PiXL Video KYC verification eliminates the need for customers to go into a branch, provide paper copies, or wait for several days to complete the account-opening process. This will dramatically reduce the cost of onboarding and change the way bank accounts are opened in the future.
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The Reserve Bank of India (RBI) has introduced the Aadhaar-based Video Customer Identification Process (V-CIP), which allows banks and other lenders to complete the KYC process of customers on video remotely. Lenders can utilize a video-based digital KYC facility as an alternative to the e-KYC facility. The central bank has revised its guidelines under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, to introduce V-CIP. The Reserve Bank of India said that the Video KYC would be consent-based, which means banks must take the consent of customers for video-based KYC. Video KYC will make it convenient for banks and other regulated entities to follow the RBI’s Know Your Customer (KYC) norms by making use of digital technology.
PiXL Video KYC solution is one of the exact solutions for this. You can see how our video onboarding works.
- User registers to our platform
- Request Submit for a KYC process
- Live Video call with KYC expert from the bankside
- The user shows the identity documents like aadhar and PAN
- KYC expert will cross-check the document with the live face on the video call
- Then the KYC expert will ask 5 random questions for identity validation
- Liveness check with our geotagging software for checking the customer is physically present in India or not
- Last, the verification results are delivered
PiXL Video KYC verification eliminates the need for customers to go into a branch, provide paper copies, or wait for several days to complete the account-opening process. This will dramatically reduce the cost of onboarding and change the way bank accounts are opened in the future. As per an estimate, it costs between 150–200 rupees for face to face onboarding. This can be reduced to a fraction with the help of video KYC as there is no need to meet the customer face to face.
One of the major attractions of the PiXL Video KYC solution is all the data are stored in on-premises without any third-party cloud services The regulator stated that the link used by customers to initiate the video chat should originate from the domain of the regulated entity. It is to eliminate the need for generic video tools such as Zoom, Skype, Webex, Duo, and other popular applications. So this can reduce the malicious and phishing attacks. PiXL's can get you game ready, PiXL Video KYC capabilities can empower clients to create a seamless onboarding for their customers, ensuring an RBI complaint guidelines. PiXL Video KYC Solution will reduce the customer onboarding process from the current 5-7 days to less than 3 minutes with its Video KYC model, making it easy for FinTechs to onboard customers from remote locations immediately. With a video-based consumer identification process, banking sectors can reduce their cost of operations by up to 90% by eliminating field agent travel and documentation costs. PiXL video-based robust monitoring dashboard will ensure an effortless verification process. The agent or auditor will be able to see all the KYC requests in their dashboard, which can then be managed and prioritized.