KYC is a mandatory norm that every Financial Institute has to comply prior to onboarding a
KYC – Know Your Customer is basically a process of
verifying customer’s identity, documents and its address.
Video Customer Identification Process is a real time, synchronous and consent based audio
between the Regulated entity and its customer that facilitates identification and
Video KYC is the best solution to verify the identity of the person in the video from the uploaded documents on the portal. The video also provides for the location check with the uploaded address and the current geo location. It has been developed keeping all the RBI regulations in mind and also the convenience of the customers.
The main purpose of the video KYC is giving a solution to any problems faced and also to adhere to the RBI regulations.
Customers are not required to be physically present.
Digital identity verification shall make a huge impact on authenticity and also customer’s convenience & leisure.
KYC process time, which happen to be a lengthy one, will be reduced and this will facilitate the on boarding of the client faster
A simple process for the Video KYC may be either assisted by a representative or can be initialized by oneself. Once the customer consent has been received and confirmed, slots of availability of the video KYC are offered, and the individual may choose the suitable time and schedule such Video KYC. On the Scheduled date, a reminder message will be sent to the customer for the Video KYC along with the link to join it. Before the client joins in on the video, all the uploaded documents by such a client are verified and such data as required is extracted. Once the customer has joined the KYC, on the designated officer’s dashboard displays certain parameters such as the lighting, the accuracy, video spoofs or any discrepancies are scored accordingly, and the parameters with lower score are conveyed to the client to make suitable changes. The major check on the video is about the identity of the individual and also his location accuracy based on the extracted data. The call is of a very short duration and the whole snippet is recorded and stored for further reference. Once the call ends, an audit of the call takes place by the appointed auditor by checking all the parameters on his dashboard and once he is satisfied, only then the Video KYC is declared to be completed.
Risk Mapping checks – These are the ratings on the documents uploaded by the client and pre checked by both the software and the respected officer before the scheduled video call. Extraction of data from client’s respective PAN card and Aadhar card.
Acceptance Checks – This module specifically checks the acceptability level of video by making a check on various aspects such as the lighting, two way audio video communication, streaming, face match scores and detection, tracking live location of the client and generating a geo score based on the recorded address.
Identity Checks - This module inspects for any spoofing, checks for the liveliness of the video, examines for any traces for the video being pre recorded. It also provides quality scores on customer’s captured photographs and pan card images. Face match check between OVD and captured photo from live videos and also checking the liveliness of the client by asking random personal questions.