Customer onboarding solution gets smarter with video kyc
The sudden attack of the pandemic completely shook the work and forced us to look for measures that we were not accustomed to. The social distancing norm and the lockdown situation did make it inevitable for us to resort to the digital measures because there was no way we were able to communicate or carry on working the way we used to before. The industries that needed to onboard customers to keep the business moving were not sure how to go about it, but the video kyc saved the day. This has now become a popular measure that several industries are resorting to onboard the customers. Let’s take a closer look.
Customer onboarding solutions: How things are changing?
The banks definitely cherished the advent of the video KYC as this allowed them to carry on with their services. This customer onboarding solution simply helped them be in business despite the social distancing norms and lockdowns. They were able to allow the customers open account with the bank after getting their verification done through the video KYC. The process worked well for them as the process is much more fast and also highly secure because of the AI features that were integrated in the tool, and this process takes place in real-time as well. Things can be much faster and better for onboarding the customers, and for updating the KYC details too video KYC is being resorted to.
The insurance industry too followed in the footsteps of the banks and they also resorted to the low bandwidth video kyc. This way they were able to onboard customers despite the lockdown and also reach out to the customers who lived in removed areas. They were not able to access the banking or, insurance services because of the absence of a branch nearby and they also had to deal with the geographical boundaries. But now they too could be onboarded thanks to the video KYC procedure, which takes place real fast and from anywhere in the country the customers could be onboarded without any hassle even when the bandwidth is low.
The lending organizations definitely benefited a lot from the introduction of the video kyc as they could continue to do their business. The lending process in the traditional KYC way takes a lot of time to be completed, but loan processing has to be a faster process because the customers will leave when there is too much delay. This customer onboarding solution is definitely changing things for the better as the customers are now getting verified in a jiffy and they do not even have to wait for too long.
Another industry that definitely benefited from the introduction of the low bandwidth video kyc, is definitely the online wallets. These wallets became a popular choice for the people because they could easily resort to these wallets to make the essential payments. They didn’t have to go anywhere physically to make the payment. Now these wallets too are resorting to the video kyc procedure to verify the customers they are onboarding. You can certainly find that the procedure is helping these wallets onboard as many customers as they want.
The other organizations too are using the video KYC tool to onboard employees during this situation. The employees could be onboarded and also their data and other details could be stored easily with the help of the procedure.
Those were a couple of industries that benefited from the introduction of the video KYC as the perfect customer onboarding solution. The procedure is gaining momentum and it will be accepted by other industries as well.