Video ID KYC Process- A Revolution In Digitized World 2020

2. Do you know video KYC has become the practical solution to the KYC compliance issues that are faced by several businesses and financial institutions today? Well, in the online world, it is such a great revolution. Isn’t it? At the present time of this pandemic, when everyone is following up with the guidelines of social distancing and more issued by WHO (World Health Organization), video based digital KYC has replaced the need for the physical verification process. Although this new prospect is in a nascent stage as of now, and according to experts, it is one of the greatest and cost- effective method that is working exceptionally well in cutting the administrative costs of businesses. This video KYC solution was, at first, initiated after the reserve bank of India has lately issued norms and guidelines on KYC (Know Your Customer) method. As a matter of fact, it has restricted the use of eKYC by the private and un-authorized business entities. Now, there has come up with a need when these business entities tied-up with other business institutions and retailers in order to complete the KYC of the person online. Video Based Digital KYC Process With the newer emerging smart technologies such as machine learning, artificial intelligence, face recognition, UI biometrics, this digital video ID KYC process has come into the place. The growing use of prominent technology is helping people to go take full advantage of this concept at these crucial times, especially when going out and gathering at one place has become a big NO for everyone. Video KYC is a process of digitally authenticating the people and overcoming the difficulty of physically examining their ID and address proofs. Initially, the KYC verification procedure involves having a check with the submitted documents physically, which was indeed a very tedious and daunting task for humans. But with the concept of video KYC solution, all such problems are surmounted. It has brought efficiencies in the complete KYC (Know Your Customer) process. This method has now proved to be so much beneficial for the banks and customers too. Following are some great benefits of video KYC India process in this technology-driven era – This process has eliminated the inefficiency of human errors. It has reduced all the paperwork. Digital KYC method is cost-effective. This process reduces the loss of the revenue, which used to happen because of delays earlier. It saves a lot of time for both customers and operators. Having this process in place, especially in India, has minimized the identity-related frauds and submission of fake documents.

3. As a whole, till the date, this video KYC process is working exceptionally well and showing greater results. This technological progress has made all of us advanced towards a visionary India. So, it wouldn’t be wrong if we mention it as a great invention and boon. Source: https://signzyonlineidverification.wordpress.com/2020/09/18/video-id-kyc-process- making-a-revolution-in-digitized-world-2020/