Video KYC 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. Thus through the Video KYC Process , it proved that reducing the expensive customer onboarding task.
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KYC is the process or step in which there is an assessment of the customer's profile. It evaluates the risk of the customers of a bank or financial institutions to ensure that they comply with the AML Laws. With the emerging technologies like AI,ML, face matching and recognition, document masking, document text reader, and the concept of digital KYC was able to surpass the issues that the manual KYC process faced earlier. But still lacking in achieving complete digitalization.
A new challenge for the RBI regulated bank is that along with the normal procedure of on-boarding a customer, an additional method has come into the picture that is the video-based know your customer identification. The banks require to make use of the latest technologies and ensure the availability of high-security features in the software which they are using.
Video KYC 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. Thus through the Video KYC Process , it proved that reducing the expensive customer onboarding task. This will be mutually beneficial to banks as well as the customers.
PixL.AI helps the banks to achieve their aim of getting the Video KYC done through PiXL Video KYC Solution. We provide them with a unique platform where the process can be carried out smoothly in a time-effective way. It helps you to access this service with a single tap on the internet, you don’t even need to visit a bank or keep the hard copy with you. At the time of the live video call, the employee will take a screenshot of the customer’s face. The bank employee will compare the live video photos with UIDAI photographs with a face recognition application and compare the percentage of accuracy. The employee will ask for a customer signature screenshot that needs to be tagged to a customer signature. And mark the CA number, GPS coordinate, Employee name, his id, date, time for future references. Screenshot of the customer’s face and the signature will be copied in the online CAF with the other markings. Apart from the screenshots, the employee will ask and verify the name, address, and dob of the customer. To accomplish the account the whole video is recorded as evidence and gets tagged with the corresponding CAF number. Screenshots of the customer’s face and signature and the whole video are marked against the customer record and stored in the bank server. The complete interaction along with the video, screenshots will be available on a single web page which can be linked to the customer record.