Past and the Future of Video KYC Process
During the COVID- 19 pandemic, video KYC is playing a crucial role in the banking sector. This process can be done with home comfort. In a nutshell, it enables fraud prevention and error checks. Signzy Video KYC is being used to onboard thousands of customers every month by SEBI regulated institutions. This solution has matured over dialects, browsers and low-internet scenarios. To know more, just read the PDF.
During the COVID- 19 pandemic, video KYC is playing a crucial role in the banking sector. This process can be done with home comfort. In a nutshell, it enables fraud prevention and error checks. Signzy Video KYC is being used to onboard thousands of customers every month by SEBI regulated institutions. This solution has matured over dialects, browsers and low-internet scenarios. To know more, just read the PDF.
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after the battle of COVID-19 too. KYC Video could be a significant benefit to investors, prepaid
wallet players, insurance firms, private and public banks, financial securities, and nonbanking
entities.
It is a safe way of achieving a clean consumer base for the banking industry and particularly
Fintech companies. KYC is the first step in this process, and we hope that will bring you to us
as your Video KYC solution partner and be a significant move towards the customer.
Who is offering Video-KYC?
1. The banks said in their press releases that RBL bank and IDFCFirst bank launched video
KYC for the opening of savings bank accounts and that IndusInd bank has enabled KYC for
the opening of savings accounts and has tied up BankBazaar for applicants for credit cards.
2. According to Deepak Sharma, the video feature of KYC will have its learning curve, chief
digital officer Kotak Mahindra Bank. “This offers the user the ability to receive a restricted
KYC account that can be transformed into a full KYC account due to network problems or
records.
3. And many many more have started using it by Sep 2020. In fact, vendors are even getting
replaced while I am writing this.
How Can Video-based KYC Be Beneficial For India?
Why is V-KYC such a big deal? The brief reply is that it serves as a reliable software for social
distancing. The recent outbreak of social distance may have been alarming, and our daily
financial activities could have been limited. There’s some good news here, no worries! To
eliminate the conventional paper-based KYC approach for identifying the consumer, the
Reserve Bank of India (RBI) has taken an essential step towards digitalizing the KYC
mechanism for the ecosystem. Many banks and financial agencies have begun introducing
guidelines for an effective KYC video operation.
That is how V-KYC can serve as a critical success factor:
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