How has technology evolved the KYC process?

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Are you wondering how you can open a bank account during such pandemic situations? Well, owing to the pandemic, the restriction on physical meetings with customers have challenged the authenticating process, while convenience still remains the priority. Therefore adopting a digital way of customer verification, which is faster, compliant and customer-friendly is the need of the hour.  Physical interactions with clients are not a dependency any longer. Virtual meetings, AI-based liveliness check, and video KYC are now addressing the security issues, auditing, and compliance norms to offer improved fraud mitigation and better customer connect. But no need to worry you can now open a savings account from anywhere in the country. Several options offer an easy way out. You can complete the KYC process through a video interaction and open Airtel Payments Bank Savings Account through Video KYC.

KYC or Know Your Customers refers to the method of verifying and authenticating the customer and client identity before the start of any business relationship. KYC firstly came into existence in 2002 in India. According to RBI norms, all the banks in India must carry out the KYC procedure of clients since 2004. The banking and financial sectors were the first to respond to this mandate, however, now conducting KYC is widespread and covers most industries like NBFCs, mutual funds, e-wallets, and lending companies as well. Financial regulators are constantly budding with new norms and exercising stringent methods to identify potential fraud at various stages of financial dealings.

Just like you can choose an offline or online KYC verification process, the RBI recently approved a video-based customer identification process as a way to achieve paperless KYC. This is how video KYC came into existence. Now, several banks are offering online processes.

Video KYC usually means customers can do KYC verification from their home through a video call. The verification officer verifies and authenticates your documents, does a proper liveliness check while establishing the customer’s location, unlike the old traditional ways. While adopting new technology and digitization is proving to be a boon, there are further risks of illegal financial transactions, identity frauds, money laundering, etc., as well. Financial firms are constantly evolving innovative methods of identifying and avoiding such frauds and risks. This new video KYC technology is just not automation, but a smart automation and verification process, with minimum physical interventions. Video KYC and digital KYC have laid the foundation for a financial firm to implement and test paper processes as a smooth journey for customers.

Airtel Payments Bank offers an easy way to safe pay, paperless and zero Contact Savings Account with Video KYC.

The new KYC technology includes Machine Learning, data analytics, Artificial Intelligence and cloud platforms. All these technology upgrades can be seamlessly integrated into existing workflows with APIs to improve performance and efficacy. Along with Artificial Intelligence, predictive analytics and automated systems are improving the ability to get deeper insights on data which was impossible earlier. New edge technology has intervened at many stages only to upgrade the KYC process at different levels to make it lucrative and more impactful.

So, what are you waiting for? Just 3 simple steps and you can open your digital savings account with Airtel Payments Bank easily. Get started now!