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For any service sector, it is important to provide a proper customer experience as it will attract more clients. Especially when in the financial and banking sector, creating a positive customer experience creates trust and confidence between the financial institutions and the client. With the advent of the internet, most customers today expect their experience to be convenient, friendly, digital and personalized. The financial institutions can provide these features only when they use the best tools provided by the video KYC vendors.
Video KYC for customer onboarding process Previously, there was a lot of paperwork involved whenever customers had to engage in any financial activities. The onboarding process is the first point of interaction between a financial institution like banks and the customers. Offline and physical onboarding of new customers is time-consuming. Moreover, people who live in remote areas find it difficult to travel to the branches of financial institutions for the onboarding process are customers in remote areas, far from branches. To address this issue, the institutions of the financial and banking sector have been investing in digital tools. Some of them are provided by the video KYC vendors. The use of video based KYC identification has made it possible for people in remote areas to complete the onboarding process from their homes. Benefits of video KYC: The use of tools provided by the video KYC vendors makes the customer onboarding experience more satisfactory. It is because of the following benefits. Gives better first impression If financial institutions start using video based KYC identification, the customer will have a smoother experience during the onboarding process. Thus, the customer will be impressed by the quality of the procedure even though everything is being handled digitally with the help of a video KYC tool. It will create a positive first impression and make it easier for the customer to trust the financial institution. Provides a lot of options With the use of digital solutions like video KYC, financial institutions can provide multiple choices to their customers for the onboarding process. Depending upon the preference of the customer, they may choose from channel for the onboarding process. They can either go for physical onboarding (if they stay near the branch), or choose onboarding through video KYC on their smartphone, laptops, etc. Providing different channels will give flexibility in choice and increased satisfaction to the customer Dynamic experience The traditional onboarding process in banks and other financial institutions was lengthy, static, and boring. But with the implementation of modern technologies like video KYC for banks, the process has become more dynamic. Financial institutions use advanced analytics, machine learning and AI to understand customers and recommend services/ offers to them using the digital tools. These digital solutions also minimize the effort that a consumer has to make while enrolling. Fast and efficient With the use of digital solutions like video KYC for banks, the operations of financial institutions have become faster, more accurate, and efficient. Previously, the physical onboarding process used to take up to weeks for the authentication of customer details. Now, it can be done within minutes. The Reserve Bank of India has issued guidelines that ensures that customer onboarding through digital channels can be done quickly and securely. It ensure that both the customers and the financial institutions can benefit from the use of digital solutions like video KYC.