How Video Based KYC Identification is Changing the Rules of the Game?

The year that has just bid adieu finally was eventful, well, a more appropriate word to describe it would be catastrophic, that completely transformed the way the humanity functioned so far. Now, the world we were familiar with is changing drastically. We are adopting new ways and interestingly in a overpopulated world, we are having to maintain social distancing for the sake of staying safe.

However, the rule of social distancing does ensure safety, but, it also puts so many barriers in our way. Thankfully the world decided to migrate to the digital platform, which is providing alternative solutions to keep life going smoothly and the One stop video kyc solutions certainly shook things up making sure people access their financial services without any glitches.

VCIP Digital KYC solutions: The Game Changer

The banks benefitted the most from the timely approval of the Video KYC procedure which kept business running as usual in fact, smoother than ever before. The financial institutes had to face the dilemma that, pushing things back would mean that they would face the financial loss but they, couldn't also afford to allow the customers to get onboard without any kind of verification. The social distancing norm had put the physical KYC verification out of the question, however, the video KYC did save the day and also made the whole verification procedure more efficient and not to mention cost-effective.

The procedure takes place over a video platform and in real-time, using advanced AI solutions the identity and the location of the customer is verified. This procedure being entirely paperless is more secure than the traditional one ensuring there is a lesser chance of fraud and hence is more efficient than ever before as the entire procedure takes place in a short amount of time and people from remote areas could also be onboarded as Video KYC at low bandwith is now possible.

The other financial institutes and non-financial institutes are resorting to this new procedure as they too are eager to begin their digital journey ensuring they keep their business running despite the unprecedented times.

Read our blogs here:

1. RBI's Approval of Video KYC for Banks for is a Game Changer

2. Are You Ready to Embrace the Digital?

3. Insurance Sector Adopts Video KYC: What They Need to Learn

4. Businesses Go Digital

5. A Look at How AI is Transforming the Insurance Sector

6. Achieving Video KYC Completion Rate of Over 85%- Here's How to Do It

7. Ushering Video KYC into the World Post Pandemic