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
Ameyo Video KYC Solution
Must-Have Video KYC Features
Low bandwidth connectivity
testing the content
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%?
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.
Video KYC for Mutual Funds
Video KYC for Digital Payments
Video KYC for NBFCs
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.
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
Ameyo Helped us in Attaining our business goals
Ameyo paved the way for us by automating solutions to our requirements. We have been able to monitor our execution of the business processes, consequently expanding our presence and attaining our business goals
National Life & General Insurance Company
Supportive and Cooperative Team
Ameyo Engineers, Account Managers, and Project Manager are supportive and cooperative. They immediately attend to our requests and very patient in understanding our requirements.
Jeffrey Montiano
IT Manager, Admerex Solutions
Our Customer Satisfaction Improved Greatly
Ameyo ensured the proper monitoring of issues is done because of which ‘Chili’ has increased customer satisfaction greatly
Nitish Kumar
Manager, MTML
Advanced Capabilities to Improve Customer Experience
Ameyo assisted us to enhance our customer experience with its advanced capabilities.
Ian Madrid
General Manager SP Madrid
Ameyo customized the Solution as per our Requirement
“We wanted a flexible solution with customization as our organization progressed. Ameyo understood our business well and programmed the call flow and the telephony. I think it’s incredible.”
Sharmistha Majumdar
General Manager, Customer Service – Spoton
Empowered us with an end-to-end System
“Ameyo empowered us with an end-to-end system that was easy to use. Furthermore, we were delighted with the capability of the solution to match to our specific business processes and enhance our customer experience”
VIKAS KAPOOR
ASSOCIATE DIRECTOR-IT INFRASTRUCTURE, JABONG
