KYC (Know Your Customer) is an essential part of the customer onboarding process for banks and financial institutions. It helps to verify the identity of the clients and to assess the potential risks of starting a business relationship with them. KYC has evolved with time and video identification is the latest way to carry out the KYC process in real-time.

With the year 2020, we saw digitisation taking center stage for almost all businesses. Banks and financial institutes also took a great leap forward by striking a strategic balance between customer experience and associated security risks. Video KYC adheres to these aspects by providing real-time customer onboarding while catering to regulatory & fraud check requirements. Let’s learn more about the video KYC and understand how it works.

What is V-KYC?

Video KYC (V-KYC) or Video-based Customer Identification Procedure (V-CIP) is a real-time digital KYC with face-to-face video call as a channel. It comprises a set of simple steps for completing the KYC verification process. Unlike the traditional KYC, V-KYC provides ease to users to complete onboarding remotely from anywhere while efficiently establishing their real identity.

How does V-KYC work?

V-KYC uses technological solutions along with digital means as the enablers. The KYC officer or trained official gets on a video call with the customer to verify the documents, signature and makes sure if the customer is actually present in the video call using liveliness checks while establishing the location of the person. The documents are captured and authenticated in the background using certain digital checks to ensure their genuineness. KYC officers can easily approve or reject the KYC application in a few minutes based on the checks on the collected customer data. Essentially, V-KYC is faster, cost-effective and more secure than the traditional KYC process which takes around a couple of weeks. 

Due to its benefits over traditional KYC, V-KYC is trending nowadays for identity verification in the financial industry. Keep watching this space for more details on V-KYC and what we have to unfold for you.