A Complete Guide to Video KYC

What is Video KYC?

To enhance the customer identification process, video KYC was first introduced by the Reserve Bank of India. This video KYC is done for every customer while opening a bank account. The video KYC process is initiated either by Micro-ATMs or KYC Registration Agencies. Online video KYC is a 10 minutes documentation process that helps the bank know their customers better. Nowadays, if a person joins an organisation, they must complete a KYC verification process. This KYC verification process includes the following:

• To provide information and documents about the history of the person.
• The person’s affiliations with the organisation.
• And to verify the fund source.

What is the need for a video KYC process in India?

The Video KYC process is necessary for India as the companies have to check the details of every person associated with them in their business. For instance, they must provide driving licences, passports, utility bills, etc. These KYC checks help the companies verify the information provided by the candidates and thus prevent the company from any type of fraud.

Video KYC India is used by many companies based in India for many reasons. Some companies have used it to improve their service quality, and a few other companies may want to save time and money by verifying the information easily and quickly. There are many benefits of the video KYC process, and it is helpful when one person becomes a company’s customer.

How To Do Video KYC

Video KYC is based on the customer’s bank account. It helps to get full access to all the banking features. The step-by-step process of how to do video KYC is mentioned below:

1. Complete the process of digital account opening through the Aadhar OTP based on E-KYC.

2. On the last page of the account opening section, choose the video KYC option by clicking on the link. This link can also be received through SMS within 7 days of validation.

3. Customers need to click on the link to start video KYC. However, the calls can be done anytime between 10 AM to 6 PM on all the days except Sunday and other public holidays.

4. While conducting video KYC, customers need to allow location, microphone, and camera access.

5. The banking officials will click the customer’s photograph, then verify the original PAN card, and at last take the customer’s signatures once they are connected.

When the Video KYC is validated successfully, the account will be activated and upgraded to the account of the customer’s choice. If the customer faces any connecting issue, they can try again in the same link. But one thing all the customers need to make sure that they should reconnect within 7 days. After that, the link will expire. Additionally, if the verification fails, the video KYC will be incomplete. For such cases, the customer must visit the nearest bank branch with physical KYC documents to get an all-benefit account with full KYC.

What is a Video KYC Solution?

Video KYC solution is a contactless KYC that reduces the operational KYC costs for the Financial and Insurance Organisations and enables the organisations to scale the KYC processes using the tech-driven infrastructure.

What are the benefits of Video KYC?

Video KYC India is necessary to reduce fees and other general verification periods. Video KYC assures the companies that all their clients are properly examined before they start working with them. Other benefits of Video KYC are the following:

·  The process of video KYC is very efficient. The entire application of the person can be easily verified in minutes.

·  Video KYC is a secure process. In this process, there is no room for false information or error. Moreover, each of the documents in the video KYC is uploaded individually. Hence, it cannot be faked later or forgotten by someone who can access all the process parts.

·  Video KYC is very accurate. The companies themselves can do video KYC without relying on third-party services. It saves money and ensures that the information received is up-to-date and accurate.

·  Video KYC is a fast process. If a customer provides the documents through video KYC, it takes only a few minutes to complete the process than the physical KYC process.

·  Video KYC helps companies to avoid fraud. As all the documents are submitted through video, hence there is no option that people can pass off a duplicate copy without getting caught.

Few Guidelines for Video KYC

• Customers should allow the companies to take pictures and videos during the video KYC process.
• All the companies must use the latest Al and face recognition feature.
• Customers need to join the call for video KYC from a quiet place.
• During the video KYC process, customers must ask random questions to check their liveness.
• Officials should check that the customer’s face matches the provided identity proof.
• To ensure that the customer belongs to Indian officials, geo-tagging must be used.
• The person conducting the video KYC process must be suitable for performing the process.
• The officials must cross-check that the details of the customers that they entered in the form match with their identity proof.
• It is very important to store the video recording carefully with the exact time and date.

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