CategoriesBanking Sector KYC

KYC Suite to Play Vital Role in Banking Sector Post-Corona Period

The impacts of the current coronavirus crisis are being faced in pretty much every domain. From FMCG to the IT sector, from Entertainment to Travel sector, from Manufacturing to BFSI, every sector is getting affected in its own way and is experiencing its own challenges to overcome difficulties laid ahead.

The Banking industry is currently facing difficulties on various fronts: limitations on footfall due to Lockdown norms to social distancing which means that only a few couples of clients can be served in a physical branch, putting extra strain on other platforms like phone support, online and social media. Banks today are also feeling the squeeze to streamline expenses and improve efficiency.

Meanwhile, the Financial sector, are in the right position to manage the computerized requests and remote working necessities in such an unstable period. Many are offering their administrations to shoppers and organizations for nothing or enhancing to make new items or mechanize their present procedures that meet a particular need, while the coronavirus emergency is progressing. Different difficulties that the financial division is currently experiencing include the shortage of skilled resources, need to expand productivity in forms, and a sharp increment in workforce costs, which inside and out has offered a path to the selection of Intelligent information Management(IIM). The current situation will require consistent, cautious handling from the Banking sector as they try to reassure their consumers, react to their interests, and gain their trust during this pandemic period – and lot may depend upon, exactly, how well Banking sector can utilize digital infrastructure and services to handle this situation. Reserve Bank of India has given its approval for video-based KYC (Know Your Customer) which has brought great relief to complete the Indian Financial Sector. This declaration comes as an update to regulation under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. This will help reduce expenses by a colossal edge, yet in addition, it will empower remote on-boarding of clients that will give more prominent security.


You must be wondering how can Video KYC help Indian Financial Sector comprising of Banks, Fintechs, and NBFCs?

In process to save expenses and time, the RBI chose to allow video-based KYC (Know Your Customer) which will be a huge relief to track remote customer verification, rather than physically onboarding clients. The arrangement permits an official of the organization to remotely vet a client’s personality through PAN or Aadhaar and a couple of inquiries. Client onboarding in banks is a long, drawn-out procedure, basically because of several records requiring manual check. Intelligent information management can make the procedure a lot simpler by collecting the information from the KYC documents utilizing the AIQoD KYC Suite.


KYC Suite–(Which Includes 3 modes)

Reserve Bank of India has given its approval for video-based KYC (Know Your Customer) which has brought great relief to complete the Indian Financial Sector. We at AIQoD are glad to offer 2 ways of Video KYC, by which the Bank Customers would be able to proceed with their KYC process either by Live KYC or Self KYC. Through Live KYC, Bank personnel would have the option of connecting with their customer, remotely through Video Call and get all required details verified and authenticated, wherein through Self KYC facility the bank customer will have an option to follow the pre-defined Video KYC process at any time as per their convenience. This will help in bringing the hassle-free KYC process for the Bank customers. Also below mentioned are additional benefits for AIQoD KYC Suite-

Video KYC- Video verification to get KYC done for customers who cannot visit office premises where the customer will read a statement which comes on mobile while the customer is taking a video from the phone.

KYC Documents Scanning which can be uploaded by clicking a photo of the documents from their own mobile which will validate the documents for its contents and inform the users immediately on eligibility.

Location Verification which will certify the address submitted in the KYC documents for their authenticity using geofencing technology.

KYC Face Recognition will help authenticate in identifying or verifying a person from a digital image or a video frame from a video source.

Its simple, fast, and most cost-effective. It is very important at this phase, especially the post-corona lockdown period, that the Banking organization identifies the right vendor for end-to-end Intelligent information Management, which would be inclusive of planning, execution, and support. Choosing the accurate IIM tool and implementation partner can be instrumental in impacting the final outcomes of the project. For More information on our product you can reach here