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How to Find the Right Video KYC Vendor?


Amid the COVID-19 crisis, the majority of businesses are working remotely, demanding the refined process to continue customer onboarding effortlessly. RBI’s recent decision to allow Video KYC for Banks, Financial Institutions, and NBFCs is a major relief. With Video KYC, banks and FIs can onboard customers in 3 minutes while eliminating the need for a field verification agent and thus reducing the cost by up to 90%.

It not only cut costs by huge margins, but it also enabled remote onboarding, thus making it easy for banks and FIs to penetrate their ways into rural areas.

While Video KYC processes are in high demand, there are certain challenges that BFSIs, NBFCs, and E-Wallets face when adopting this customer onboarding process. As much as it is a much-needed relief during this lockdown phase, it has the following challenges:

Data Security: Banks and FIs, as they adopt video conferencing for customer onboarding, have to keep a check on the security measures like a secure video conferencing platform, data & video storage, and adherence to regulatory requirements.

With the rise in fraudulence like video manipulation, the entire responsibility of customer identification lies with the banks to ensure that there’s no data leakage and data tampering.

Fraud Detection: Now, customers can provide a pre-recorded video if the liveness check is not done properly. There has to be a sequence and type of questions that eliminate the chances of spoofing and fraudulence or fake identification. The RE officials have to ask various questions to establish that the process is seamless and end-to-end encrypted.

High Drop-offs Rates: Though the process does not take more than 3 minutes, the video call can be disconnected because of the various reasons like system error, internet fluctuation, manual hung up, and more. Once the call is dropped off, it becomes difficult to reach out to the customers for re-enrollment and KYC completion. This can lead to bad customer experience and the it might take longer for KYC completion

Adherence to RBI Video KYC Norms: As per the Video KYC RBI guidelines, Video KYCs are to be driven by an RE official and an auditor who would need training for video-based KYC. The Video KYC process will be handled by the officials that are trained for this and their activity record is required to be preserved for future records.

Monitoring KYC Accuracy: Now banks and FIs cannot complete the verification process without monitoring and managing the productivity of RE officials and Auditors. There is a constant need for monitoring key metrics like KYC completion rate, dropoff rate, and accuracy rate to make a data-driven decision.

How to choose the right Video KYC vendor and overcome these challenges?

Banks and FIs were looking for a seamless, presence-less, and paperless customer identification process for a long time and the video-customer identification process (V-CIP) has provided the hassle-free model to the money lenders.

Now, a customer can request to open their savings account online and it will only take a few minutes to complete the customer onboarding verification.

For this hassle-free process, you need a system that has the following features:

Secure & Compliant

Ameyo’s video-based KYC is 100% Video KYC RBI compliant, ensuring end-to-end encryption and reducing the chances of fraudulence. It is also ISO 27001 certified with enterprise-grade security like AES 256 Encryption, ensuring that the banks, FIs, and money lenders get maximum security. Along with that, video-based KYC allows the businesses to establish rules for identity check like:

Reduce Drop-offs by 20%

Now, you do not want your customers to switch to your competitors because of bad customer experience. If the video call gets disconnected due to poor internet connectivity, the call gets abandoned on ACD, or there’s a system error, you can always reschedule the call immediately to deliver an amazing experience with Ameyo’s Video KYC solution.

With an omnichannel customer engagement platform, you can easily reach out to the customers via SMS or chat to resend the video link.

Measure what Matters

Let the supervisors get a quick glance into the customizable dashboards that can help to make informed decisions.

Cost Reduction by 90%

Eliminate the need for a field agent who would travel to different locations to complete the customer verification process. Now, you can onboard a customer in less than 3 minutes with minimum cost.

Ease of Usability

It is as important to have an amazing in-product employee experience as it is for the customers. Ameyo’s highly flexible solution ensures to simplify the KYC process for banks and FIs.

Ace your Customer Experience

Customers find it very easy to open a bank account or request a sim card online. And, COVID-19 has made it very obvious that the customers are not willing to visit the stores or banks physically.

With Video KYC, you can deliver the customer experience that your customers are looking for:

Accuracy of Video KYC Completion

Ameyo’s solution uses face recognition technology backed by AI to ensure maximum accuracy.

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