Video KYC in Account Opening: Faster, Safer, and More Convenient

Customer convenience and efficiency in operations are essential for successful banking. Video KYC in Account Opening process helps in remote verification with security. With features like facial recognition and document verification, Video KYC is a great alternative to traditional KYC. 

What is Video KYC?

Video KYC is a solution that helps customer complete their KYC online. This solution is beneficial for both banks and customers in completing the identity and document verification process online. Video KYC account opening online eliminates the need for in-person verification or physical document submissions and is a great alternative to the traditional KYC process.

What Is the Video KYC Process?

In the Video KYC Account opening process, a customer initiates the verification process through a bank’s platform or app. In this process, the bank representative and customer connected via video call. During the video call bank representatives ask for identity documents and questions in real time.

The representative verifies the documents and uses face match and recognition technology for identity verification. The entire session is recorded and stored to meet the regulatory requirements, it will ensure compliance with Anti-Money Laundering (AML) and KYC regulations.

How Does Video KYC Work?

Here is a small brief of steps that occur during the Video KYC,

• Step 1: Initiation of Process

The customer will complete the account opening formalities on the VKYC platform and opt for video KYC.

• Step 2: Live Video Call

A bank representative will initiate a video call with a customer.

• Step 3: Document Verification and face verification

The bank representative will verify the details of the document submitted by the customer. The representative will verify the face through facial recognition technology.

• Step 4: Secure Recording

The video call and document verification process are recorded for compliance purposes.

Difference Between Traditional KYC and Video KYC

The main difference between traditional KYC and Video KYC is that traditional KYC requires in-person verification and document submission. Whereas Video KYC is an online process that occurs through video calls.

• Traditional  KYC

In the traditional KYC process, the customer needs to physically visit the bank for document submission. This process usually takes many days for approval with long waiting times.

• Video KYC

In the Video KYC, the whole document verification and identity verification can be done via video call remotely. This process includes document verification, facial verification, and geographical checks. It adds efficiency, security, and convenience with reduced paperwork.

Difference Between Digital KYC and Video KYC

Digital KYC refers to an electronic way of document submission and verification in account opening. Video KYC refers to the use of video calls for customer verification by banks.  Currently, almost all registered banks are offering account openings with a Video KYC solution for remote verification.

How Video KYC Facilitates Bank Account Opening?

The incorporation of Video KYC allows remote verification with accuracy and security. Here is how it facilitates bank account opening.

• Faster Verification Process: It fastens the account opening by replacing document submission and manual verification with real-time validation.
• Convenience and accessibility: Video KYC allows customers to open bank accounts from any location using phones and computers.
• Enhanced security and Compliance: This solution uses secure verification technology and security features like facial recognition and encrypted document submission. Banks can record the entire interaction and create an audit trail that aligns with AML and KYC guidelines.

Benefits of Video KYC for Banks and Customers

Here are the benefits that a bank and customer access by using Video KYC

• Enhanced Customer Experience

It allows customers to share information through video and improves the customer experience.

• Cost reduction

It replaces the need for physical document submission and manual processes.

• Speed up the customer onboarding process

Video KYC helps banks onboard customers in minutes compared to traditional KYC, which takes many days.

How Surepass Video KYC Solution Streamlines the Account Opening Process?

Surepass offers innovative V-KYC solutions for banks. This solution is equipped with advanced technologies which streamline the verification process. 

Features

• Real-time two-way recording, Audio Video Recording
• Deepfake Detection, Face match, and liveness check
• Auditor and Agent Dashboard
• Live Location
• Face Comparison using AI
• Call scheduling
• Dynamic questionnaires
• Encryption of all data exchanges
• Tamper Proof & Auditable Customer Consent  
• Rejection of spoofed IP addresses or spoofed images
• Tamper-proof storage of V-CIP logs and documents
• Data Minimization as per DPDP Act
• Alternate OVD validation option in the absence of an Aadhaar
• Bandwidth optimization for V-CIP
• Data saved in case of retry after a dropped call

These features make Surepass a reliable choice for Video KYC in the Account Opening process.

Conclusion

Video KYC makes the bank account opening process faster and more accessible. It enhances the customer experience and reduces the operation costs. It ensures accurate identity verification and aligns well with KYC regulations. Many Video KYC providers are available in the market. However, Surepass is a reliable choice that offers features like face match, live location check, support video calls at low speed, etc. As online banking is growing, using a Video KYC in account opening is necessary.

FAQs

What is Video KYC and how does it work?

Video KYC is an online identity and document verification process that allows the customer to complete their KYC online through a video call with the official bank representative.

What is the Purpose of Video KYC?

The purpose of Video KYC is to enable remote identity and document verification for customers. It reduces the dependence on paperwork and eliminates the need for physical visits.

How can I open a savings account with Video KYC?

You can open a savings account with video KYC by choosing a VIdeo KYC option for verification while filling form. After that, a video call will be scheduled where a bank representative will assist you in completing KYC online.