Video KYC solution - The new norm in Banking and Fintech
The Video KYC solution is a customer identification process. There are two methods of customer identification. The traditional way and the Video KYC. Traditionally, for opening a bank account, you should go to the corresponding bank and fill out the application form. Then you should submit your identity proofs, namely your Aadhaar card, PAN card, Driving license, Voter’s id card, etc to the bank.
The second one is the Video KYC process. It is a safe solution that allows your customers to authenticate themselves from the comfort of their own homes. Customers are not required to physically visit the bank and submit their identification documents to open an account.
It is the digital equivalent of the traditional KYC process, faster, more secure, and less expensive. Everything is done remotely, from registration to onboarding. It lets you verify customer details in real-time by using video and AI-driven face matching, liveness detection, geo-tagging, and e KYC verification of your documents. The solution complies with all RBI guidelines for the video–customer identification process (V-CIP). Video KYC eliminates paperwork, streamlining the entire verification process and providing real-time results.Â
The expert committee of MSMEs (Micro, Small, and Medium-sized Enterprises) has proposed that Video KYC verification can be used as another method of confirming a person's identity. Regulators have approved video KYC identification in several forms, including V-CIP (Video Customer Identification Process) for banks and NBFCs (Non-Banking Financial Companies), VBIP (Video Based Identification Process) for insurance businesses, and VIPV (Video In-Person Verification) for SEBI (Securities and Exchange Board of India)-registered intermediaries.
