Kwik.ID

  As video KYC tools are being implemented in the insurance sector, it is starting to adapt to the new features that come along with these tools. Artificial intelligence is an important feature present inside a video KYC tool as it is used in various ways. From capturing data and processing them to other such applications, artificial intelligence can be termed as one of the essential backbone attributes required for the smooth functioning of video KYC. Let us look at the changes that it brings to the insurance sector. Artificial Intelligence and Video KYC Bring the Following Benefits in the Insurance Sector: Providing better customer service: You will always find an AI chatbot in your video KYC tool. Its purpose is to provide customer support and helpful suggestions related to basic queries. These AI chatbots are programmed to interpret and analyze the customers' statements and provide an almost accurate answer. These AI chatbots can be integrated not only into the video KYC tool ...

  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 gettin...

  The pandemic is definitely causing big paradigm shifts across industries around the world, the situation has changed in such a big way as we all hurried to resort to digital solutions. Every industry had to struggle to fit into the new normal, the situation was most definitely complicated as the very survival of the industries was under threat, the hospitality industry especially was having a tough time, they had to shut the shop for longer months and there was no way they could have stayed afloat. As slowly things started getting back to normal the industry needs to find its unique digital solutions to stay functional. The video-based solutions including the video KYC verification will probably be accepted norms now. To understand its impact let’s take a deeper look at the situation. Video-based solutions: The auto-check-in would be a reality from now on as this is definitely a measure that the customers can enjoy and this would also enable the staff to maintain a safe distance...

  Data breaches have become common as most industries do not keep up with the latest security features and tools for data protection. Whenever a data breach happens, the company's reputation takes a massive nosedive. Thus, data security should always be a priority for companies. In the financial sector, online services have become widespread among the public since the pandemic hit. One of the key technologies that got implemented during this time was video KYC solutions. Through video KYC, people were able to update their details at banks and other financial institutions remotely from their homes. Even various companies started using video KYC solutions for the remote onboarding process of their recruits. The video KYC tool allowed the company to accept and authenticate the details and documents provided by the candidates. It made hiring a suitable workforce easier for them during the pandemic. The Reserve Bank of India had revised the KYC guidelines so that even banks, financial...

  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 t...

  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...

With the introduction of lockdowns and other restrictions, many sectors got adversely affected. Similarly, the finance sector was also forced to adapt to work in this situation. While internet banking and other online services were already available to the customers, one of the main issues that financial institutions faced was how to do identity verification remotely. With the help of new digital solutions like video KYC that has been approved by the Reserve Bank of India, banks, and other financial institutions can now complete the verification process of their customers remotely through online video calls. Let us look at the benefits that video KYC brings to financial organizations and customers. Financial Organizations Benefit From Video KYC in the Following Ways- It reduces the overall cost related to document verification: In the manual document verification process, banks and companies had to spend a significant amount and time verifying the customers' details. From gett...