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The world as we know it changed the way it functions with the pandemic. We resorted to the digital measures that we had access to in order to keep getting our work done. However, in the field of banking though the Video KYC turned out to be a life-saver. This was just introduced a couple of months before the country went into the lockdown phase. Things definitely changed in a positive way because of the fact that this procedure is much ahead of its predecessors and it actually helps the organizations carry out the verification process in a faster and smarter way. In more ways than one, the video KYC process is changing the way; the verification process is getting conducted.
How the Video KYC is Different From Its Predecessors?
Earlier conducting the KYC process meant standing in long lines, with plenty of documents, and waiting to submit them. This was a tedious process that demanded hours from the customers. The new VCIP Digital KYC solutions are so much better than that. There is no waiting in lines for hours now; one can get the verification done instantly. This process does ensure that the procedure gets completed real fast without any kind of hassle for anyone.
The process is absolutely paper-free, this does ensure the fact there would be lesser chances of forgery and also lesser room for error. The Video KYC for Banks takes place digitally, which means the chance of tampering with the documents is less. This not only lessens the hassle of dealing with mountains of paperwork, but it also ensures that only real documents are getting processed and that too in real-time. Furthermore, when dealing with paper documents, the officials had to process mountains of data, and manual checking and handling of these papers meant there would be room for human errors. However, this could be avoided with the Video KYC process, the processing is taking place in real-time with the help of a tool that is empowered by the AI features. This can truly change things.
The process is cost-efficient because of the fact that the process does not require any special arrangements. With the traditional KYC process there needed to be separate counters, and there would be IPVs too, this was truly a big hassle for the banks. The Video KYC for Banks takes place virtually and all one needs is a Smartphone, and internet connection. The cost per verification is much lesser than the previous one. This is definitely a benefit the organizations have to consider.
One more thing to consider here would be the fact that the VCIP Digital KYC solutions allow the banks and other institutes to reach out to the masses who are residing in the remote corners of the country. This is a big boon for both. Earlier they were not able to open a bank account as there was no branch nearby where they can get the verification done. The organizations too with the help of the Video KYC process get to expand their territory.
The best part about the video KYC process is that it is a wholesome, and secure procedure that takes verification to the next level.
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