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Video-Based KYC Identification: The Challenges and Solutions

As we are still struggling with the second wave of the pandemic and the lockdown situation again, it is needless to point out that we are relying heavily on digital platforms. Now that we have already become familiar with the digital mode of transaction, it has become imperative for the financial and non-financial institutes to implement the Video-based KYC identification procedure. Things can truly get better with the video KYC procedure which is removing barriers and enabling the business to stay afloat despite the lockdown. The procedure is definitely gaining momentum and things are turning around, despite some challenges.

Video-based KYC Identification: The big Change

  • The Video KYC procedure has been transforming the banking sector and is impacting the economy in a positive way. Those sections of the population who have so far been away from the banking activities because of the physical distance are now reaping the benefits of the video KYC procedure. The absence of a banking facility in the remote corners prevented this section so far and they had to remain unbanked or, underbanked, but now the video KYC process is making it possible for everyone to be a part of the system, as it does not require any IPV or, involves document submission.

  • However, there are some issues that also need to be resolved to ensure that the video KYC procedure can be successfully implemented across industries. The customers who are not tech-savvy might face an issue as the process takes place on the virtual platform. It is better to approach the leading Video KYC solution providers to ensure that there is a training session offered to the customers so that they can be prepared.

The video KYC procedure is changing the way the financial sector operates, and soon it would also transform the other sectors. The path to innovation needs to be explored to provide smarter solutions.


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