{"id":6772,"date":"2021-05-21T07:04:52","date_gmt":"2021-05-21T07:04:52","guid":{"rendered":"https:\/\/authbridge.com\/?post_type=post&#038;p=6772"},"modified":"2023-08-17T10:56:58","modified_gmt":"2023-08-17T10:56:58","slug":"use-video-kyc-solution-to-deal-with-these-common-challenges-for-kyc","status":"publish","type":"post","link":"https:\/\/authbridge.com\/staging\/resources\/blogs\/use-video-kyc-solution-to-deal-with-these-common-challenges-for-kyc\/","title":{"rendered":"Use Video KYC Solution to Deal with these Common Challenges for KYC"},"content":{"rendered":"<div class=\"blog_content\">\n<p>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?<\/p>\n<p>Fortunately, we have Video KYC solution now. The Know Your Customer or KYC is a crucial part of<span>\u00a0<\/span><strong><a href=\"https:\/\/authbridge.com\/staging\/solutions\/by-business-case\/customer-onboarding\/\" class=\"local\" target=\"_self\" rel=\"noopener\">onboarding customers<\/a><\/strong><span>\u00a0<\/span>in financial institutions, logistics, gaming, etc. RBI has mandated that all organisations perform KYC to verify the identity of the customer.<\/p>\n<p>While this sounds like a simple enough guideline, the traditional\u00a0KYC verification\u00a0process is bogged down by lengthy duration, unnecessary paperwork, etc.\u00a0<strong>Video KYC<\/strong><span>\u00a0<\/span>solution is an innovative approach that solves most of the common problems associated with KYC services.<\/p>\n<\/div>\n<p><span>\u00a0<\/span><\/p>\n<div class=\"blog_content new_blog_content\">\n<h2 class=\"md_heading\">Benefits of Video KYC.<\/h2>\n<p><strong>Geographical Constraints<\/strong><\/p>\n<p>Traditionally customers had to submit the KYC documents and application form in person. Visiting the bank or the organisation\u2019s office limited the customer\u2019s ability to open an account and the business\u2019s ability to gain more customers.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>Customers can also consider those institutions that do not have an office in their city or their state. Video KYC verification\u00a0uses geo-tagging to ensure that the customer is at the address mentioned.<\/p>\n<p>Long-Drawn Out Onboarding Process<\/p>\n<p>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.<\/p>\n<p>The customer then had to wait till an appropriate employee became available. It took time and tested everyone\u2019s patience.<\/p>\n<p>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.<\/p>\n<p><strong>High Cost<\/strong><\/p>\n<p>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.<\/p>\n<p>With<span>\u00a0<\/span><a href=\"https:\/\/authbridge.com\/staging\/products\/identity-management\/digital-kyc\/\" class=\"local\" target=\"_self\" rel=\"noopener\"><strong>Digital KYC<\/strong><\/a>, 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\u2019s baseline. By using third-party Video KYC solution providers like AuthBridge, the company ends up saving a good amount.<\/p>\n<p><strong>Endless Documentation<\/strong><\/p>\n<p>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.<\/p>\n<p>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<span>\u00a0<\/span><a href=\"https:\/\/authbridge.com\/staging\/solutions\/business\/digital-documentation-e-sign\" class=\"local\" target=\"_self\" rel=\"noopener\"><strong>Aadhaar verification<\/strong><\/a><span>\u00a0<\/span>can be done using an OTP.<\/p>\n<p>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.<\/p>\n<p><strong>Customer Dropout<\/strong><\/p>\n<p>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\u2019s services went through the whole process.<\/p>\n<p>With a<span>\u00a0<\/span><a href=\"https:\/\/authbridge.com\/staging\/products\/identity-management\/video-kyc\/\" class=\"local\" target=\"_self\" rel=\"noopener\"><strong>Video KYC solution<\/strong><\/a>, 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.<\/p>\n<\/div>\n<p><span>\u00a0<\/span><\/p>\n<div class=\"blog_content\">\n<h2 class=\"md_heading\">How AuthBridge&#8217;s Video KYC Solution Works?<\/h2>\n<p>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.<\/p>\n<p>No more KYC challenges like long waiting period, unnecessary expenses on branches, wasting employee\u2019s time and losing customers. AuthBridge provides the best Video<span>\u00a0<\/span><a href=\"https:\/\/authbridge.com\/staging\/solutions\/bfsi\/know-your-customer\/\" class=\"local\" target=\"_self\" rel=\"noopener\"><strong>KYC verification<\/strong><\/a>\u00a0services to concentrate on the core area instead of wasting resources on the onboarding process.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":44815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31,21,23,39,40,37],"tags":[],"class_list":["post-6772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bfsi","category-blogs","category-hospitality","category-it-ites","category-real-money-gaming","category-telecom"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.13 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Know about Benefits &amp; Challenges of Video KYC - AuthBridge<\/title>\n<meta name=\"description\" content=\"Video KYC is an online method of face to face identity verification in which organizations carry out their customer verification process Know about the benefits, how does video KYC works and the challenges in 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