Banks need to strike a balance when it comes to customer on-boarding, they must resort to a method that offers a smoother and faster solution enabling them to expand customer base without being vulnerable to risks.
Digital KYC offered the perfect solution as the entire process was paperless and cost-efficient not to mention ensured productivity until 2018 when a ban on Aadhaar-based KYC was imposed by Regulated Entities. However, the 2019 amendment made it possible to open new accounts using Aadhaar verification after procuring consent from the cardholder.
The real game-changer however, is Video based KYC introduced in January 2020. India is the first country that gave it the green signal to ensure that the account opening and enrollment get smoother and simpler than ever before and without compromising security. The process assumes greater significance now under the present circumstances when social distancing has become a norm, the potential of digital is being realized across industries.
Current challenges
Whether it is a bank, or, a telecom company every organization is going through some form of challenge to run operations without any glitch and the Video KYC is the answer they are looking for, as it eliminates the need for any physical documents or visits by agents.
What is the solution?
The REs can now easily conduct the identification process, thanks to Kwik.ID by Think Analytics which is a lightweight plug-and-play Digital and Video KYC solution. Be it on-boarding or, authentication, the entire process could be digitized thanks to Kwik.ID, which combines artificial intelligence, computer vision, big data analytics along with smart workflow design features.
So what are the functional and operational benefits?
The procedure ensures multiple benefits which are as follows:
· Seamless
· Geo-tags
· Audit Records
· Effective
· Efficient
· Live Photos
The Technical Benefits:
· Customer Experience
· Secure
· Smart Scheduling
· Multi-platform
· Error Reduction
Additional benefits that could be expected are real-time verification followed by authentication of OVD that includes Aadhaar, Voter ID with a registered database. The OCR process on the other hand digitizes the OVDs and thereby aids in speeding up the on-boarding process.
The Video KYC process can indeed revolutionize the entire industry in the future. Kwik.ID provides Video based KYC identification and for information you can send queries to info@getkwikid.com.
You can learn more about this topic at https://getkwikid.com/blog/2020/04/15/is-video-kyc-a-leap-forward-for-the-financial-ecosystem/
