Understanding the

What and How of Video KYC

What is KYC?

Know Your Customer” or KYC refers to the process of authenticating the identity of the customers and clients either before or during the start of the business relationship. KYC came into existence in 2002 in India. According to the Reserve Bank of India (RBI) notification it has made it mandatory for all banks to carry out KYC of customers since 2004. In terms of the provisions of Prevention of Money-Laundering Act, 2002 as notified by the Government of India, Regulated Entities (REs) are required to follow certain customer identification procedures while undertaking a transaction either by establishing an account-based relationship or otherwise and monitor their transactions.

Though the banking and financial sectors (BFSI) were the first-responders to the mandate, the need for conducting KYC is widespread now and covers other industries such as mutual funds, NBFCs, lending companies, e-wallets, to name a few.

How to Get KYC Done - Steps to Get Started

Taking a look at different ways of getting your KYC verification completed

Online KYC Process

Visit any KRA’s website (KYC Registration Agency)
Enter your details as per your Aadhaar card
Enter OTP sent to your mobile number linked to Aadhar for verification
Submit application
Post verification by UIDAI, KRA approves your KYC

Offline KYC Process

Download and fill the KYC form
Enter your Aadhaar/PAN details
Visit a KRA office and submit your application
Attach the proof of identity and proof of address along with the application
Submit biometrics, if required
Track status using the given application number

The New Way of Customer Authentication - Video KYC

How is Video KYC different from Usual KYC?

There are various methods that people can use to complete their KYC for financial transactions and other such activities. As already mentioned, Know your Customer or the KYC process is to authenticate the user as per the guidelines of RBI, PMLS by the Government of India, SEBI, IRDA, and other regulatory bodies.

How Does Video KYC Work?

Just like one can choose to go for an offline KYC registration or an online KYC verification process, the RBI has recently approved using Video-based Customer Identification Process (V-CIP) as a means to achieve paperless KYC. Similarly, Pension Fund Regulator PFRDA has also provided their approval for the paperless KYC for the NPS account opening.

With this, Video KYC has come into the picture. Video based KYC essentially means that the people can do remote KYC from their homes via a video call. The verifier authenticates the documents, does a liveliness check along with establishing the location of the person – everything is done on a video call, unlike the traditional ways.

What are the Regulatory Requirements for Video KYC?

Regulatory Guidelines
Video recording; Capturing live photo of customer
Offline Aadhaar Verification; XML file not older than 3 days
Capture clear image of Customer's PAN card
PAN card verification from database
Geo-tagging to ensure customer is in India
Photograph of customer to be matched with the one on IDs
Match details on ID cards with that on form
Randomization of sequence/type of questions
Concurrent Audit
Identification and liveness of customer beyond doubt
Video triggered from RE domain
Video to be saved securely with date/time stamp
Use of latest AI and Face recognition technology
Redact Aadhaar Number as per Sec 16

Video KYC - Compliant & Approved ID Verification Solution

KYC is an integral part of the customer onboarding process for all the banks, mutual fund platforms, NBFC, and other financial institutions and organizations under the purview of RBI, SEBI, or IRDA. Video KYC refers to using the video call as a channel to conduct the KYC verification process.

How to Do Video KYC

Using Video KYC Solution for Digital Transformation

Visit bank’s website and schedule a video call

Automated confirmation on SMS or email with joining link

Get on a video call with bank official

OSV Checks of Officially Valid Documents

Liveliness check with random body movements, real-time image capture, etc

Address Verification by the Customer with geo-tagging and Google maps

Face Match with Documents & Validation

Verifier passes or rejects the KYC Application after verification

Auditor reviews the details and processes the application

Customer notified when KYC is successful or failed

Benefits of Video KYC Solution in the Contactless World

Customers and prospects look for convenience. And since the world is going digital and millennial and Generation Y redefining the customer service expectations, it’s time for the financial sector to lead from the front. Digitize your KYC verification process by using the best Video KYC software solution to deliver an effortless customer experience while ensuring quicker KYC completion at a lower cost and higher customer satisfaction.

Remote Customer Onboarding

Complete KYC by digitizing OVD collection and face verification

Faster KYC Completions

Start to finish KYC verification process in less than 3 minutes

Dropoff Reduction

20% reduction in drop-offs with frequent customer follow ups using dialers and outbound calling tools

Cost Optimization

Upto 40% savings on KYC completion cost with fewer staff and infrastructure requirements

Customer Convenience

Customer easily completes KYC from the comfort of their home even at low internet bandwidth

Enhanced Customer Experience

End-to-end customer engagement for a seamless onboarding experience

Want to make KYC process a hassle-free experience for your customers?

How Video KYC Solution Works for Different Business Verticals?

Understanding how different sectors can use the provision of video KYC to their advantage while having a look at who is eligible to opt for video based KYC.

Video KYC for Banks and Insurance Providers

You might have encountered a KYC form or the bank official asking you to complete your KYC for account opening or SMS alerts or to avail other banking services. These formalities are a mandatory compliance requirement for the banks to prevent money laundering and identity theft. A video KYC solution not only allows the bank customers to do their KYC from their homes but also makes the job of the bank official a lot easier too while saving their time.

