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 insurance. The simpler and secure process enhances the experience for clients and reduces the digital risk for companies.
  • Lending institutions: Apart from banks, many digital lending platforms have emerged in the financial sector. Many individuals and small businesses prefer to reach out to these platforms for loans. To prevent frauds from happening, digital lending platforms use the tools provided by the video KYC solution providers for authenticating information. It makes the process quicker and more secure.
  • Mobile wallets: With the introduction of the Unified Payments Interface (UPI) in India, online transactions have become more fast, secure and mainstream. Many online mobile wallets companies have emerged that allow customers to pay for expenses directly from their bank account using UPI. To authenticate the details of the individuals opening accounts, these mobile wallets also use tools provided by the video KYC solution providers. This allows anyone to open a UPI wallet account securely within minutes.

Non-Financial Industries

  • Online delivery companies: During the lockdown, many people chose to order all their essential items from their homes. Due to this high demand, many delivery companies sprang up that provided food, groceries, electronic items, and other such online products ordered by the customers. To prevent packages from being delivered to the wrong person, tools provided by the video KYC vendors can be used.
  • Telecommunication companies: With the widespread increase in the number of smartphones in the country, the requirement for SIM cards has also increased. With the help of the tools provided by the video KYC vendors, customers can now activate their SIM cards within a few minutes to an hour. This quick service provides greater customer satisfaction.
  • Educational mediums: As schools have shifted to online classes to safely teach the students during the pandemic, tools provided by the video KYC vendors provide a lot of useful features. It helps the school authorities to enroll, take attendance, and even monitor students during remote online examinations.
Apart from these examples, even other industries from both the financial and non-financial sectors have started implementing video KYC. It increases the working efficiency of the companies even when everything is being done remotely.

Location: India

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