Video KYC Explained
Steps of Video-KYC
- The customer needs an Aadhaar with a mobile number linked to it, a smart phone or a computer with a webcam, a steady internet connection and any other document as per the bank’s KYC policy.
- After verifying his mobile number, the customer enters his basic details.
- The bank can either directly fetch Aadhaar details from UIDAI or ask the customer to upload his offline paperless Aadhaar.
- On validation of the customer’s details with Aadhaar he is directed to the final step; the Video KYC with a bank’s officer.
- The Bank Officer does a liveness check, takes photos of the customer and documents required as per bank’s KYC policy.
- Verification is done for the customer photograph taken using FaceMatch, for the documents using OCR.
- The Video KYC process for the customer ends once the Bank’s officer is satisfied with the results of the data obtained on the call.
- The customer’s details including those captured during the video KYC are sent to an Auditor.
- On the Auditor’s confirmation a Relationship Number is sent to the customer, which is later linked to the Customer’s Savings Account, when it is created.
Benefits of Video KYC
- Paperless verification
- Remote access to customer
- Inviting innovations
- Data leveraging