What Is Video Kyc: The Process,Requirement And Benefits
Video KYC, or Video Know Your Customer, is a digital process of identity verification where a customer’s identity is verified remotely through video calls. The process is carried out by a KYC officer who verifies the customer’s identity by checking their identity documents and confirming that the person on the other end of the call is the same person as shown in the document.
What is video kyc ? Video KYC is a much-needed technology in today’s world as it provides an efficient, secure and hassle-free way of verifying the identities of customers.
What is Video KYC?
Video KYC is a process that allows financial institutions to verify the identity of their customers remotely. The process is carried out through video calls where a KYC officer verifies the customer’s identity by checking their identity documents and confirming that the person on the other end of the call is the same person as shown in the document. Video KYC is used to verify identities of customers who are applying for loans, opening bank accounts or making investment decisions. The process is similar to the traditional KYC process, however, it is more efficient and allows customers to get their identities verified from anywhere in the world.
Requirements for Video KYC
To use Video KYC, customers are required to have a smartphone or a computer with a webcam, a stable internet connection and a valid identity document. The identity documents that are generally accepted include adhaar card, passport, voter ID, driving license, and pan card. In addition to this, customers are required to fill out a few personal and KYC related details online before the video call. This information includes name, date of birth, address and a photograph of the customer.
Benefits of Video KYC
Video KYC has several benefits over traditional KYC processes. Firstly, it provides a more efficient process. Traditional KYC process can take up to a week to complete, while video KYC can be completed within a few hours. Secondly, it provides a more secure process as the identity of the customer is verified through a video call in real-time. This reduces the chances of identity fraud and ensures that the customer’s identity is genuine. Thirdly, it provides a hassle-free process as customers can get their identities verified from anywhere in the world. This eliminates the need for customers to visit a bank or branch office to get their identities verified.
Conclusion
Video KYC is a much-needed technology in today’s world as it provides an efficient, secure and hassle-free way of verifying the identities of customers. The process is carried out through video calls where a KYC officer verifies the customer’s identity by checking their identity documents and confirming that the person on the other end of the call is the same person as shown in the document. With Video KYC, customers no longer have to travel to branches or wait for days to get their identities verified. The process can be completed within a few hours, making it a convenient and efficient way of verifying identities. In addition, the process is more secure and reduces the chances of identity fraud. Therefore, it is no surprise that more and more financial institutions are adopting this technology to provide better services to their customers.
