Today, the video KYC process provides numerous advantages to the banking industry such as their process can be accessed remotely. It doesn't require any wet signatures that are compulsory in the case of digital KYC. For more information, visit Signzy today!

2. KYC is the process that is used by businesses for identity and address verification. KYC is
also beneficial to abide by the anti-money laundering regulations in the banks. Their
main aim is to prevent the bank from anti-money laundering activities.
Moreover, we can say that it helps the government industries and customers to prevent
fraud activities during financial dealings.
Current Affairs Concerning Video KYC
Do you know that on 26 September 2018, the Supreme Court of India struck down the
use of Aadhaar based eKYC? On the other hand, RBI (Reserve Bank of India) has revealed
some new standards in the same context, including digital KYC. In this scenario, the KYC
process has been replaced with the video-based digital KYC; it is totally paperless and
can be accessed remotely.
Introduction to Video KYC
If we jump into the details, video KYC is an update in the
digital KYC technology. It can be done in two ways,
either with Aadhaar eKYC, also known as online
Aadhaar-based verification, or you can perform that by
using a live photo of the customer by making the use of
Officially Valid Document (OVD) and his geo-location
coordinates. Moreover, documents like OVD or the PAN
card are essential for video KYC.
Video identification is a fast, convenient, and astonishingly secure process of verifying
your customer’s identity online. Furthermore, it can help you to reduce fraud and speed
up customer onboarding.

3. Advantages of Video KYC
One of the most outstanding benefits of digital KYC is going paperless. It not only gives
monetary benefits to the government but also makes the entire process more smooth
and secure. According to the Economic Times report, the Aadhaar-based eKYC has
dropped the costs from Rupees 150 per KYC to just Rupees 20.
On the other hand, unlike digital KYC, Video KYC can
be accessed remotely, and you don’t need to visit
the customer’s doorstep or the nearest access point
for the video KYC process. Furthermore, video KYC
does not require any wet signatures, which is
compulsory in the case of digital KYC.
Innovative Approach of Video KYC
In the present time, we have numerous authentication technologies, especially for the
KYC process, such as artificial intelligence, blockchain, and even cloud-based API
technology. Moreover, these technologies are also worthwhile in the future for the sake
of facial recognition for authentication in banking and financial services.
Features of Video KYC
Video KYC is an urgent call for banking grade
technology, as it helps in meeting the strictest
InfoSec regulations and data security requirements.
Signzy Video KYC can be a perfect call for onboarding
millions of customers every month SEBI regulated
institutions. Some of the mind-boggling features of
Signzy Video KYC are listed below:

4. 1. Real-time PAN verification
The video KYC process is similar to the face-to-face identification
process. During video KYC, customers need to show their Pan
card details for the sake of identity verification and to track the
inflow and outflow of their money.
2. Matching face on ID with face in the Video KYC
Sometimes, criminals steal ID proofs of people and use them in
fraudulent activities. But in the case of video KYC, it matches the
face on ID with face in the video to make sure it is the same person
in the video and on the ID proof.
3. Video forensics for pre-recorded risk and spoof detection
Signzy Video KYC makes the use of Video forensics to reduce the risk
of pre-recorded video and spoof detection.
4. Digital forgery check on the displayed ID proof
Signzy Video KYC goes through with the digital forgery
process to check the information mentioned on the
displayed ID proof.

5. 5. Customer identity verification through offline Aadhaar XML
Along with video KYC, the Signzy Video KYC solution also makes
Customer identity verification by using offline Aadhaar XML.
Conclusion
Signzy’s AI-based video KYC solution guarantees Liveliness, Geotagging, Screen capture,
Smart Routing, and compression to support low internet scenario.
Source: https://signzy.com/video-kyc/