In today’s digital age, traditional methods of customer verification are being replaced by faster, more efficient solutions. One such innovation is VKYC (Video-based Know Your Customer), a game-changer for businesses and customers alike. But what exactly is VKYC, and how does it work? Let’s dive in.
What is KYC?
VKYC, or Video KYC, is a digital process that allows businesses to verify the identity of their
customers remotely using video calls. Unlike traditional in-person KYC or even eKYC, VKYC adds a human touch by enabling face-to-face interaction between the customer and a verification agent, all while maintaining the convenience of digital processes.
How Does VKYC Work?
Customer Initiation:
The customer starts the process by logging into the business’s platform and
requesting a VKYC session.
Document Submission:
The customer uploads their identity and address proof (e.g., Aadhaar, PAN card,
or passport).
Video call:
A verification agent connects with the customer via a secure video call.
The customer shows their original documents to the agent for real-time
verification
Liveness Check:
The agent may ask the customer to perform simple actions (e.g., smile or nod) to
ensure they are physically present and not using a pre-recorded video.
Verification Completion:
Once the documents and customer identity are verified, the process is complete,
and the customer is onboarded.
Benefits of VKYC
Convenience:
Customers can complete KYC from anywhere, eliminating the need for physical
branch visits.
Speed:
VKYC reduces onboarding time from days to minutes, improving customer
experience.
Cost-Effective:
Businesses save on operational costs associated with manual verification and
paperwork.
Enhanced Security:
Real-time verification minimizes the risk of fraud and identity theft.
Regulatory Compliance:
VKYC is fully compliant with RBI guidelines and other Indian regulations.
Where is VKYC Used?
VKYC is widely adopted across industries like:
Banking: For account opening and loan processing.
Fintech: For seamless onboarding of users.
Insurance: For policyholder verification.
Telecom: For SIM card activation.
E-commerce: For seller/buyer verification.
Why choose BharatKYC for VKYC?
BharatKYC offers a state-of-the-art VKYC solution that is:
Fast: Onboard customers in minutes.
Secure: Advanced encryption and liveness detection.
Compliant: Aligned with RBI and other regulatory guidelines.
Scalable: Perfect for businesses of all sizes.
Conclusion
VKYC is revolutionizing the way businesses verify their customers, offering a perfect blend of
convenience, security, and compliance. With BharatKYC, you can embrace this technology and transform your onboarding process
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