Following the KYC norms is essential for the banks, financial institutes, and businesses, to resort to this process to keep the fraudulent activities at bay. The KYC procedure ensures that all your transactions are absolutely safe and this will help you be more in control and keep the customers safe. The KYC process has been around for ages, but there have been multiple challenges that the institutes and the customers have faced over the years, the KYC process has undergone changes and in 2020, we have been introduced to the Video KYC process. This has been able to address the challenges, let’s find out how these issues are being addressed.
Video KYC in India: The Solutions
- When we are talking about the traditional KYC process, which is filled with multiple challenges and the biggest of them all is perhaps the physical constraints. The people who stay in the remote corners will always find it difficult to approach the banks as in most cases there is no branch. This can truly hamper the process of getting the KYC done and these people remain unbanked, the same goes for insurance policies. The lack of physical branches makes it impossible for people to get insured. However, with the introduction of the Video KYC in India, things are changing for the better. People from remote corners of the country are being able to approach the banks and other financial institutes whenever they need, as there is no need for a physical branch. It only takes a mobile phone and internet connection to get the verification done in the right manner.
- The next challenge that video KYC successfully addressed is the fact that there used to be an elaborate documentation process involved. In earlier times, the traditional KYC would require one to submit a number of documents; this can be seriously a tedious affair for the people involved in the process. To begin with, the people will have to gather all these documents and will have to submit all of these papers standing in the lines. The next step would involve authorities sifting through the documents, and checking whether the details are right or, not. This certainly changed with the Video KYC process. Things have changed in the way that the process does not require anyone to go through the elaborate documentation, the process is absolutely paperless and most importantly it does not require anyone to stand in long lines. The process is paperless and takes place instantaneously; this is something everyone looks forward to from the verification process. It should be hassle-free, must not be time-consuming, and it must be easy and it should be convenient for all involved in the process, the Video KYC vendors make it possible.
- One of the challenges that one had to face with the KYC process was that it was a long process. The verification would be done instantly with the Video KYC, things will be easier because the tools are packed with AI features that enable the users to carry out real-time verifications. The process becomes absolutely instantaneous, and everything becomes super easy for the users and customers. There is no long waiting line, or, waiting time for the verification to take place, thanks to the Video KYC vendors. Faster processing ensures that the customers get verified faster and get onboarded quickly, this definitely boosts the business.
Those were the challenges that get addressed by the Video KYC in India. Be ready to welcome the process and be ready for change.
The global Video KYC Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the video kyc market include Ameyo, SignDesk, GIEOM Business Solutions, IDnow GmbH, Onfido, PegasystemsInc, Wibmo Inc., LeadSquared.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Video KYC Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/video-kyc-market/download-sampleMarket DynamicsThe increased demand by the consumers globally for the video KYC process due to its low onboarding cost and less time-consuming authentication process is the foremost driver of the video KYC market.
AI-enabled features help in the detection of fraud or any unusual activity that helps the officials to finish their work more efficiently.
So, the increased adoption of video KYC to reduce manual errors is assumed to stimulate the growth of video KYC.
Few years back advisors used to collect KYC through manual method wherein physical documents and verification was involved in the process.
This process even consumes lot of time of advisors and investors and ultimately proves costly.
Such pattern hampers the growth of the firm and impacts other functions too.The Mutual Fund Software easily solves the issue of the advisors through Video KYC feature that reduces the efforts of the advisors.
Wealth Elite provides best services to the advisors through wealth management platform.Benefits of Video KYCQuick verification within no time.Low cost solution.Saves time of advisors and investors.Online process of verification.Access from anywhere.Issues without Video KYCLong time in verifying investors.Advisors need to manage physical documents.High cost of operation.Limited number of investors can be verified.Thus, video KYC is the first priority for the advisors in order to deliver effective and fast services to the clients and also improves the efficiency of the firm.
The advisors not using the latest features and technologies are facing issues in their firm and finding it difficult to attract new investors and also managing the existing one.
