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What is video KYC? Meaning & process

3 min read

May 20, 2024

1.4k Views

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 intended solely for informational purposes. The views expressed in this article are personal. Axis Bank and/or the author shall not be liable for any direct or indirect loss or liability incurred by the reader arising from reliance on the content herein. Readers are advised to consult a qualified financial advisor before making any financial decisions. Axis Bank does not endorse or guarantee the accuracy of any third-party content or links included in this article.