The RBI is getting tough for any violations on those fronts. PNB, UCO Bank, Corporation Bank, and Allahabad Bank just the latest to be slapped with fines by the RBI to the tune of Rs 1.75 Crores. These are for non-compliance with KYC requirements and the opening of current accounts.
- Video KYC has the potential to transform KYC processes. We see great excitement in the industry about Video KYC. Many large banks and financial institutions are already piloting Video KYC with us. A nod from the regulator will make this the most sought after KYC technique.
Video KYC is 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.
2. Digital KYC allows accepting documents in digital formats, extracts 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.
Digital KYC provides the same time and cost efficiencies as Aadhaar eKYC. The industry is rapidly adopting these solutions to stay compliant while keeping overheads low.
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