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The digitization which had begun earlier gained momentum when the pandemic hit last year. The unprecedented situation made sure that people stay indoors and that situation made us realize for the first time, how important it is to have a digital alternative ready at hand. The situation last year didn't allow the financial institutes to stay open and carry out their businesses and onboard customers. The KYC procedure was no longer possible to be carried out, however, it was possible to save the situation all thanks to the Video KYC for Banks which changed the situation completely. Let's find out more.
The Video KYC for Banks Initiated a Big Change:
When it comes to KYC procedures it is mandatory to carry out the procedure before allowing a customer to start accessing the banking services, to take out a loan. The verification procedure was lengthy and not to mention full of errors, it involved in-person visits which made it difficult for the people belonging to the remote areas to access the banking services and get their KYC done. Interestingly last year the entire country found itself undergoing the same situation. There is no way they can submit documents and get verified and be onboarded the regular way.
The Video KYC procedure was no doubt a big savior last year and ever since then, it has remained one of the most advanced solutions that financial and non-financial institutes are making a beeline for. This year too we are in the middle of a lockdown situation, but Video KYC India has already become a popular procedure and there is no looking back now. The digital journey has started with institutes doing the verification online in real-time and onboarding customers in a safe and secure way. The future looks brighter from here.
The video KYC procedure is simply a revolutionary procedure and with the implementation of advanced features it is bound to be more efficient
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