What is KYC?
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 requirements.
- Enter OTP sent to your mobile number linked to ID for verification
- Submit application
- Post verification approves your KYC
Offline KYC Process
- Download and fill the KYC form
- Enter your 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.
How Does Video KYC Work?
Just like one can choose to go for an offline KYC registration or an online KYC verification process, using a Video-based Customer Identification Process as a means to achieve paperless KYC. With this, Video KYC has come into the picture. Video-based KYC means that users can complete remote KYC from anywhere 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 a live photo of the customer |
| Offline PAN Verification; XML file not older than 3 days |
| Capture the clear image of the Customer’s PAN card |
| PAN card verification from database |
| Geo-tagging to ensure the customer is in Nepal |
| Photograph of the customer to be matched with the one on IDs |
| Match details on ID cards with that on the 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 |
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 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
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
Auditor reviews the details and processes the application
Benefits of Video KYC Solution in the Contactless World
Customers and prospects look for convenience. And since the world is going digital and millennials 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
Amos 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 256Kbps
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 does Video KYC Solution work 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 of 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
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 onboarding while reducing the KYC process to minutes rather than days. Additionally, the neo-banks, lending fintech, 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.
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 a bandwidth as low as 60kbps to ensure higher KYC completions and a good customer experience.
Enterprise-Grade Security
When dealing with customers’ 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 customers’ privacy.
Compliance with 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, voice blaster 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.