Past and the Future of Video KYC Process

a) Comfort: The video KYC method can be done with home comfort. You only need a laptop,
smartphone, or tablet that is linked to the Internet.
b) Less Time Consuming: The Time for the document review is less. It can be accessible to
complete the procedure, which took weeks sooner in a matter of days.
c) Safer: Video KYC test eliminates the need for customers to visit a branch or exchange
paper copies or wait for days to complete the account opening process. That will improve
the conditions for social distancing, the way bank accounts are opened in the future, and
significantly reduce the boarding cost.
d) Reliability: In a nutshell, it enables fraud prevention and error checks. It also stops
malicious behavior from occurring and corruption practices such as money laundering.
e) Cost-Effective: For both parties, KYC costs between Rs.50 and Rs.500 while V-KYC cuts
cost significantly, allowing more consumers, no matter where they are, to be on board
quicker. Video KYC gives customers a more convenient choice when raising their costs
during onboarding.
f) Efficiency: The face to face KYC is unpredictable and lengthy due to which only 3 KYCs can
be performed a day, but Video KYC comes up with more flexibility and only requires 2–10
minutes for the entire sessions reducing turn-around time while not being limited
geographically.
Details Required in the Process:
The following steps are required to proceed:
1. Fill up the necessary details on the online form.
2. The customer’s picture should be live and not a photo-of-a- photo. Banks can use facial
recognition technology to validate the client with an image of the documents on camera.
3. Provision of bank consent to fetch Aadhaar details and enter the PAN number or conduct
an e-PAN verification.
4. Live customer locations need to be geo-tagged to ensure that they are located in India.
5. The session requires both the user and the staff of the regulated entity to be present
simultaneously.