Video KYC is a digital method for verifying the identity of customers remotely using video calls. It's crucial for BFSI sectors as it ensures compliance with regulatory requirements while offering a convenient and secure onboarding experience for customers.

There are five steps involved in video KYC verification process.

Step 1:Capture - Customer ID & real-time image snapshot capture.
Step 2: Extract - Data extraction from the customer ID using ICR/OCR functionality.
Step 3: Verify - Customer KYC data verification with regulatory database integration.
Step 4: Locate - Identification of the customer location using Geo-tagging functionality.
Step 5: Onboard - Instant digital account opening with automated customer alert notifications.

Yes, We offer seamless integration options with core banking systems, customer relationship management (CRM) platforms, and other relevant software. This ensures a smooth onboarding process without disrupting existing workflows.

RBI has extended the scope of video KYC to convert pending periodic KYC accounts into fully compliant KYC accounts. It allowed small businesses, Regulated Entities (REs) & Legal Entities (LEs) to use the Video KYC solution for KYC updations.

Below are few important factors to consider before choosing Video KYC solution providers or vendors:

1. Product Demo

Ask for a complete product demo tour to know about the developed workflows in the application. This guided tour will reveal whether the application is built around your customer's needs or not.

2. Secured & Compliant Infrastructure

Make sure that the vendor follows RBI compliance guidelines for storing customer video footage, KYC data & other sensitive information in secured vaults to avoid data tampering or leakage.

3. Agile Technology

Vendors need to offer a seamless & uninterrupted low bandwidth video calling system to reduce customer drop-off rate.

4. Omnichannel Personalized Approach

A multi-device application is necessary to offer an omnichannel personalized experience for customers.

5. Technical Support

Last but not least. The vendor should have a highly trained technical team to support your operations 24/7.

It is a video-call-based contactless, paperless & branchless customer KYC verification process that can be carried out remotely with official representatives. Using the Video KYC platform, banks or regulated entities (REs) can virtually identify, verify & onboard customers within short turnaround times.

Our Video KYC solutions are designed to adhere to the strictest regulatory standards such as Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations. By capturing and verifying customer identities through live video calls, our platform provides a robust audit trail to satisfy compliance requirements.

A reliable Video KYC solution should offer seamless integration with existing systems, advanced security measures such as biometric verification, real-time monitoring capabilities, and scalability to handle varying volumes of customer verification requests.