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The video KYC is the advanced version of the KYC procedure that is mandatory for the banks, and other financial institutes to carry out the verification. The introduction of the Video KYC for Banks was definitely a timely procedure that saved the financial institutes during the lockdown. There was no way carrying out the verification procedure in the normal way possible, so the new version took over and it helped the institutes conduct the verification in an efficient, fast, and secure manner. Soon the procedure became popular among the other institutes as well. There are many benefits to the procedure that are gradually being realized by different industries.
Video KYC in India: The Benefits
The demand for contactless digital systems is on the rise, and as we are still struggling under the influence of it we are realizing how important it is for us to have digital measures. The video KYC procedure is certainly something that we can look forward to, as this enables the bank, the customers to complete the verification procedure without having to come into contact with each other. The Video KYC in India has indeed become a powerful procedure that is changing the verification dynamic.
The banking services have become more accessible than ever before with the help of the video KYC for banks' procedures. In India, there are people who live in remote areas, and that makes it difficult for them to access the banking services because of the absence of branches there. With this procedure in place, now the verification procedure can be done virtually, and as this is a fuss-free and quick procedure, and the customers from anywhere could be verified instantly and they could be onboarded. The unbanked and under-banked section is benefitting hugely from Video KYC.
This procedure is highly secure and it does eliminate the error of the earlier verification systems. The procedure that involves papers, and manual sorting and checking could be highly erroneous, and the chances of forgery are also high. You can certainly be more secure with this procedure, as there is no need for document submission, so the chances of forgery and human error are less. Furthermore, the verification procedure takes place in real-time which is accurate, secure, and free from any error.
The Video KYC procedure is also a cost-effective procedure, there is no need to send a person for IPV. The cost of sending a person for getting the verification done can be such a costly, lengthy, and complicated procedure. But with the introduction of the Video KYC in India, you can certainly ensure that the verification is being done in real-time. The inclusion of the advanced AI features in the video KYC tool is making the system highly secure and efficient. This is providing to be cheaper than previous options and is instantaneous as well.
The transformation has begun with the Video KYC for Banks procedure. Now the non-banking sectors too are interested in exploring the options that come with the video KYC procedure.