KYC, or Know Your Customer, is a mandatory process for identifying and verifying a client's identity when opening an account. Video KYC allows for a contactless identification process over video call. The KYC process is important for preventing money laundering and allowing banks to understand customers. The video KYC process involves verifying a customer's identity documents like Aadhar or PAN through a video call, matching photos, capturing signatures, and approving or rejecting the application. Benefits of video KYC include reduced onboarding time, lower costs, and improved customer experience.
KYC, or Know Your Customer, is a mandatory process for identifying and verifying a client's identity when opening an account. Video KYC allows for a contactless identification process over video call. The KYC process is important for preventing money laundering and allowing banks to understand customers. The video KYC process involves verifying a customer's identity documents like Aadhar or PAN through a video call, matching photos, capturing signatures, and approving or rejecting the application. Benefits of video KYC include reduced onboarding time, lower costs, and improved customer experience.
KYC, or Know Your Customer, is a mandatory process for identifying and verifying a client's identity when opening an account. Video KYC allows for a contactless identification process over video call. The KYC process is important for preventing money laundering and allowing banks to understand customers. The video KYC process involves verifying a customer's identity documents like Aadhar or PAN through a video call, matching photos, capturing signatures, and approving or rejecting the application. Benefits of video KYC include reduced onboarding time, lower costs, and improved customer experience.
KYC, or Know Your Customer, is a mandatory process for identifying and verifying a client's identity when opening an account. Video KYC allows for a contactless identification process over video call. The KYC process is important for preventing money laundering and allowing banks to understand customers. The video KYC process involves verifying a customer's identity documents like Aadhar or PAN through a video call, matching photos, capturing signatures, and approving or rejecting the application. Benefits of video KYC include reduced onboarding time, lower costs, and improved customer experience.
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VIDEO KYC | know Your Customer
What is KYC? What is Digital KYC?
KYC means Know Your Customer and sometimes Know Your Client.
KYC or KYC check is the mandatory process of identifying and verifying the client's identity when opening an account and periodically over time.
Video KYC or Digital KYC is an option to in-person KYC procedure and contact-less customer identification process (CIP) over a video call.
Why is the KYC process important?
The objective of KYC guidelines is to prevent banks from being used, by criminal elements for money laundering activities. It also enables banks to understand its customers and their financial dealings to serve them better and manage its risks prudently.
Steps to take KYC Online
1. The customer visits the organization's website to submit the application.
2. Through the client portal, the customer enters his contact number, email address,
residential address.
3. Phone number verification is done by sending an OTP to the customer’s mobile number.
4. The email verification is done by sending an OTP to the email address provided by the
customer
5. Once the mobile and email verification is successful, the customer has to enter the
Aadhar number.
6. The ID verification like – Aadhar/PAN/ Driving Licenses etc. will be verified from govt.
data repository by providing the number.
VIDEO KYC | know Your Customer
7. The video call can be initiated simultaneously via link or can be scheduled for a
particular time slot.
8. The IP address and the current location of the individual will be recorded on the
application. 9. The agent on the other hand will see all the details of the applicant and the details of matched and unmatched data will be visible to the agent for further decision making.
10. The agent can ask the customer to present his documents, and once shown, OCR recognition match is conducted, the agent can further interview the applicant with questions defined by the organization as a part of verification process during the video call.
11. The applicant photo is captured over the call and matched with the govt repository i.e.,
with photos on the ID cards.
12. The agent gets the face matching score on his portal.
13. The applicant can upload any supporting document for further reference in the pdf
format. 14. The customer can upload his signature which can be cross verified by the agent by asking the customer to sign during the call and capture the image of the same.
15. Based on the applicant details and company policy, agent can take the decision to
approve/reject or send for an audit to auditor.
16. Auditor on the other hand will have the complete log of the transaction with all the details attached with the profile and recording available for the preview.
17. Auditor then can take the decision based on the company policy.
Matching Face on Id with face in the video (with confidence % score)
AI-Driven Real-time liveness checks
AI-Driven high accuracy OCR to read and match ID card information
Geo-location along with timestamp are embedded in the video
VIDEO KYC | know Your Customer
Unlimited Video Storage and instant retrieval
Encrypted for secure communication and safe storage of data
Benefits of Asti Video KYC
1. Reduces the onboarding process from 5-10 days to less than 5 minutes irrespective of location. 2. Diminish the cost of operations by up to 92% by eliminating field agent travel and documentation costs. 3. Conquer the customer drop-offs by 25%. VIDEO KYC | know Your Customer 4. The customer initiates the KYC process on the web. 5. AI-based assistance to officials through the checklists. 6. The quality of the Verification process is premium. 7. 100% complaint with RBI mandate. 8. Real-time extraction of details and matching with the government databases. 9. Encrypted Video conferencing, recording, and storage of sensitive data. 10. API-based integration. 11. Multi-level verification and auto approval can be configured based on the requirement.
In Asti's Video KYC there are five different typeof accounts for different purposes, we will see each of them one by one. 1. Super admin From this account we can add/create organization like any bank or branch and users for the organization. 2. Admin In this account we can check status of any application and we can configure document details which should be ask from customer during registration process.
3. Auditor In this account we can approve/reject/update the kyc application according to the data provided by customer. 4. Employee
