What is Video KYC?
Video KYC (Know Your Customer) is a process for customer Identity verification using remote video technology. It is a secure and efficient way for financial institutions, online businesses, and other organizations to verify the identity of their customers without requiring them to physically visit a branch or office.
Why use Video KYC for Account Opening?
Video KYC (Know Your Customer) is a secure and efficient way for financial institutions and other organizations to verify the identity of customers during account opening processes. Here are some of the key benefits of using Video KYC API for account opening:
Convenient and accessible
Video KYC allows customers to complete the account opening process from the comfort of their own homes, eliminating the need to visit a physical branch or office.
Quick and efficient
The Video KYC process is typically much faster than traditional forms of customer verification, with many organizations able to complete the process in just a few minutes.
By conducting real-time face-to-face interaction and biometric verification during the Video KYC process, organizations can ensure the highest level of security and reduce the risk of fraud.
Improved customer experience
By offering a quick, convenient, and secure account opening process, organizations can improve the overall customer experience and increase customer satisfaction.
By streamlining the account opening process and reducing the time and resources required to complete customer verification, organizations can increase efficiency and focus on other areas of their business.
Overall, using Video KYC for account opening provides organizations with a secure and efficient solution for customer verification, while also improving the customer experience and increasing efficiency. Whether you are a financial institution, online business, or other organization, implementing Video KYC can help you to meet the needs of your customers and scale your digital customer base.
How does the Online Video KYC process work for Bank Account Opening?
The online Video KYC process for bank account opening typically involves the following steps:
Customer accesses the bank’s platform
The customer accesses the bank’s online platform or mobile app to initiate the account opening process.
Customer provides identification
The customer is required to provide a government-issued ID, such as a passport or driver’s license, and capture a live video of themselves to confirm their identity.
Video call with a representative
The customer is then connected with a bank representative or an automated AI verification system via a secure video call. The representative or AI verifies the customer’s identity by comparing the live video to the ID provided and asking security questions or challenges to confirm the customer’s identity.
In some cases, biometric verification may also be conducted, such as a facial recognition scan or fingerprint scan, to provide additional security.
Account opening complete
Once the customer’s identity has been confirmed, the account opening process is complete and the customer can access the full range of services offered by the bank.
By using the online Video KYC process for bank account opening, FIs can complete the account opening process quickly and efficiently, without the need for users to visit a physical branch or office. The Video KYC process also provides enhanced security and improves the overall customer experience, helping banks to attract and retain customers in a highly competitive digital landscape, while also complying with necessary KYC and Video KYC standards.
Why is Online Account Opening using Video KYC Necessary for Banking in 2023?
In today’s fast-paced digital world, online account opening using Video KYC is becoming increasingly necessary for Banking in 2023. Here are some of the key reasons why:
Growing demand for digital services
With more and more consumers relying on digital channels for their banking needs, banks are under pressure to provide fast, convenient, and secure online account opening processes. Video KYC helps to meet this growing demand by providing a secure and efficient solution for customer verification.
Improved customer experience
By offering a quick and convenient online account opening process, banks can improve the overall customer experience and increase customer satisfaction. This is particularly important in a highly competitive digital landscape, where customers have many choices and are more likely to switch to a different bank if they are not satisfied with the services offered.
By streamlining the account opening process and reducing the time and resources required to complete customer verification, banks can increase efficiency and focus on other areas of their business. This is particularly important in a time of rapid technological change, where banks must be able to adapt and evolve quickly in order to stay ahead of the curve.
With the increasing threat of fraud and identity theft, it is more important than ever for banks to ensure the highest level of security during the account opening process. Video KYC provides real-time face-to-face interaction and biometric verification, helping to reduce the risk of fraud and ensure the security of customer information.
Overall, online account opening using Video KYC is becoming increasingly necessary for banking in 2023 due to the growing demand for digital services, the need to improve the customer experience, the importance of increasing efficiency, and the need for enhanced security. By incorporating Video KYC into their account opening processes, banks can meet the needs of their customers and stay ahead of the curve in an ever-changing digital landscape.
Does Online Video Verification Work for Video KYC in Banks?
Yes, online video verification can work effectively for Video KYC in banks. In the online Video KYC process for bank account opening, customers use their smartphone, tablet, or computer to complete the verification process through a secure video call with a bank representative or AI. During the call, the representative or intelligent AI verifies the customer’s identity by comparing the live video to the government-issued ID provided and asking security questions or providing challenges for the user to complete while on the video call.
In addition to being convenient and efficient, online video verification also offers several benefits for banks, including enhanced security, improved customer experience, and increased efficiency. By using online video verification, banks can reduce the risk of fraud, streamline the account opening process, and offer their customers a quick and convenient solution for customer verification.
Overall, online video verification is an effective solution for Video KYC in banks, helping to meet the growing demand for digital services and providing a secure and efficient solution for customer verification. Whether you are a bank or other financial institution, incorporating online video verification into your account opening process can help you to scale and onboarding unreachable new clients online.
Try IDcentral’s Identity Verification solution with AI-based ID & Face authentication
Sumanth Kumar is a Digital Marketing Consultant at IDcentral (A Subex Company). With hands-on experience with all of IDcentral’s solutions, he loves to compare and create indispensable digital content.