With the Reserve bank of India (RBI) approving the remote video-based KYC authentication through Aadhaar, Non-Banking Financial Companies (NBFCs), Banks, SEBI regulated entities and other financial institutions have started exploring this new opportunity on implementing the Video KYC on their existing workflow.
Being a Digital KYC solutions provider, IN-D has now onboarded the new capabilities that the industry is looking for to help the BFSI companies integrate video KYC seamlessly into their business.
At the time, the committee noticed individuals’ physical presence was necessary for e-KYC which involved operating with a high amount of data. But in the case of a Video Customer Identification Process (V-CIP), the process is simplified thanks to a video chat option that lets the customer show documents.
After understanding the difficulties in the present e-KYC norms which again requires the physical presence of either the customer in the bank or the direct selling agent in the customer’s place, RBI’s move in approving video KYC for authentication would help the industry take the next big leap soon or later.
Now it is time of every financial institute to take this next big leap with their competitors by implementing video KYC in their present onboarding process. Despite having hundreds of video KYC solution providers in the market, there is a need for everyone to know how to choose the right partner for your business success.
The following are the 13 reasons why you should choose IN-D for an RBI compliant video KYC onboarding solution. Also, the following 13 points sums up how a solution should be, to be completely RBI’s regulation compliant.
Liveliness of the customer
Having asked randomized questions and conducting blink test, the system identifies the liveliness of the customer.
Verify PAN details
We do NSDL database pinging for PAN card details, to verify the originality of the information provided in the PAN card uploaded. This will completely eliminate the fake document attempts to do KYC process.
The system will ask the customers to take a selfie of their face and match it across the photos in Aadhaar/PAN they upload.
Cross validating the details
After the extraction of details from the ID document, the system check for consistency in details across different ID documents
IN-D collects the GPS coordinates to check your presence within the national boundary.
IN-D will mask down the Aadhaar Number before saving it in the database for high-level security that not even allows the entity’s employee to misuse the information.
Encrypting the interactions
All data recorded are saved in the database after high-level of encryption
Video record everything
As per the KYC norms, the whole KYC process is recorded and saved in the database against the respective CAF number of the customer.
Prior consent of customer
In IN-D, we practise advanced user consent framework meeting the global standards. We value the customer’s willing the most.
Video chat with Agent
Provisions for high quality video chat is available for the agents to assist the customer in real-time. This doubles as an enhanced customer experience and also meeting the RBI’s norms.
UIDAI database pinging for verification of customer’s Aadhaar details in real-time. This ensures the fake document submissions for KYC processes are detected.
SSL secured network
Highly secured end-to-end encrypted interaction for improved security in data transmission and handling.
Clarity enhancements of ID images
Super resolution image processing techniques were used to improve the quality of the videos and images at the time of low quality internet.