Of all things Coronavirus, the least talked about is how it has made WFH favorite for Word of the Year 2020.
Yes, we are all adjusting to this new work-culture phenomenon. No more than those for whom face-to-face interaction was core to their work. Like, Relationship Managers in Banks and Financial Institutions.
Certainly, a greater degree of trust is required in lending or borrowing money than doing non-financial transactions. While new-age Fintechs have been challenging that notion for a while now, Banks and NBFCs were still steeped in their tradition of shaking hands over the signed document.
Not so much now, it seems.
With video communication tools to his rescue, the Relationship Manager too has gone virtual. However, there’s one critical part of his job that the Zooms of the world cannot help him with. KYC.
Enter: Video KYC
Video KYC is essentially a Zoom call with in-built features to take pictures of IDs, extract information from them, run checks from databases, and compare the picture on the ID with the person on screen. Essentially, identify the customer and validate that the person on the screen is indeed the customer.
It’s a complex system but absolutely essential for a Bank or NBFC to onboard a new customer in these times of WFH and lockdowns.
No wonder that it is seeing adoption of ‘Gold Rush’ proportions amonst Banks, NBFCs and Financial Institutions in India. Observers like us are surprised at how naturally even customers are adapting to submitting documents over a video call.
This shift in attitude and approach is transforming the role of the Relationship Manager.
Without the need to travel and meet people on a daily basis, the Relationship Manager is now able to cover more customers in a day than he did in the past. With Video KYC to complete the last part of the onboarding journey, he is truly becoming the quitessential Virtual Relationship Manager.
The Coronavirus is bound to leave an everlasting impact in the way we live and work. Including how people access banking and financial services.
It’s possible that the next generation would not believe that there was a time one had to sign, photocopy, and submit documents to open a bank account.
IDfy’s Video KYC solution is being adopted by leading Banks, NBFCs, and Fintechs.
For a demo, please write to shivani@idfy.com