How Video KYC Works For Bank Customers Explained
How Video KYC Works For Bank Customers Explained: Today i will explain how Video KYC Works For Bank Customers. So, read this article deeply you can easily know about how to works video kys for bank customers.
In a landmark initiative the reserve bank of India permitted video based customer identification in January 2020 thereby enabling complete digital customer on-boarding process for banks through the first half of this year. More and more banks have gone live with the video kyc guidelines banks like icici bank dcb bank kotak mahindra idfc have all integrated video kyc as a mode of customer on-boarding as the name suggests video kyc is the process through which the customer can undertake the entire verification process through a video call.
While this makes the process of account opening end to end digital it also makes life easy for customers from remote locations and in times of covert 19 when social distancing is the norm it assumes tremendous significance in the customer acquisition process.
So how does the process work customer needs an Aadhaar Card number or an officially valid document and a pan card to open a bank account remotely customers need to access the website or the mobile application of the bank and submit the documents digitally.
Thereafter a bank official will start a video call with the customer and during the call the official will capture a live photo of the customer and will verify the documents with regards to Aadhaar Card number verification an otp based verification or an offline verification through Aadhar xml can be done to ensure that bank accounts are created within india.
And to prevent money laundering rbi has mandated Geo tagging of every video call with the customer hence the customer will have to open GPS access for the app to track customers need to be extra careful while undertaking a video kyc verification and stay safe from frauds they should not reveal the entire Aadhaar Card number during the call they should not click on any link which is shared by an sms or an email which takes them to an environment outside the bank’s digital platforms.
There is no need for any third-party video calling apps like whatsapp skype google meet or similar apps also you should verify the bank officials id cards and store the details of the person for future reference which are the banks already live with video kyc.
Some of the private sector banks like Kotak Mahindra bank, Indusin bank icici and dcb bank are live with video kyc product. So why was widow kyc needed before the video kyc process was laid out banks were undertaking a basic kyc through aadhaar otp based verification usually post.
Which a banking official would visit the customer and open a full service bank account after physical verification of documents and take the signature along with other details kotak opened multiple accounts through its eight one one service using this process post the supreme court judgment which banned private organizations from accessing Aadhaar details of customers banks could only undertake Aadhaar based verification of accounts.
Which required direct benefit transfer to ensure a smoother digital banking experience for all types of customers the central bank worked on the video kyc journey and enabled it from January onward this continues to be an option for customers and not the only way of opening a bank account you.