PFRDA allows intermediaries for Video KYC

Video KYC - PFRDA
After IRDAI gave the nod to insurers for Video KYC, now PFRDA has allowed the intermediaries for Video KYC. In addition to paperless and presence-less KYC in the insurance sector, now PFRDA permits video-based authentication methods to onboard new customers, making it easy to open an NPS account, withdrawals, or processing any other service. To combat the challenge of compulsory presence for both the subscribers and officers, Regulator PFRDA has issued a circular on 6 October 2020, and has permitted intermediaries registered with them to conduct a Video-based Customer Identification Process (VCIP) for on-boarding, exit, or any other request related to NPS.

Why the need for V-KYC?

To follow the social distancing norms and address the NPS subscribers’ grievances, it is only imperative that we adopt digital/online channels, like Video-KYC, to process exit requests, withdrawals, account opening, etc. from the comfort of one’s home.

Using the Video-based Customer Identification Process (V-CIP), PFRDA allows:

  1. The NPS subscribers to adhere to social distancing norms and avail the services of account opening, exiting, etc. without being physically present at the Points of Presence (POPs) for in-person verification.
  2. Significant reduction of turn around time for account opening, execution of exit, and processing other service requests.
  3. To widen NPS and gauge reach in remote areas with a paperless, presence less, and convenient onboarding process.
  4. To reduce the cost of operations such as travel cost, documentation cost, and field visit costs, making it a cost-effective process.

Why do you need Ameyo’s Video KYC Solution?

Reduce Customer Onboarding Drop-offs by 20%

With Video base KYC process, you can onboard your customers in less than 3 minutes with internet bandwidth as low as 60KBPS, thus ensuring that not customers are dropped off because of internet connectivity.

Additionally, if a customer gets dropped off, the KYC official can immediately send a link to rejoin, increasing the KYC completion rate.

Accuracy of Video KYC Completion

The video KYC process backed by AI-based face recognition technology reduces fraudulence chances and becomes a reliable source for NPS subscribers’ verification. The RE officials can do a liveliness check by asking for random gestures to ensure that the session is not pre-recorded. This helps the NPS officials to establish the subscriber’s identity beyond doubt.

100% Adherence to Compliance & Security

Video KYC RBI guidelines require the data to be stored in a safe and secure manner bearing the date and stamp. The REs are subject to bearing customer identification onus, being 100% compliant with video KYC RBI guidelines.

Additionally, the data can be masked to further data security, which helps build brand loyalty.

Data-Driven Dashboards to Track & Monitor

Video KYC data can be monitored to track the RE official and the auditor’s productivity and monitor the accuracy of Video KYC completion. A comprehensive KYC Officer Dashboard gives a quick overview of the KYC completion rate. The number of NPS accounts opened, the average time is taken for each KYC, breaks duration, etc. to determine the KYC official’s productivity.