Why Video KYC is Proving to be The Game Changer for The Different Industries?
As we are still reeling from the effects of the pandemic, and are under lockdown we are again having to manage from home. We do look back on the situations that we faced last year and we just know that if it were not for the digital solutions, we would have gotten into big troubles. We did not have access to any other alternative to stay functional, and the digital solutions made things simpler for us. However, the banking sector benefited a lot from the approval of the Video KYC procedure which ensured that the banks could stay operational and also onboard customers. Later on other sectors too took notice and welcomed the Video KYC India procedure which could prove to be smart choices for carrying out the verification procedure despite the social distancing norms.
Video KYC Can be a Game Changer:
- The video KYC is paperless and that saves everyone involved with the procedure from additional hassles. The customers do not have to submit any kind of paperwork and they do not have to wait in lines for submitting these documents which was the case earlier. The documents then would need to be handled by the officials and they have to sort through mountains of paperwork and would need to sort these out. The Video based KYC identification, on the other hand is making things simpler as, it does not require any document submission. The entire process takes place online and this would only ensure that you are getting verified in real-time.
- In the rural and semi-urban areas, where there is a shortage of physical facilities, the people prior to the introduction of the video KYC procedure would not be able to access the services. However, things did turn around with the video KYC as this being a virtual process can be performed anywhere.
- Unlike before when you have to wait for weeks to get verified, there is no need to wait. The verification is instantaneous which means that there is no need to wait and you can get onboarded instantly. Things can indeed get better when you are applying for loans and credit cards.
- Since the process is powered by advanced technology like AI, it makes it more efficient and secure, there is less risk of forgery. The process makes sure that there is no foul play involved which makes it a smart choice.
The video KYC procedure can be a smart choice, which is why gradually other industries are adopting it.
