Digital India is no more a saying. It’s a real thing now. People use the internet to order their necessities, pay off their bills, plan vacations, and whatnot. Almost every industry is taking a step closer to digitization every while. So, why not the customer service? Although it has an e-KYC process, the innovation and improved technology have resulted in a Video form of KYC (Know Your Customer) solution for the customers. Look at why it is an efficient option for customers and service providers.
What is Video KYC?
The video form of KYC (Know Your Customer) solution is an online process to complete your KYC. Customers and the officials connect through a video call where the customer needs to pass the verification process by following all the guidelines. The Video Know Your Customer (KYC) process ensures stronger security, fewer time requirements, low expenses, and many more advantages. To know more about the video form of KYC (Know Your Customer), keep reading.
What are the guidelines for the Video form of KYC (Know Your Customer)?
Check out the requirements decided by the regulatory authorities for the Video form of KYC (Know Your Customer).
- Customers must allow the companies to take their videos and pictures during the process
- Companies have to use the latest AI and face recognition technology
- The process should include random questions to examine the liveness of the customer
- Customers should join the call from a quiet place
- The office of the authorized person must be suitable for performing the process
- The official should thoroughly check if the face matches the identity proof provided.
- Geo-tagging must be used to make sure that the customer is in India
- The official should cross-check the details entered in the form with the identity proofs
- The video recording must be stored carefully with the exact time and date.
What steps are to be followed for Video KYC?
Check out the mandatory steps for the Video KYC process
What advantages does Video KYC offer?
Here are some advantages offered by the Video Know Your Customer (KYC) solution.
- Paperless process: Video Know Your Customer (KYC) is an online KYC approach. It doesn’t need customers to submit photocopies of their identity proofs. Thus, the employees are saved from handling all those bundles of papers
- Convenient process: Customers can schedule the video call conveniently and join the meeting from a comfortable place
- Less time requirement: Video form of KYC (Know Your Customer)) verification is a matter of mere 3 minutes. On the other hand, regular KYC procedures require a few hours or days
- Cost-efficient: Regular KYC process cost the companies at least Rs 75 for each KYC application. But for the Video form of KYC (Know Your Customer) solution, the cost has become significantly lower
- Fewer cases of drop-offs: As the customers have to go through a lot during the usual KYC process, they often drop off and do not provide their KYC. However, the picture now has changed after the introduction of Video form of KYC (Know Your Customer)
- Customer experience: Customers can learn about remote onboarding during this process
- Customer experience: Customers can learn about remote onboarding during this process
Why opt for a hectic and tiring way of getting your KYC done when you can avail the facility of Video Know Your Customer (KYC) without any hassle. It matters a little if you are not skilled at using the internet. Video Know Your Customer (KYC) requires minimal use of the internet among all the KYC processes. Once you join the video, you can take care of the rest. So, next time you are submitting your KYC anywhere, choose the Video Know Your Customer (KYC) solution.
Summary
Video KYC is an online process, which allows customers to finish their KYC verification process through a video call with an official. It has been more efficient and safer than the traditional methods in operation, using AI and face recognition technology for verification purposes. Video KYC has benefits such as paperless, cost-effective, and time-effective processes which have fewer drop-offs and enhance the experience of the customer. It has simplified the KYC process for customers as minimal internet skills are required, and onboarding can be done remotely. Video form of KYC is an easy, quick, and safe method for identification verification.
Video Know Your Customer (KYC) FAQs:
1. Which industries are opting for Video KYC solutions in recent times?
2. What are the differences between Video Know Your Customer (KYC) and Regular KYC?
3. What are some features of a standard Video Know Your Customer (KYC) solution?
4. Why has Video KYC gained popularity?
5. Is Video Know Your Customer (KYC) safe?
6. Is Aadhaar mandatory for Video Know Your Customer (KYC)?
In India, for video KYC, Aadhaar is among the accepted documents but not mandatory. Other valid documents for Video Know Your Customer (KYC) include a PAN card, a passport, and a driver’s license. These documents verify identities during the process. While Aadhaar is an option, several other valid IDs can be used for smooth Video Know Your Customer (KYC) completion.
7. How long does video KYC take?
Video KYC duration varies based on complexity and verification speed. Generally, it takes 10-15 minutes to complete. Required documents for video KYC include ID proof, address proof, and a stable internet connection. The process involves real-time identity authentication using video conferencing, ensuring security and compliance. Smooth internet connectivity expedites the verification, reducing the time required for Video Know Your Customer (KYC).
8. Can we use e-PAN for Video Know Your Customer (KYC)?
Yes, you can use an e-PAN for Video Know Your Customer (KYC). Video Know Your Customer (KYC) requires specific documents like an Aadhaar, a PAN card, and a stable internet connection. The process involves verifying these documents via video call, ensuring authenticity and compliance. Your e-PAN serves as a valid identification during this digital verification process, streamlining the Video Know Your Customer (KYC) requirements.
9. Documents required for Video-KYC
For Video Know Your Customer (KYC), typically required documents include government-issued ID proof like Aadhaar, a PAN card, or a passport. Supplementary documents verifying addresses, such as utility bills or bank statements, may also be needed. Ensure clarity and completeness when presenting these during the Video Know Your Customer (KYC) process, facilitating swift and reliable verification.
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