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:
- 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.
- Significant reduction of turn around time for account opening, execution of exit, and processing other service requests.
- To widen NPS and gauge reach in remote areas with a paperless, presence less, and convenient onboarding process.
- 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.