5 reasons why VKYC is the future of onboarding

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.

5 reasons why VKYC is popular

  • 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.

  • Location capture.

  • 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.

news2news2news2

Upsurge in the global video KYC market through the years

news2news2
New Product Launch Alert!.

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.

New Feature Alert!

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

    • news2
    m2pfintech

    ISMS:  Securing Data Environments

    m2pfintech

    Know Your Customer (KYC):  The Need for Authentication

    m2pfintech

    Crack the KYC Jigsaw.  Ease Onboarding Compliance

    news2
    m2pfintech

    Velocity Solutions collaborates with SaaS provider Digital Onboarding to help financial institutions improve relationships and boost account profitability.

    m2pfintech

    Emirates NBD Securities has launched an end-to-end digital process platform that allows their 1 million customers to trade instantly.

    m2pfintech

    OneSpan, a digital agreements security firm, has announced its partnership with BankID to allow safe digital interactions with its cloud authentication service.

    news2

    That' it for now. See you again soon with all the need-to-know fintech updates!

    Stay tuned. Stay curious.