There have been many changes in our lives in the last year when we just found it impossible to function in the normal way. However, we were saved thanks to the digital solutions that allowed us to remain functional. Now that we are facing another one this year, it is time to resort to the digital measures once again, and when it comes to exploring digital measures nothing can work in your favor better than the Video KYC. This procedure saved the banking sector last year and also started helping other sectors to adapt to the changing situation and find solutions to so many issues.
Video KYC for Banks: Introducing the Solutions
There have been many issues that the traditional KYC procedure put us through and the introduction of video KYC changed all of that, now let us take a look at the solutions we could hope to get from this.
- The traditional KYC procedure would require a lot of paperwork, you have to go and submit the papers `to the bank, this could truly be a harassing situation. The chances of forgery might also remain there, so, with the arrival of the Video KYC for Banks this issue could be addressed as there is no need to submit any documents. The entire verification would take place online. So, the chances of forgery would be less.
- The traditional KYC would require IPV, and this is something that is absolutely not possible during a severe lockdown in place. However, this issue gets resolved as soon as you opt for the video KYC procedure. The process takes place online and in real-time the verification gets done which does make things easier for the banks as well as for the guests. However, things can definitely get better now.
- One of the most crucial issues that got resolved was the fact that due to the physical distance, oftentimes people from remote areas would remain unbanked or, underbanked. This would definitely affect the people and would be bad for the economy as well. However, the Video-based KYC identification solved this issue as well. The verification takes place online, which would make it easier for all. As with the right tools, Video KYC at low bandwidth would be possible as well.
The video KYC procedure is certainly going to pave way for a digital future, so, get ready for something smarter
