iStart Video KYC: A Digital Move Towards Secure Customer Onboarding

iStart Video KYC: A Digital Move Towards Secure Customer Onboarding

Authored by: Mohammed Mansoor    Reading Time: 3 mins 15 secs

Banks, NBFCs, and other financial services have faced several challenges in performing the Know Your Customer (KYC) process. The mandatory requirement of face-to-face verification at the branch office has added to the burden of hassle and cost.

This blog talks about iStart Video KYC platform and its automated process to overcome the manual KYC verification challenges.

Video ID Verification Process
Image Source: Freepik
Video ID Verification Process
Image Source: Freepik
With RBI’s approval to consider Video KYC as a fully compliant process, Banks and NBFCs now have a better alternative to address the time-bound and manual KYC verification challenges.

iSolve’s iStart enables Banks and NBFCs to provide customers with a more effective, faster, and compliant onboarding experience. The platform uses advanced AI and ML-based technologies to verify the customers in real-time. For further information visit, https://isolve.in/istart-digital-kyc-onboarding/

iSolve Video KYC | V-CIP Software Solution for Banks and Financial Services

What is Video KYC?

Video KYC, also known as video-based customer identification, is a process in which banks and NBFCs carry out customer verification via a video call with the support of a KYC agent. They verify your identity by asking you to show your identity documents for proof during the video call.
Video KYC plays a crucial part in Customer Due Diligence (CDD) to prevent money laundering, fraud, and the usage of funds to finance criminal activities.

Steps Involved in iStart Video KYC Process

iStart Video KYC Process Infograph
The platform simplifies the customer onboarding process and enables instant access to financial services. The process includes:

Customer Registration:

The customer registers for the service on the official bank website or mobile app to schedule his/her video account opening process.

eKYC Verification:

During the registration, the customer should complete their Online Aadhaar eKYC procedure to initiate the Video KYC.

Video Call initiation:

On the completion of eKYC, the customer receives a secure link through which he/she can join the Video call at the scheduled time.

ID Verification:

The customer should show their Official Valid Document (OVD) i.e., PAN, Aadhaar, Driving License, Passport, etc. to the KYC agent for verifying proof of identity and address. The agent takes the screenshot of the OVDs to perform background verification.

Face Verification:

The KYC agent snaps the customer photo during the call to perform face matching checks with that of submitted OVDs.

E-signature Verification:

The customer should sign the white paper and show it to the KYC agent to verify the signature.

Liveness Detection:

The KYC Agent asks some random questions to the customer and uses Facial Recognition System to confirm the liveliness of the customer.

Video KYC Completion:

The KYC agent performs various verifications, including AML checks and face & identity checks. The agent approves or rejects the KYC depending on the verification points.

*Note: The KYC agent records the complete Video KYC process based on the customer’s consent. The agent forwards the recording of successful KYC details to the Auditor team for future use.

Basic Requirements for Video KYC

  • A smartphone, laptop/computer with a camera.
  • A stable internet connection.
  • A well-lit and quiet place for video calls.
  • Original OVDs such as Aadhaar, PAN, Passport, etc. for ID verification.
In addition, the customer should be present in India when performing the Video KYC verification process. The use of VPN, proxy, or static IP could result in the rejection of the KYC application.

Checklist for Video KYC

Do'sDo's Dont'sDont's
The customer should connect for Video KYC only through the link provided by the Bank.
The customer should not share the Video KYC link received on the mobile with others.
The customer should have Official Valid Documents (OVD's) such as PAN, Passport, etc. during the video call.
The customer should not share their Aadhaar information on the video call as they provided it during the initial registration.

The Benefits

  1. Remote and faster customer onboarding: It makes the verification simple and ensures quicker customer onboarding, reducing the customer drop-off rate.  
  2. Efficient Customer Verification: It employs AI-based verification techniques that boost efficiency and reduce potential verification errors.  
  3. Safe and Secure Banking: It incorporates robust security protocols, AI/ML-powered filters, and data security measures to prevent fraud and Money Laundering.  
  4. Shorter Turn-Around-Time (TAT): It automates the validation process to verify the KYC details instantly and digitizes the documents, ensuring reduced TAT.  

Get Started

Financial service is a competitive sector, and adopting Video KYC solutions can help you stay ahead of the competition. iStart Video KYC platform is a AI-driven automated verification process that eliminates the human error involved in the manual KYC method. It is performed online, reducing operational costs and improving productivity allowing financial services to reach out to a wider range of customers, regardless of their geographic location or proximity to physical banks.
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