Transforming Customer Onboarding: A Complete Guide of Video KYC Process

With evolving technology and easy access to the internet, people are shifting towards online sources for completing their daily activities. Everyone is seeking online solutions even for buying daily commodities. Now people want an online way for remote customer onboarding. RBI allows only RE (regulated entities) to use the Video KYC process for online onboarding but they need to maintain compliance with RBI guidelines.

What is Video KYC?

Video KYC is a digital identity verification method in which banks and financial institutions verify individuals via video call. It promotes remote customer onboarding and makes verification easy. In the video KYC process, customers and bank representatives interact with each other via video call. During the call, the bank representative asks the customer to show identity documents and uses advanced technology to check liveness and face authentication.

Why is Video KYC Important?

Video KYC is important for remote customer onboarding due to these reasons,

• Adds Convenience: Video KYC helps people to complete the KYC process from the convenience of their home.
• Security: The Video KYC technology uses end-to-end encryption which ensures security and privacy.
• Efficiency: This online process eliminates the time spent on manual document verification and increases overall efficiency.
• Increase Scalability: It helps onboard large volume customers from various locations and increases scalability.
• Helps in Remote Verification: Video KYC allows banks and individuals to complete Video KYC from anywhere and anytime.

Step-by-Step Video KYC Process

Customers need to fill out the online form and select the Video KYC option for verification. Here’s a step-by-step guide to the process.

• • Step 1: Initiation of Video KYC: The customer receives a link to start the video KYC process.
  • Step 2: Consent Agreement: The customer will review and agree to the terms and conditions. The customer needs to allow the bank to access its location, camera, and microphone.
  • Step 3: Queue and Connect to the Agent: The customer is redirected to the queue page, where the customer will interact with the agent.
  • Step 4: Face Recognition: During the call, the agent captures the face image and verifies the face with facial recognition technology.
  • Step 5: Liveness Detection: The agent will use liveness detection technology to confirm that the person is physically present during the verification process.
  • Step 6: Document verification and Signature: The agent will perform document verification, capture digital signatures, and conduct a question and answer.
  • Step 7: Approval/Rejection: The whole session will be recorded for compliance purposes, the agent can reject and accept the KYC.

Challenges and Solutions in Video KYC

• Geographical Restriction: In the traditional KYC process, customer need to visit a bank to submit their documents, which limits their access to financial services available in their area. However, the Video KYC process enables customers to complete KYC online with a geo-tagging feature and makes financial services accessible even in remote areas.
• Time-Consuming Customer Onboarding: The traditional KYC process requires paperwork, and In-person verification which takes many days. On the other hand, the Video KYC process can be done in a few hours.
• Cost: The traditional KYC process involves expenses due to paperwork, manual verification, and in-person visits, video KYC cuts down this cost.

Benefits of Video KYC

The video KYC process simplifies online customer onboarding and makes financial services more accessible for people.

• Reduce Onboarding Time: Video KYC makes customer onboarding faster by reducing the need of paperwork and in-person visits.
• Improve Customer Experience: It helps individuals complete the KYC process from anywhere.
• Cost Cutting: It reduces the cost of paperwork and manual verification.
• Simplify Document Verification Process: It eliminates the need for manual verification of documents with APIs.
• Reduced Fraud Risk: Video KYC technology is embedded with various recognition and document verification APIs that help in real-time verification online.

Why Surepass Technologies is the Reliable Choice for the Video KYC Process?

Surepass offers the best Video KYC solution for remote KYC verification. This Video technology is developed according to the needs of banks and financial institutions. It is embedded with all essential APIs like document verification, liveness detection, Face match, etc, which ensure accuracy in the verification.

Here is a list of features that make Surepass a reliable choice,

• Call schedule for Later Option
• Geotagging
• Easy Integration
• Liveness check
• Face Match

These advanced features all together make Surepass Video KYC solution a secure, and reliable solution for online verification.

Conclusion

The Video KYC process is a secure and efficient alternative to the traditional KYC process. It helps banks and financial institutions conduct the KYC process remotely via video call, making it scalable for remote customer onboarding. Video KYC offers benefits like reduced fraud risk, lower operational costs, and faster processing time. It enhances the customer experience by providing the convenience of remote verification.

FAQs

How do I complete my video KYC?

Collect all the necessary documents and choose the video KYC option on the website. You will receive a link for a video call, where a representative will guide you.

Can I Open an Account Without Video KYC?

Yes, you can open an account without Video KYC but it will have some restrictions.

Is Surepass Video KYC RBI Compliant?

Yes, Surepass Video KYC is RBI compliant.

What will they ask in Video KYC?

The bank representative can ask for showing documents and questions, including DOB, address, etc.

How Long Does it Take For Video Kyc Approval?

You will receive approval 24-48 hours after you complete your video KYC call.

Is video KYC compulsory?

Yes, video KYC is compulsory according to Reserve Bank of India policies.

What is the Video KYC Process?

Video KYC is an online customer verification process that verifies customer Identity through a video call with a representative.