Artivatic’s Video KYC Solution- Onboarding customers & Partners Remotely
The convenience of digital banking is when customers’ banking and financial needs are fulfilled from home. But the purpose is defeated if the first leg of the transaction, i.e., opening the account, requires you to visit a physical branch.
Until recently, most banks offered e-KYC as a solution. However, that required a visit to the branch to avail of the full suite of services. But now with banks offering full-fledged digital accounts, video-KYC is slowly becoming the norm.
A “Video Know-Your-Customer”, better known as Video KYC, is a procedure as the name suggests, is an effective yet automated customer due diligence process on the basis of the video. This process involves digital KYC via video call for the purpose of frictionless customer onboarding. Video KYC permits customer authentication by utilizing machine learning, OCR (Optical Character Recognition) data extraction, and face verification techniques in real-time.
In compliance with regulations for pre-insurance verification, digital KYC allows for a smoother process. As the video KYC verification process is contactless as well as paperless, a person applying for their insurance will be paying lesser than the initial amount while remaining safe.
With the use of the latest AI technology, this method is more accurate, increasing the security level through each process. As a person’s insurance policy can benefit them for a long time, video KYC verification ensures that all the information given is trustworthy without any fear of it being misused.
A process on Video KYC for Insurance Companies
The video KYC verification process for insurance applications is similar to a bank’s verification. Those applying from an insurance company will need to:
- Visit the company’s website and schedule the video call.
- Wait until they receive an SMS or email with the link to join the call.
- Submit or upload their required documents.
- A liveliness check will then be conducted as well as geo-mapping to verify the applier’s location.
- A face verification check will then be conducted last.
Benefits of Video KYC in insurance
- Remote Customer Onboarding
- Faster KYC Completions
- Dropoff Reduction
- Cost Optimization
- Customer Convenience
- Enhanced Customer Experience
How does it impact us in 2022?
Several banks and lending institutions have started the process of implementing guidelines for an effective video KYC process. Multiple products such as remote onboarding of savings account customers and acquiring a credit card can be done through the video KYC process. A lot of non-banking lenders are also in the process of implementation.
Here are a few key points on how video KYC will impact and benefit us in times to come:
- Prevents scams and malicious activity from taking place
- Dealing with criminal activities such as money laundering
- Making sure investor assets are safe
- Helps in fighting fraud
- Creates a streamlined process through automation
- Reduces paperwork
- Extremely cost-effective
Video KYC- The Future
Artivatic has launched a Video KYC product called INFRD which helps users submit KYC information & get themselves verified via video. Customer experience is improved through digital video while saving on several KYC costs & reducing onboarding time to 10 minutes.
INFRD Video KYC onboard customers securely and within seconds using AI-based KYC validation and automated document verification. Video KYC is widely applicable in client on-boarding, user registration, processing high-profile transactions, and re-verification of existing users.
INFRD also ensures regulatory compliance with the RBI guidelines and replaces the outdated authentication mechanism with a cutting-edge and streamlined video-based KYC solution.
Curious about how we automated onboarding? Book a demo with us now!
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