How Video KYC will help Banks and Financial institutions

What’s the first step that a customer has to take when he wants to avail any service from a Bank or a Financial institution? It is the Know Your Customer (KYC) process. KYC is a process where a financial institution verifies the identity and personal details of a potential customer. The RBI has made it mandatory for all companies to undertake KYC before offering any services to customers. While it has had a positive effect of reigning in unscrupulous activities like money laundering and fraud, it has its drawbacks too.

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A helpful guide to how eNACH works and how you can register for it?

About 3 people in 100 have credit cards in India, while there are 930 million debit cards and 1.57 billion bank accounts that are about 80 percent of the total population, that’s the data from January 2019.

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7 things you should Know about the Video-Based Customer Identification Process(VCIP): Video KYC

With the recent amendment in the Prevention of Money Laundering Act, 2002 (PMLA), the Ministry of Finance now allows different ways to capture client’s details electronically; Digital KYC. We have tried to explain the amendment in our post here.

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Everything you should know about RBI’s circular on Video based Customer Identification Process (V-CIP/Video KYC)

Supreme court’s judgement on Aadhaar and its use by private organizations all but pushed the BFSI sector back to its legacy processes of manual verification. Some sectors saw as much as 40% downturn in the new customer acquisition when compared to the eKYC era.

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RBI allows use of Video KYC to verify Customers

RBI recently released a new circular with respect to the use of Offline Aadhaar and Video-based KYC to verify the identity of the customer. AS per the new amendment regulated entities are now allowed to used Video-based KYC or Offline Aadhaar along with a recorded proof and location of the customer to complete KYC.

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Fraud in banking sector and how Video KYC uses AI to help?

2018, saw $1.5 billion lost due to fraudulent incidents in the world. With over 500,000 identity theft-related frauds being reported, combined with a bulk of unreported incidents ID theft is one of the top 3 types of fraud affecting the banking and financial sector in the world.

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A summary – The State of Aadhaar Report

Dalberg along with Omidyar network India recently did human-centered design-based research on how Aadhaar is being received and used by the masses. You can access the actual report here.

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