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Video KYC for Mutual Funds

Capture details of the customer electronically to verify their identity and allow them to open a Demat account and deal in the stock market. The mutual fund companies can significantly increase their customer outreach and fasten the customer onboarding process with a Video based KYC solution which makes it easy and productive for mutual funds platforms to complete customer KYC.

Video KYC for Digital Payments

Rather than investing in field agents and going door-to-door for collecting address proof and identity proof, now your officials can do all that from a single location. At the same time, with video KYC for the e-wallets and digital payments players you get to increase your customer base and penetrate tier 2 and tier 3 cities without incurring a huge cost while ensuring customers’ convenience faster KYC process.

Video KYC for NBFCs

With a video-based customer identification process, make presence-less and paperless banking a reality for the fintech and small financial banks and lenders. Enable the regulated entities to do the remote on-boarding while reducing the KYC process to minutes rather than days. Additionally, the neo-banks, lending fintechs, and prepaid wallet players can reduce their costs further by eliminating the need to go out to them and thus, making small ticket accounts profitable.

CUSTOMER SUCCESS STORY

"Ameyo helped us improve our TAT from 1 hour to 15 minutes."

Sobhit Bhaskaran

Head of Loan@Home Service, The Muthoot Group

Choosing the Best Video KYC Solution

Operational at Low Internet Bandwidth

Internet connectivity is one of the most pertinent issues in the digital world. Not everyone has access to high-speed internet at all times. You need a video kyc solution provider which allows your customers to have video calls at bandwidth as low as 60kbps to ensure higher KYC completions and good customer experience.

Enterprise-Grade Security

When dealing with customer’s sensitive information such as name, address, PAN card number or Aadhaar card details, one needs to be extra-cautious. You need a video KYC vendor that offers top-notch security features to prevent data theft and maintain customer’s privacy.

Compliance to Regulatory Norms

Financial institutes such as insurance, banks, fintech, e-wallets, NBFC, loan aggregators, etc are bound by strict rules and regulations of their regulatory authorities such as RBI, GOI, SEBI, IRDA to name a few. Having a compliant and secure video-based KYC software provider takes this burden off and makes it a whole lot easier.

Cost-effective Solution

The true testament of any technology or software is when it creates a positive impact on your KRA and KPIs. Similarly, having the best video KYC solution allows you to reduce your KYC completion costs by 90 percent while boosting your completion rate by 20 percent.

Omnichannel Customer Engagement

A standalone video KYC solution has its limitations when it comes to reducing customer drop-offs. However having an Omnichannel Customer Engagement platform with features like automated outbound dialers, voiceblaster for reminders, IVR for feedback, and customer engagement on multiple channels (voice, SMS, email, WhatsApp), you can be with the customer at every step and proactively helping them complete their KYC documentation.

Industry Expertise and Support

Leverage the experience of a leader in the customer engagement domain to transform the way KYC is done to not only increase your completion rate but also ensure customer loyalty by eliminating the hassle to wait for days and go through a long process to be KYC compliant and get started with their financial transactions.

Your search for the best Video KYC Solution Ends here

Ameyo Video KYC Solution

Must-Have Video KYC Features

Low bandwidth connectivity

Security and Compliance

Omnichannel Engagement

KYC Campaign Auto Dialer

100% Browser-Based -no App Installation

APIs and SDKs to Integrate

Ease of Use

Geo-tagging

Bank official's Workplace Designed for KYC

Verifier Workplace for Review

Video Call at 60Kbps

360-degree view of the customer

Document verification

Face verification

Monitoring & Reporting

Automated workflows

Flexible Deployment Model

Track Application Status

Ready to reduce your KYC costs by 90%?

The Ameyo Advantage

Leader in Customer Experience & Contact Center Solutions

Honorable Mention in Gartner Magic Quadrant for 3 Consecutive Years

Awarded Frost & Sullivan Asia Pacific CCI Leadership Award

Deloitte Technology Fast 500 ASIA PACIFIC, 2014

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+91-124-4771000

info@ameyo.com

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Frequently Asked Questions

Can the customer record and upload Videos as part of Video KYC?

Video Customer Identification process doesn’t allow recording and uploading of Videos. Rather, Customer authentication is done over live Video call. However, upload of Officially Valid documents is supported.

Who can do the Video KYC with customers?

Any Bank, NBFC, Insurance, Payments, Financial aggregatore or any other entity which requires a KYC process and falls under RBI & SEBI guideline is auhtorized to perform Video enabled KYC or V-CIP

What details need to be captured during the Video based KYC process?

During the Video KYC or V-CIP process customer’s Officially Valid documents(OVD’s), Other Supporting E-documents, Snapshot of OVD’s for OSP process verification, Liveness check of Customer and the entire Video recording is captured.

Does the Video KYC solution have to be deployed on premises?

Video KYC Solution can be deployed both on premise and on Cloud, based on the Financial entities requirements

How can the RE Official verify that the document belongs to the customer in the kyc through video call?

RE Official does Video Based OSV verification and Liveness check by matching the submitted OVD’s.with Live Customer Photo