The video kyc made its entry way back in the 2020 when we were battling with the pandemic and the lockdown phase has started. The video kyc helped the businesses stay afloat and especially helped the banking sector carry on with their businesses. Now that we have moved onto a completely digital experience due to the lockdown phase where from education to work every aspect of life was aided by digital tools, it is no wonder that the digital kyc solutions would be accepted eagerly by the customers and the businesses too would be jostling to implement this in their service. This video version has changed the way verification works and it also offers a number of benefits that the businesses should take advantage of. Learn what these are here.
What are the benefits of the video kyc verification?
ü The video kyc is much more affordable than the traditional kyc. The traditional version required the banks and other businesses to set up a kyc center and appoint agents to handle the paperwork, or, it also required training and appointing personnel to handle the customer onboarding kyc. This was costly and they also had to engage a significant number of people to deal with the verification process. The video kyc on the other hand is affordable because it does not require any physical visit to a branch, and most importantly it is not time consuming at all, instead it is pretty faster.
ü Earlier with the traditional kyc system onboarding a customer would be a time consuming affair and sometimes weeks would pass before the customer is allowed to access services. With this new digital kyc verification things have changed. The businesses do not need to push back the onboarding , and damage the prospect of profit, because the longer the verification would take, the lower would be the number of customers that could be onboarded. With the video kyc in place the onboarding takes minutes and this does give a big boost to the businesses as they can welcome many customers on board.
ü This digital kyc procedure will enable the businesses to get ahead of the competition. Those who are still not aware of the benefits of the process would stay stuck with the traditional mode, and this is a great opportunity for you to adopt the video kyc because you can easily onboard many customers and stay ahead of the competition. In this competitive age this cutting-edge customer onboarding kyc solution will work in your favor.
ü The traditional kyc was prone to human error, and would also be under the risk of fraudulent activities. The new digital kyc verification on the other hand gets completed in real-time, and that enables the businesses keep the risk away from their business and thus onboard the new customers in a safe manner. The video kyc tools are empowered with AI technology and thereby the tools have some cutting-edge features which can make the procedure more advanced and not to mention highly secure.
ü The new kyc solution is also free from the tiring paperwork, which a significant benefit to be considered. The kyc documents would need storing sorting, and that would eventually lengthen the complications and also the time required for verification. The new digital kyc solutions solve this issue in a jiffy as this is completely paper-less. Things can certainly be much smarter when you implement this new video kyc procedure.
The video kyc process is no doubt the most efficient procedure which enables the businesses gain nothing but profit, so the businesses should give it a thought now.
The facility of remote KYC allows performing the verification procedure from the comfort of home for both the parties and through the Mutual Fund Software advisors can checking the status of KYC as pending or completed.
For more information, visit@ https://www.mutualfundsoftware.in/
