With a 15-20X boost in operational efficiency, reduced TAT, and a whopping 25% cut in onboarding costs it is safe to say that Video-based KYC (VKYC) is transforming customer onboarding!
By authenticating customer identity with just a camera and a device, VKYC is inherently simple and user-friendly. It is adopted across BFSI industry, government departments, educational institutions, and businesses, and is poised to be a game changer in digital identity verification.
Reduced costs associated with verification travel, hardware, and Aadhaar license.
Improved conversions as customer/agent journeys are personalized and simplified.
Reduced effort and Turn Around Time (TAT) as video authentication takes only a few minutes.
Better inclusion by enabling last-mile accessibility to remote locations
Enhanced new-age customer experiences through quick, convenient, and seamless onboarding
Financial institutions opt for plug-and-play VKYC solutions with the following features.
PAN verification using government APIs.
Aadhaar verification using OTP-based eKYC or XML verification.
Facial matching and liveness detection.
Video recording for audit purposes.
Today, India is one of the first countries to adopt Video-based Know Your Customer. And globally, the VKYC market is slated to grow by 17% from $179 million in 2020 to $863 million in 2030.
Upsurge in the global video KYC market through the years
Core Lending Suite.
A first-of-its-kind, comprehensive, digital-first lending suite that facilitates loan origination, management, operations, and collections in a single stack.
Instant PAN Services
Users can avail PAN services instantly
Banks can bundle instant PAN & bank accounts for their potential adolescent customer base
Existing PAN card customers can update their details instantly
ISMS: Securing Data Environments
Know Your Customer (KYC): The Need for Authentication
Crack the KYC Jigsaw. Ease Onboarding Compliance
Velocity Solutions collaborates with SaaS provider Digital Onboarding to help financial institutions improve relationships and boost account profitability.
Emirates NBD Securities has launched an end-to-end digital process platform that allows their 1 million customers to trade instantly.
OneSpan, a digital agreements security firm, has announced its partnership with BankID to allow safe digital interactions with its cloud authentication service.
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