The financial services industry has evolved at an incredible rate in recent years, underpinned by rapid advances in technology.
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The financial services industry has evolved at an incredible rate in recent years, underpinned by rapid advances in technology. Marketing experts have promoted the benefits of personalization to attract and keep customers. Big data – and artificial intelligence that helps us process, store, and drive insights from the data – means that personalization will be possible on a scale never seen before. Banks now have information about their customers’ behavior and social and browsing history. AI enables real-time multi-channel integration of these insights to deliver a personalized one-to-one marketing experience for their customers at the time when the information is most relevant and useful.
That said, sorting through torrents of unstructured data for useful information is no small undertaking. It requires powerful data analytics technology if institutions are to reap rewards. Video KYC Solution is one example of this revolution. Whether you are a bank or a non-bank, VideoKYC provides solutions for any industry and is a must-have in today’s scenarios to prevent oneself from not only frauds but also staying ahead of the curve. It will soon become a multi-industry standard. Non-banks, whether performing a financial function or not, can adopt VideoKYC as a solution to all their onboarding challenges.
VideoKYC can fill in the gap of a simple, secure, and compliant solution for NBFCs. It is also useful to various non-financial institutions. It boils down to providing a faster solution for all those sectors that erstwhile used electronic form filling.
RBI is the regulator of banking in India. Currently, different bodies regulate different finance-related aspects carried out by non-banks. The future can only hold one of two options:
- The potential of non-bank financial institutions regulated by the RBI.
- The current situation of non-banks is not regulated by the RBI but by other specific authorities.
Either way, VideoKYC can be freely used by the following without any regulatory roadblocks:
Pixl suit has been designed for banking grade technology. This means that they meet the strictest infosec regulations and data security requirements. Pixl's Video KYC is being used to onboard thousands of customers every month by SEBI-regulated institutions. This solution has matured over dialects, browsers, and low-internet scenarios.
With RBI’s progressive move to bring Video KYC (Video Customer Identification Process) 2020, we look forward to onboarding RBI-regulated institutes on our battle-tested solution.