The industry is realizing that Digital KYC solutions that combine realtime checks, tampering detection, face recognition and face liveness technologies provide the same level of time and cost efficiencies as Aadhaar eKYC.
Digital KYC is as efficient as Aadhaar eKYC
The financial services industry is realizing that Digital KYC solutions that combine realtime checks, tampering detection, face recognition and face liveness technologies provide the same level of time and cost efficiencies as Aadhaar eKYC.
Digital KYC accepts documents in digital formats, extracts the relevant data, checks the images for forgery, verifies credentials of the ID card, and does face comparison to ensure that the ID card belongs to the customer. All in 5 seconds.
Our clients are already enjoying these benefits while staying safe from regulators’ fines.
Video KYC
We believe that Video KYC, once it has complete approval of regulators, will become the industry norm for KYC.
Our pilot runs of Video KYC with select clients are proving this to be the most effective, efficient, and safe way to onboard remote customers. One can capture digital documents, verify them, authenticate the customer, and confirm their physical presence during the transaction over a 10 second video call. Further, this can be done without the need of a back-end staff or agents.
Video KYC has the potential to not just alleviate current KYC problems, but also help the industry tap into a much larger market. Today, large parts of India remain unserviceable due to the inability to conduct KYC in remote locations. With India’s wide cellphone and internet coverage, this will be a thing of the past once Video KYC is adopted by the industry.
IDfy provide Digital KYC solutions including Video KYC and Image-based KYC for fintechs, NBFC, Banks, Telcos, and Sharing Economy companies.
For more information or to schedule a demo, please write to shivani@idfy.com