Video KYC is an emerging technology where banks, financial services institutions, insurance companies, credit unions, and building societies can engage their customers or members in face-to-face transactions through remote video collaboration sessions. Many institutions plan to use video KYC for enriching the customer/ member experience, improving operational efficiency, or growing revenue. Video KYC further reduces your customer on-boarding time, reduce footfalls at your branches, go-paperless, save cost, and much more.

It further gives flexibility to your customers to complete KYC process while they are at home or in their office via video call without physically visiting your branch which enhances the overall customer experience. The person in-charge of document verification can do a liveliness check along with verification of other aspects such as location, photo, etc., all done over video unlike traditional KYC process where customers were expected to visit their nearest branch with all original documents.

WHY ADOPT VIDEO KYC?

• Some Insights into Financial Services Institutions (Banks, NBFC, Lending Orgs) surveyed
  • 82% said that they planning to offer
  • 35% – Have deployed or running a pilot
  • 20% – Already fully operational services

• An opportunity not to be missed – Consumers love it – most consumers found great value in Video banking and found their first experience compelling

• First-to-market benefits:
  • Acquire invaluable experience
  • Reap higher rewards
  • Gain a competitive advantage