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What is video KYC and how to use it?

What is video KYC and how to use it?

Video KYC is a customer identification process is the digital version of the video KYC online because it is more secure, cost-effective, and quick response.

If you are new in the banking and financial sector then this article is for you because in this article you will understand all the basic things about the Know Your Customer (KYC) process many banking and financial sectors nowadays consider KYC is one of the important things. From opening a savings account, Instant loan applications, or any other work. In this Covid-19 pandemic banks, and other institutions are completely dependent on the KYC process. Technology plays the most significant part in our day-to-day life. Video-based KYC is currently introduced by RBI bank, and it is quite crucial to know that video KYC is one of the right ways to verify their customer. In new opening accounts or loan/credit card applications processes are completed in less time. Let’s have a look at the below points about KYC.

Advantages of video KYC: Not one advantage of video KYC, but there are many basic and one of the most significant advantages of video KYC for both lenders and customers so that they can easily enjoy the benefits of video KYC. In this covid-19 pandemic, clients do not have to be available for any verification process, and via video call, this would make it easy for them. The video process is more beneficial for people who live in rural areas, and it ensures the safety of people in online mode, it is one of the faster and smoother verification processes for a better experience. The online video KYC is ensured all the safety norms of their beloved customer so that they can easily adapt to the services.

Follow the steps of the KYC to login

Always follow the below steps when KYC login because sometimes people click on KYC login and fill in the wrong steps. Here are the few steps of the KYC, and it will quite beneficial to you while login:

  • First, you should visit the website of the bank to start your first step, or you can open NBFC because these two are one of the safest for video KYC.
  • In the second process, you have to fill up all the basic details which are mentioned on the online form.
  • When you fetch your documents like Aadhar cards or an e-PAN verification process, always make sure that upload all the documents on officially I.D.
  • After registering all the details, fetching your documents, there is a Time Password (OTP) will be sent to your registered mobile number which shows the message requesting for verification of all the details you have filled on the form.
  • Last but not least once you validate the OTP, it is taken customer’s signature on the application form.

Trained Staff while interaction: One of the most important points in this article is the video KYC has done by specially trained staff because the trained staff provides you with one of the best solutions in less time, also they are quite reliable, and they will first match their customer’s face with photo IDs before proceeding any further step. After the verification, you can ask them any questions related to your KYC information.   

Conclusion

KYC video is one of the best services in the banking and financial sector. Now you don’t need to visit the bank branch or anywhere, you will get all the information and verified documents by using video KYC. All thanks to the technology and digitization of banks and the financial sector. Hope the above information is quite helpful for you in the KYC video. Also, it is quite helpful in instant personal loans from the registration process to onboarding.

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