Why one should prefer to practice onboarding customers with Video KYC?

Most of the financial industries are introducing the digital revolution around the globe. Nowadays the ‘financial technology’ promotes digital payment systems, helps in better management, fundraising, money transfers, investments, and much more. There is a huge demand for the digital handling of many things, throughout the world. Thus, digital banking is popular. With the growing trend of the digital world, the Video-Based Customer Identification Process is considered a valid method for collecting and maintaining the KYC information of customers. The video KYC method offers great benefits to financial institutions or banks. In this article, you will get to know about the benefits that one should use the video KYC process to onboard the customers.

What is the definition of Video KYC?

The video identification process is the process that identifies & verifies the digital identity via a live video call as well as document verification. With the help of the video KYC Process, there is a great reduction in online fraud. Thus, it ensures the onboarding of the customer.

Video KYC Onboarding is one of the convenient & quick processes. In this technique, the KYC expert onboard the customer and after that conducts the identity verification, which was earlier conducted offline and includes many documents process. Video KYC is the safest method which helps in Fintech businesses. Thus, it helps to attain a trustworthy customer base. KYC compliance becomes quite easy with the adoption of the digital world.

How is the Video KYC process performed?

In this KYC process, the live KYC is done. The user is guided to display the identity document to the camera for the process of documents verification. Moreover, the questions are asked from the user as it was done in the in-person KYC screening process.

List of some benefits of Video KYC

In this pandemic phase, the video KYC comes as the greatest blessing. You need not move anywhere; all can be performed at the hone via online method. The convenience and neatness of the video KYC solution blow the mind of many people.

• The video KYC process provides a high level of customer convenience. This is because the customers will not have to move physically to complete their KYC information. You can say that the video KYC process is a perfect choice for onboarding customers remotely.
• It is a fast as well as an automated data capture. Moreover, the use of facial matching software or AI trendy techniques in order to capture data from video. This is vastly useful for the customers in terms of convenience.
• The use of AI and ML techniques for the process of video KYC will increase the interest in these areas of technology. This will be highly helpful in the long run.
• The video KYC process is cost-effective; it needs only hardware for verification, a device with a camera, and a good internet connection.
• This method also helps to reduce the traveling cost of the officials, which they required to travel from one location to other to perform customer verification.

Summing Up:

Signzy is mainly focused on creating a seamless workflow for businesses. Video KYC onboarding is a critical part of the workflow of any business. The Digital video KYC solution provided by Signzy provides interactive digital onboarding systems. It helps to make your journeys hassle-free. If you need any kind of assistance, then reach us and learn about the onboarding process.

Signzy is continually working on building global digital trust system for banks, NBFCs, and other famous financial institutions. Their video KYC is being used to onboard thousands of customers every month by SEBI regulated institutions.