Remember when you had to go to an office or bank to submit documents, get a reference from someone, go through the tedious process of filling out lengthy application forms and had to submit copies upon copies of ID proofs to get any official work done?
Fortunately, we have Video KYC solution now. The Know Your Customer or KYC is a crucial part of onboarding customers in financial institutions, logistics, gaming, etc. RBI has mandated that all organisations perform KYC to verify the identity of the customer.
While this sounds like a simple enough guideline, the traditional KYC verification process is bogged down by lengthy duration, unnecessary paperwork, etc. Video KYC solution is an innovative approach that solves most of the common problems associated with KYC services.
Benefits of Video KYC.
Traditionally customers had to submit the KYC documents and application form in person. Visiting the bank or the organisation’s office limited the customer’s ability to open an account and the business’s ability to gain more customers.
A customer would only consider those organisations that had an office in the exact geographic location as them. Businesses were forced to open more branches to reach out to more customers.
With Digital KYC, this is no longer a concern. Since the Video KYC solution takes place entirely online, the customers can open a new account without leaving their homes.
Customers can also consider those institutions that do not have an office in their city or their state. Video KYC verification uses geo-tagging to ensure that the customer is at the address mentioned.
Long-Drawn Out Onboarding Process
Earlier, once a customer submitted all the documents, a person at the organisation had to verify all the documents and details. Some businesses even require that the customer speaks to an employee to complete the process.
The customer then had to wait till an appropriate employee became available. It took time and tested everyone’s patience.
With Video KYC verification, not only does the whole process take place online, but it is also fast. Since most of the document verification is automated, it barely takes a few minutes. Even the live call with the agent does not take more than a few minutes.
When customers had to perform KYC verification in person, the business had to allot a few employees purely for this endeavour. The company would also have to open branches in various locations to gain more customers. Both of these added to costs and reduced the profits.
With Digital KYC, the business does not need to have multiple branches. It only needs a few branches to host the employees. The cost reduction can immensely benefit the business’s baseline. By using third-party Video KYC solution providers like AuthBridge, the company ends up saving a good amount.
Earlier customers needed to submit photocopies of their KYC documents such as PAN card and Aadhaar card along with valid address proofs and a filled-out application form.
With a Video KYC solution, the entire process takes place online. The system uses an OCR to read and verify your PAN card details. The Aadhaar verification can be done using an OTP.
This is followed by a video call from an agent to conduct a liveliness check to verify if the customer is genuine. They will even ask for details such as security questions that you need to answer.
One of the most significant drawbacks of the traditional KYC verification process was that it frustrated the customers, and they dropped out of the process midway. Only those who had no other option and needed the business’s services went through the whole process.
With a Video KYC solution, businesses reduce the risk of losing a customer purely because the onboarding process is simpler. The reduced customer dropout will immensely benefit the revenue of the company.
How AuthBridge’s Video KYC Solution Works?
We at AuthBridge have come up with an innovative solution that leverages the power of technology to simplify the KYC verification process. The Video KYC solution from AuthBridge uses geo-tagging, OCR, and liveness detection to make the customer onboarding process fast, simple and stress-free for customers and businesses.
No more KYC challenges like long waiting period, unnecessary expenses on branches, wasting employee’s time and losing customers. AuthBridge provides the best Video KYC verification services to concentrate on the core area instead of wasting resources on the onboarding process.