The banking and finance industries are altering their operations through digital means. As a result, fintech businesses are investing significantly in the most recent technical developments and methods to make remote banking operations easier. The video KYC for banks aims to simplify the authentication & onboarding process of banks for their clients.
Banks can start an identification procedure to enrol their customers with “Know Your Customer.” The recent innovation enables customers to authenticate their identification in video format with video KYC solutions. Banks support video KYC systems for various transactions, such as loan applications, opening bank accounts, and insurance purchases.
Why do Finance Industries need a Video KYC Solution?
- Spoof attacks
Attacks that pretend to be customers to gain unauthorised access to wallets or other confidential material are known as “spoof assaults.” Video KYC for banks and other financial institutions prevents these attacks.
- Fake identities
KYC is a procedure that makes it simple to use video to confirm a customer’s identification. Due to the lack of written documentation, this promotes both client and bank protection. While this procedure has numerous advantages, among the most notable ones may be its reliability rate, which is 98% and continues to attract the interest of leading institutions in Asia.
How is video KYC implemented?
Here’s how to incorporate the Video KYC process into your business:
- Step 1: Enrollment
Banks are now demanding all clients register for various purposes, such as ID verification and loan applications, before they may access bank accounts, loans, or insurance policies.
- Step 2: Entering the profile
Banks must collect profile information by gathering crucial information, including the customer’s name, security number, contact information, and address, to strengthen security and speed up transactions.
- Step 3: Make a virtual face-to-face call.
Instead of only using a photo ID, video KYC enables authentication through video footage. This technology has completely changed how bank employees can confirm customers’ identities. Many banks are now utilising it as their primary identity verification since it has grown to be trustworthy.
The value of digital financial services in providing individuals and governments with safe, affordable, and frictionless financial tools has grown as the globe struggles with the COVID-19 problem. Accura Scan employs a video Selfie technology for genuine user verification and identification and compares it to the photo on the identity document.
1. Which banks provide video KYC facilities?
A plethora of banks provide video KYC facilities, some of which are ICICI Bank, Axis Bank, Kotak etc.
2. How long does it take to video KYC?
Typically, the video KYC process is finished within 10 minutes of starting.