KYC (Know Your Customer) is a mandatory process for various industries, including Banking, Fintech, Lending, and Digital Platforms. It is crucial to verify identities, prevent fraud, and be compliant with RBI guidelines. Many businesses conduct Video KYC to give flexibility to customers, especially for remote locations. However, the long wait time, errors results in high dropouts. Here, Surepass helps solve these issues with its advanced solution, Smart Consent.
What is Smart Consent Video KYC?
Smart Consent Video KYC is an agentless, fully automated digital verification process. It allows users to complete KYC through a secure video journey without the need for a live agent or manual intervention. It is a simple, mobile-friendly, and regulatory-compliant solution.
It is an ideal solution for business, suitable for onboarding thousands of people. It eliminates the cost spent on manual checks.
Key Features
- Fully Automated and Agentless: It offers a fully automated Video KYC journey without any live agent verification.
- Consent Driven: Users need to grant permission before verification and ensure compliance.
- Smooth User Experience: It is a mobile-friendly solution. The guided workflows make the Video KYC process easy.
- Real-Time Monitoring: This solution allows businesses to track session progress and fetch user-specific data.
- Automated Checks: AI-powered verification confirms accurate identity checks that require minimal manual review.
How does the Smart Consent Video KYC Solution work?
Here is how the Smart Consent Video KYC solution works:
User Creation: A new user needs to provide the following details: name, email, and mobile number for process initiation.
Session Initiation: A smart link will be generated to initiate Video KYC.
User Interaction: The User will open the link, give consent, and complete the KYC through a guided process.
Session Monitoring: Business will have access to get session details or pull user-specific session data in real time to track progress and status.
Reporting: This solution provides MIS and ledger reports that are available for historical tracking, audits, and performance metrics.
Benefits of Smart Consent
These are the benefits a business must have:
For Business: This solution helps in conducting agentless digital onboarding securely. It eliminates the dependency on the agents and supports large-scale onboarding. Businesses can target remote users easily and efficiently.
For Users: The simple workflow makes customers enjoy the mobile-friendly onboarding journey. A quick, intuitive, and fully self-service. The user can complete the whole Video KYC anytime, anywhere, in just a few steps.
For Regulators: Every session is securely captured and auto-evaluated. It provides complete transparency with detailed MIS reports and audit trails.
Automate your KYC Process & reduce Fraud!
We have helped 200+ companies in reducing Fraud by 95%
KYC Methods: A Detailed Comparison
| Aspect | Traditional KYC | Standard Video KYC | Smart Consent Video KYC |
| Verification Method | In-person with physical document verification | Live agent via a scheduled video call. | Fully automated, guided video journey |
| Average Completion Time | 1-3 Days | 15 – 30 minutes | 2-5 minutes |
| Availability | Business hours only (e.g., 10 AM to 6 PM) | Limited to the agent’s working hours, requires scheduling | 24/7, 365 days a year |
| Human Intervention | High (Branch Official) | Live Agent guides the user | None |
| Operational Cost | Very Low | Limited | Highly Scalable |
| Estimated Dropout Rate | Very High | Moderate | Very Low |
| Security and Fraud Prevention | High | Medium | Very Low |
| User Experience | Poor and time-consuming | Average, Better than traditional, but still requires scheduling and waiting. | AI-Powered checks |
| Security and Fraud Prevention | Prone to document forgery | Agent-dependent: consistency varies, prone to deepfakes if not detected. | Best |
| Geographical Reach | Limited to Physical Branch locations | Better, but still needs a stable connection for a longer duration. | Best for onboarding thousands of users. |
Agentless Digital Onboarding: Why they are Future
In the traditional KYC process, an agent is required to guide users through verification. This process faces delays, consumes time, and higher costs. Because a single agent or a few agents can’t guide hundreds of people at a time. The Agentless KYC journeys eliminate the dependency on human agents and enable seamless self-serve verification.
With agentless onboarding, businesses can provide services 24/7, reduce human errors, and give a smooth experience. It improves customer experience and lowers operational costs.
Conclusion
The traditional KYC verification process requires paperwork and an agent for verification. This process often takes many days, and the customer needs to wait for their turn in line. The smart consent Video KYC transforms this process. This solution reduces the operational costs and ensures compliance. It offers flexibility, convenience, and transparency. It makes the KYC journey effortless and accessible from anywhere. You can onboard thousands of customers without delays.
FAQs
Ques: What is Smart Consent Video KYC?
Ans: It is an agentless and fully automated video KYC solution.
Ques: How is Smart Consent different from Standard Video KYC?
Ans: Standard Video KYC requires a live agent to interact with the customer over a video call. It leads to scheduling delays and errors.
Ques: How long does the Smart Consent Video KYC Process take?
Ans: It takes only a few minutes.
Ques: What advantage do users get?
Ans: Users enjoy a quick, mobile-friendly, self-service KYC journey that can be completed anytime, anywhere, without waiting for agents.
Ques: Can Smart Consent handle large-scale onboarding?
Ans: Yes, it can handle large-scale onboarding.
Automate your KYC Process & reduce Fraud!
We have helped 200+ companies in reducing Fraud by 95%
