EnableX announced that it is enabling Financial Institutions in India to conduct Video-based KYC (Know Your Customer) by leveraging its Video Call Integration capabilities.
The Reserve Bank of India (RBI) has allowed financial institutions to conduct video-based KYC through the Video Customer Identification Process (VCIP), simplifying the customer onboarding process.
Financial services companies can now verify customer details over a video call, and this undoubtedly saves costs and resources for enterprise and provides convenience for the end customers.
Banks can now leverage EnableX video call platform to seamlessly embed video into their onboarding workflow without the need to invest in costly hardware and software that lacks scalability and security.
The video KYC can be done in several ways:
Self-service KYC- This experience is akin to filling up a video-based questionnaire. After submitting the basic details of ID/address proofs, it will dynamically ask the customer a few questions to which the responses are recorded.
In the end, the customer can review the responses before submitting the information.
Interactive KYC- Alternatively, the customer can get into a video call with the bank representative who can verify the information uploaded and authenticate the customer in real-time. This solution not only verifies customers’ identity in real-time but it also allows for more interactivity.
Financial Institutions can hugely benefit from Video-based KYC in ways more than one. Primarily, the process will make onboarding easier and quicker, transforming customer experience and delivering great satisfaction.
It will also require less documentation and resources at the companies’ end which will eventually bring down the operational costs and increase revenues for them.
Pankaj Gupta, CEO & Founder, EnableX says, “For consumers, on the other hand, Video KYC will save a lot of time and effort by enabling them to complete KYC online and remotely without having to visit the branch or having someone come to their house.
In addition, because verification is done in real-time, consumers will enjoy smooth and instant processing of their applications as compared to paper-based KYC processes which can take days or even up to weeks to get
verified before having access to the service.”
EnableX has been widely acknowledged in the APAC market for empowering financial services companies to offer
Video-based KYC. “The capability offered by EnableX is a cost-effective & speedy way to undertake the KYC process.
It enables organizations to ensure better customer experience while still maintaining process-adherence compliances. Not just FinTech companies, this is beneficial for any organization that is looking to verify customer
authenticity”, adds Pankaj.
EnableX proprietary video technology, a key differentiator, delivers the best possible video quality even in low bandwidth environments.
The carrier-grade and the customizable platform offer a suite of capabilities right from the basics of one-to-one or multi-party calling, recording, speech to text conversion & vice versa, to more advanced and intelligent features such as real-time diagnostics dashboards, troubleshooting logs, AI-based bandwidth management,
It also comes with different deployment options – public, private and hybrid cloud – to meet security and compliance needs of the financial services sector.