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The introduction of EKYC has helped the banks & financial institutions to ease the process of customer onboarding. The Banks are able to perform Customer Due Diligence in an efficient way before a customer is onboarded.
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With the digital transformation taking place, new technological innovations are taking birth. One such prominent technology is eSign or Electronic Signature which is changing the face of Digital Signature.
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Video KYC or V-CIP: A Monumental Step towards Digitalization
A commonly heard term in the banking industry is KYC (Know Your Customer). KYC is the process or step in which there is an assessment of the customers’ profile. It evaluates the risk of the customers of a bank or financial institutions to ensure that they comply with the Anti-Money Laundering (AML) laws.
What is Video-KYC?
Video KYC or VCIP is the process of digitally authenticating the customers and overcoming the difficulty of physically examining the documents. KYC verification involves checking all the documents submitted by the customers and the absence of the technology made it a tedious and daunting task for humans. The Video KYC has surmounted this hurdle, bringing efficiencies in the KYC process and reducing the expensive customer onboarding task. This proved to be mutually beneficial for the banks as well as customers.
VCIP has gained a lot of attention majorly from the banking and financial institutions. They experienced an increase in productivity and speeding up the process due to minimal intervention of humans.
Video KYC leverages the video call technology in onboarding the customers via video KYC authentication which has proved to be the most significant development in the field of KYC. It is a simple, seamless and scalable process by which the institutions can acquire customer details and documents before onboarding them. This is a reliable system which uses AI-enabled technology that helps in the prevention of fraud and checking errors.
You can read full article here: pichainlabs.com/video-kyc-or-vcip/
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