With the lockdown enforcing the contactless onboarding process as the new normal for most financial institutions, Video KYC is rising as the new digital solution to ensure a paperless and presence less customer onboarding experience. And as technology advances, the rise of Mutual Fund investors is imperative, leading to financial inclusion of a large part of the country.
The technology advancement invites cyber frauds and money laundering with attackers becoming more sophisticated. To prevent and decrease fraudulence, investors need to keep a check on data security and data privacy. With the speedy turnaround of providing digital services, most of the mutual fund companies are moving towards secure e-onboarding that gives an opportunity to include rural India in this digital trail.
Digital banking was available only for the customers that preferred doing business on online mobile channels but the pandemic has enforced this radical shift from brick and mortar to the digital wave, proving that the virtual onboarding can be made easy with the right set of technological tools.
Video KYC solution is the game-changer for mutual fund companies to provide the services that the customers are looking for.
Why go Paperless?
Easy Customer Onboarding
Contactless onboarding of customers becomes easy with Video KYC for Mutual Fund as you can engage with your customers on video and initiate the customer onboarding and authentication process remotely.
For an existing customer, if the customer wants to update their contact number, change of address, or any other information, it can be done easily with updating the information in the Aadhar card and then in the database to never lose on any important information.
Reduced Drop Offs
Now, you do not want your customers to have a bad experience because of the poor internet connectivity. You can complete video KYC recording even at a speed as low as 60KBPS, ensuring that the customer experience is not compromised.
Along with that, you can further reduce your customer drop-offs by 20% with a technology partner that offers a complete omnichannel customer engagement suite with the Video KYC. You can invite the customer to continue the KYC, if dropped off, by sending a rejoining link on their preferred channel like SMS, email, social and even following up on it with a call. You can significantly increase the KYC completion rate.
Data Security & Compliance
To initiate mutual fund video KYC, you will need to integrate your system with tools that again bring in some security risks. But, you can eliminate this risk by choosing a technology partner with AES 256 or above encryption standards. Further, you can ensure that all the personal data like live images and video documents are stored in your environment, so no one can tamper with the data without having the right authorization.
Strong AI-driven face recognition technology minimizes the risk of fraudulence by providing 99%~ and above accuracy. It assures that the person being verified is the same person that she/he claims to be.
To further the data security, opening up digital banking to everyone but fraudsters, the Video KYC solutions check the live location of the person being verified with geotagging and the verifier does a liveness check to knock out the possibility of sending a pre-recorded or tampered video.
Significant Cost Reduction
It’s good news for the Mutual fund NBFC’s as they will not have to invest capital on field agent processes for travel to remote locations, documentation, and physical record maintenance, as the video KYC process takes care of that.
You can now reduce your customer onboarding cost further by 90% because it takes only as little as 3 minutes to onboard a customer, resulting in onboarding 18-20 customers in an hour. And, as it has brought flexibility to onboard customers remotely, you can broaden your customer pool by gauging into rural and semi-urban areas.
Interested in transforming your Customer Onboarding Experience? Check out Ameyo’s Video KYC Omnichannel Engagement Suite.