How are you keeping up with the background verification and customer onboarding process in the lockdown period? With Aadhar becoming the source of identification in India, the reality for NBFCs, Fintechs, and Mobile Wallets have changed. After the supreme court discontinued the e-KYC, it became difficult for the industry to target people in remote locations and onboard customers with physical KYC.
Now, you can sit back and relax because Video KYC RBI guidelines have recently permitted the video-based KYC model for banks, NFBCs, and E-wallets to get going. This presence-less and paperless Video KYC solution for banking will help you reduce 90% costs of operations which means you do not have to invest capital for travel agents and documentation of the customers. This can be achieved in clicks online.
So, how does Video KYC work?
Video KYC is a simple process of customer onboarding and authentication which validates and verifies the customers’ background. It is an alternative to the physical KYC and digital KYC and requires customers’ consent to do online background verification.
Reducing the customer onboarding time from 5-7 days to a 3 minutes process, video KYC solution helps businesses attract more customers across the country.
In this process, an RE official is assigned to the customers, when a customer requests for Video KYC, and the two-way video call is initiated to verify the customer’s identity. The RE official will do the liveness check to ensure that the customer is not using a pre-recorded video.
Make things easy with presence-less and paperless Video KYC solution
You can significantly reduce customer onboarding drop off by 20% with Ameyo’s Video KYC solution.
Faster Customer Onboarding
Make the customer onboarding process seamless with video KYC, allowing the customers to participate in the onboarding process from the comfort of their homes. With a 100% browser-based solution, FinTechs and startups can scale their businesses and onboard customers in less than 3 minutes.
Significant Cost Reduction
Now, you don’t have to burn a hole in your pocket for the customer onboarding. Capital investment has been a challenging factor for most businesses that are planning to scale. Now, Video KYC will eliminate the need for biometric identification, physical presence of the customer, field agent travel, and documentation costs. This paves the path for businesses to retain their customers with a seamless customer onboarding process at minimal cost.
Two-Level Customer Verification
There’s no scope of fraudulence as the customer’s identity is verified by first an RE official and then an auditor. The RE official first initiates a video call with the customer, he/she authenticates the customer by matching photo ID with Aadhar Card, PAN Card, while the customer is on live call, ensuring that the customer’s documents match with the live video recording.
No More Cyber Frauds
Video-based KYC removes the possibility of cyber frauds as there is no scope of forged signatures or fake documents. The RE official does a liveness check by asking the customer to make hand movements and ensure that the customer has not given a pre-recorded video. It also allows:
- Geotagging to identify customer’s location
- Liveness check on the video call
- Video recording saved on the server
- End-to-end encryption
Redefined Customer Experience
After the COVID-19 pandemic hit, no one is ready to touch the same glass for biometric identification that has been used by multiple people. Customers can now do away with standing in long queues and wait for their turn to initiate the onboarding process. There’s no need to fill in any forms, the onboarding is done in less than 3 minutes with just a pre-requisite of internet connection.
Customers can request the Video KYC at their preferred time, keep a track of the application status, and be assured that their data is secured.
Why Ameyo is the right solution for you?
Enterprise-Grade Security: Ameyo’s Video KYC solution is 100% compliant with the latest Video KYC RBI circular issued in January 2020. It is ISO 27001 certified with enterprise-grade security like AES 256 Encryption to ensure that industries like Banks, NBFCs, and Mobile Wallets get the secured solution for their businesses and customers.
Ease of Campaign Management: You can easily manage your KYC campaigns with Ameyo’s omnichannel capabilities of scheduling and reminding customers to complete their KYC. Send automated alerts like voice blasts to notify customers prior to the scheduled time.
Your verification officer/auditor can easily manage the campaign using extensive monitoring dashboards. All the KYC requests reflect in the auditor’s dashboard and with Ameyo’s AI algorithm, these requests can be prioritized for HNI customers.
Accuracy of Video KYC Completion:
Ameyo’s solution uses face recognition technology backed by AI to ensure maximum accuracy.
- First, OSV (Original Seen & Verified) check is done by the KYC officer using OVD (Officially Valid Documents) on the video call
- OVD auto extracts the customer’s details like their DOB, Address, Aadhar Card details, PAN Card details, etc. via OCR (Optical Character Recognition)
- KYC Officer then does a liveness check and verify customer’s OVD to perform the accuracy check and pass it for further verification
In a Nutshell
Video-based KYC solution will help businesses reduce their costs and onboard customers faster than ever. The recent pandemic has forced the industries to work from home and video KYC is just the right solution for businesses to become Video KYC RBI regulatory compliant and onboard customers remotely without compromising on their business continuity while working remotely.