Video KYC is Being Implemented Across Various Sectors

 

During the pandemic, online services and remote work culture became prevalent among people. Various sectors and industries had to implement solutions that could help them adjust to this new trend in the work culture. For example, the onboarding process can now be done remotely with the tools of video KYC solution providers. Nowadays, companies from both the financial and non-financial sectors have started implementing this solution in their workspace. Let us look at some of the industries that have started using video KYC.

Sectors Using the Video KYC:

Banks

Many banks have started using the tools of video KYC solution providers to do the verification process of their customers. It is especially helpful for people opening a new account as their verification process is completed quickly within a few minutes. They can have access to their bank account as soon as their identification process is completed.

Insurance Companies

Previously, people had to fill out multiple forms and provide various documents to open insurance. Thankfully, with the implementation of digital services, this process has been simplified. People can go to the insurance company's portal or application and apply for new insurance. They need to enter their required details on the platform while video KYC will complete the verification process of the person. After this, they can avail the various online services of the insurance companies.

Lending Sector

Taking out loans was complicated and time-consuming before. But with the introduction of video KYC solution providers, lending institutions have been able to use this technology to make their credit underwriting process more smoother and inclusive. This has resulted in a massive increase in the number of people applying for loans digitally.

Payment Wallets

As more people have started using mobile payment wallets for online transactions, they have emerged as the top users of video KYC India. This solution makes it easier for people to do the verification process before opening an account. Thus, people can complete this within minutes, link their bank accounts to the payment wallet, and then start doing online transactions.

Telecom Industry

The telecom industry has also benefited from the implementation of the video KYC process. While buying a new SIM card, telecom operators can now do the identity and document verification of customers within minutes as opposed to the one-day time limit previously. This process also allows customers to order a SIM card remotely from their home and do the verification process using video KYC at the same time.

Education

Studying through online classes has become the norm during the pandemic. While regular classes can have leniency, schools, and colleges need to adopt strict measures during the online examination sessions to prevent students from practicing any unfair means. By taking the help of video KYC vendors, education institutions can confirm the identity of the exam candidate and also monitor them properly as they go through the test.

These are some of the sectors that have started taking the help of video KYC vendors to implement this technology in their work. It helps them to function faster and more effectively.
Location: India

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