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The financial sector underwent such a big change last year when due to the ongoing pandemic situation the lockdown was imposed and as a result people were stuck at home and they resorted to using digital solutions. The timely introduction of the Video-based KYC identification procedure simply ensured that the banks could continue their business operations and people can continue to open accounts and access services despite there being a lockdown. Things changed drastically for everyone and the other institutes too followed suit soon, because they were eager to reap the benefits of this Video KYC procedure.
Video KYC: The Key Changes
There have been many key changes to the whole situation, let's take a look.
Unlike the physical KYC procedure, you have to understand the fact that this procedure does not involve the submission of any paperwork. Things are absolutely digital now. The entire identity and location verification are done online over a video platform, this just makes things a lot more hassle-free and not to mention error-free in the process.
The video version makes things so much faster. Earlier you will have to wait in line to submit documents, now you no longer have to worry about any of that. The process takes place according to a set schedule and it wraps up pretty fast. This does benefit all involved in the process. The faster the procedure wraps up the better are your chances of getting the opportunity to get quickly onboarded.
The process is way more secure than you think, earlier during the physical version there would be chances of forgery. But now everything gets verified in real-time which means that this is way more secure.
The video KYC procedure would certainly change things for the better and it is finally time to fully embrace this powerful option.