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What is Video KYC
As digital technology continues to evolve, the financial sector has witnessed significant transformations, particularly in customer onboarding processes. One such advancement is Video KYC, a revolutionary method that streamlines the Know Your Customer (KYC) procedure. But what is Video KYC, and how does it benefit you?
What is Video KYC in banking?
Video KYC in a bank refers to the remote verification of customers' identities using video conferencing tools. This is particularly useful for opening new digital Savings and Current Accounts, applying for Credit Cards and other banking services. It ensures that banks comply with regulatory requirements while offering a seamless customer experience.
What happens in Video KYC?
During a Video KYC session, a bank representative conducts a live video call with you to verify your identity. Axis Bank follows a structured process to conduct Video KYC:
1. Schedule the call: After submitting an online application, the bank schedules a Video KYC appointment.
2. Identity verification: You need to display your original identification documents (such as an Aadhaar, PAN card or passport) to the bank representative during the video call.
3. Liveness check: The representative performs a liveness check to ensure that you are physically present and not using pre-recorded videos or images.
4. Document capture: The representative captures screenshots of the identification documents and your face for record-keeping.
5. Completion: Once the verification is successful, the bank processes the application and sends you a confirmation.
Also Read: What is Re KYC
Difference between Video KYC and physical KYC
| Feature | Video KYC | Physical KYC |
|---|---|---|
Verification method | Conducted via video call | Requires physical visit to the bank |
Time required | Typically completed within 20 minutes | Can take several hours or days |
Convenience | Can be done from home | Must visit a bank branch |
Document submission | Digital upload during a video call | Physical document submission |
Security | Real-time verification and liveness check | Manual verification |
Customer experience | Quick and seamless | Time-consuming and often inconvenient |
Accessibility | Accessible from anywhere with internet | Limited to branch locations |
Compliance | Meets regulatory requirements digitally | Meets regulatory requirements in person |
Conclusion
Video KYC is a game-changer in the banking sector, providing a secure, efficient and convenient method for verifying customers’ identities. Whether you are applying for a Credit Card or opening a Savings or Current Account, the process is designed to enhance your banking experience.
As more banks adopt Video KYC, the future of customer onboarding lies in digital innovation, making banking more accessible, secure and customer-friendly than ever before.
Axis Bank offers a range of Credit Cards and variants of digital Savings and Current Accounts tailored to meet your various needs. Choose based on your specific requirements.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
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