remotely.
  • The video KYC process can be completed in a paperless manner. The earlier procedures demanded the submission of the documents to the nearest branch. But With the help of the video KYC solution, there is no need to submit the documents, you can get everything verified from ID to your address online without having to visit any branch or, an IPV. There is no need to point out the fact that the video KYC is the ultimate savior.  With the video KYC verification, you do not have to worry about the tedious process and countless documents. Things just get better with the video KYC.
  • There is no need to worry about security with this video KYC process. The verification of all the important details gets verified online in real-time. The organizations resort to advanced video KYC tools which are empowered by AI technology, with features like liveliness, face match, geo-tagging there is no way one can expect any forgery to take place. The video KYC solution truly is making sure that the issue of forgery is dealt with in a tough manner.  With paper documents, there could have been chances of forgery, but when you have this process in place where the actual verification is happening in real-time, there is no need to worry.
  • The video KYC verification is not only smarter but faster as well. This enables the businesses to verify a large number of customers in a short time and this, in turn, makes it easier for them to onboard more customers. This definitely is changing things for the better for the businesses as they can onboard more customers and expand their territory in remote areas as well.
The video KYC verification is definitely changing the game for the better and the future looks only bright.

Location: India

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