How fintech companies are benefiting by using Video KYC platform

Who are Fintech Companies?

 

Financial technology, also known as fintech, is a nascent economic sector consisting of companies that use technology to bring more efficiency to financial services. Normally they are start-ups that disrupt the status quo by providing faster and more efficient solutions than the traditional alternatives. There are around 2174 fintech start-ups in India. Fintech companies are at the cusp of finance and technology that helps to bring in process efficiencies in time and cost and streamlines the distribution chain of digital payments and transactions.

 

What is Video KYC?

In January 2020, RBI announced that regulated entities could obtain KYC in electronic form without the need of physical visit. Knowing your customer is a mandatory compliance for opening  a bank account, Demat, trading , loan or insurance account. So the allowance of electronic KYC meant a lot of convenience in terms of time and cost for the stakeholders involved. 

Video KYC Platform is one of the most comprehensive KYC software available. It handles all the requirements of the RBI guidelines for regulated entities regarding electronic KYC. 

 

Features include :

 

Name Matching with PAN or Aadhaar card uploaded – The name of the customer is matched with the PAN or Aadhaar card uploaded.

 

Face Matching of the customer in video with the face on the identification document – The face of the customer as captured on the frame is matched with the photo on the Identification proof provided.

 

Geotagging to confirm the physical presence of the customer in India – This feature ensures the confirmation that the customer is physically present in the country at the time of KYC.

 

Random Sequencing of questions to establish a real-time interaction _ the questions are randomly sequenced to confirm the liveliness of the customer.

 

Frame capture to record the face of the customer – This feature takes an instant picture of the customer for matching with the document provided.

 

Offline verification of Aadhaar XML with file generation not older than 3 days – This ensures that the file is current and not an old one.

 

All this happens over a live video call with a representative of the regulated entity. This software can save a lot of time and effort in completing the account opening process and facilitates faster customer onboarding as it can be completed at home.

 

How do Fintech Companies benefit from Video KYC ?

 

Paperless, remote access – Video KYC has provided a paperless remote alternative to the traditional manual KYC.

 

Faster customer onboarding – It ensures that completion of KYC doesn’t become the roadblock in opening the account. The ease of completion makes the  entire account opening process faster and more efficient.

 

Reduction in cost – There has been a drastic reduction in cost of KYC from Rs 150 to Rs 20 due to the reduction in physical interaction and zero paperwork.

 

No need to visit the regulated entity – This is really convenient for the end consumers who can complete the compliance at their convenience from the comfort of their homes.

 

No compromise on security – The platform ensures that  security protocol is never breached throughout the process and personal data is not compromised.

 

No compromise on compliance – Video KYC ensures compliance with RBI regulations in  a more efficient and customer friendly manner.

 

User friendly experience – Customers are extremely happy to use this platform as it saves them a lot of time. Accounts get opened faster without the need for physical visits to the regulated entity.

 

Conclusion –

 

Video KYC has helped fintech companies to offer efficient financial services without any compromise on security or compliance needs. These services are delivered in much faster and efficient fashion which has added to a delightful customer experience. 

Celusion Technologies takes pride in the Video KYC platform that it has designed and customer testimonials will confirm the success of the product. PNBHFL has been one recent success story. 

To learn more about Video KYC do visit us on www.celusion.com and we would be glad to give you a product demonstration.

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