Application of Video KYC in Different Industries
Many industries have started adopting innovative technologies so that they can keep working remotely even during the pandemic. One of the popular solutions being implemented across every sector is video KYC . Both financial and non-financial industries have started using video KYC tools wherever they are required for their business tasks. Let us look at the different industries that have started using video KYC. Industries From the Finance Sector Banks: KYC has been made mandatory by the RBI for all Indian citizens if they wish to open a bank account anywhere. Earlier it was done using the manual process where people had to fill up the forms and provide copies of the necessary documents for verification. Now, with the implementation of video KYC, the process has become simpler. Customer can now complete their KYC updating process remotely from their homes. Insurance: Similar to banks, insurance companies can also use video KYC to authenticate the identity of the person getting in