Video KYC solution for Banks & Financial Services

What is KYC? What is Digital KYC?

Know your customer is a process to verify the identity of the customers in-person through an agent or representative of a financial institution.

Video KYC or Digital KYC is an option to in-person KYC procedure and contact-less customer identification process (CIP) over a video call. Banks, and other financial institutions, use the V-KYC application to verify customers interested in performing financial transactions with them.

Identity theft is widespread across the globe. KYC is extensively used to eliminate money laundering and other illegal activities. Offline or in-person KYC can be a costly affair to organizations as they have to bear the traveling expenses of the agents on the field for the purpose.

With Online KYC, companies not only save fuel costs but also fasten the client on-boarding process, reducing the customer drop-outs by 25%.

Steps to take KYC Online

The customer visits the organization's website to submit the application.

Through the client portal, the customer enters his contact number, email address, residential address.

Phone number verification is done by sending an OTP to the customer’s mobile number.

The email verification is done by sending an OTP to the email address provided by the customer.

Once the mobile and email verification is successful, the customer has to enter the Aadhar number.

The ID verification like – Aadhar/PAN/ Driving Licenses etc. will be verified from govt. data repository by providing the number.

The video call can be initiated simultaneously via link or can be scheduled for a particular time slot.

The IP address and the current location of the individual will be recorded on the application.

The agent on the other hand will see all the details of the applicant and the details of matched and unmatched data will be visible to the agent for further decision making.

The agent can ask the customer to present his documents, and once shown, OCR recognition match is conducted, the agent can further interview the applicant with questions defined by the organisation as a part of verification process during the video call.

The applicant photo is captured over the call and matched with the govt repository i.e., with photos on the ID cards.

The agent gets the face matching score on his portal.

The applicant can upload any supporting document for further reference in the pdf format.

The customer can upload his signature which can be cross verified by the agent by asking the customer to sign during the call and capture the image of the same.

Based on the applicant details and company policy, agent can take the decision to approve/reject or send for an audit to auditor.

Auditor on the other hand will have the complete log of the transaction with all the details attached with the profile and recording available for the preview.

Auditor then can take the decision based on the company policy.

Aesthetic Features of Asti's Video KYC

Real-time document verification (PAN/Aadhar/ Driving License)

Matching Face on Id with face in the video (with confidence % score)

AI-Driven Real-time liveness checks

AI-Driven high accuracy OCR to read and match ID card information

Geo-location along with timestamp are embedded in the video

Unlimited Video Storage and instant retrieval

Encrypted for secure communication and safe storage of data

Benefits of Asti Video KYC

Not everyone has time and access to visit the institution to complete the KYC process. Especially for the person who stays away from home town, it is a tough task to go through the process.

COVID-19 has initiated for less physical contact procedures, bringing more digital ways to accomplish the KYC process for uninterrupted transactions.

Not only V-KYC has brought ease to customers but also proved beneficial to financial institutions by saving their money and time.

Reduces the onboarding process from 5-10 days to less than 5 minutes irrespective of location.

Diminish the cost of operations by up to 92% by eliminating field agent travel and documentation costs.

Conquer the customer drop-offs by 25%.

The customer initiates the KYC process on the web.

AI-based assistance to officials through the checklists.

The quality of the Verification process is premium.

100% complaint with RBI mandate.

Real-time extraction of details and matching with the government databases.

Encrypted Video conferencing, recording, and storage of sensitive data.

API-based integration.

Multi-level verification and auto approval can be configured based on the requirement.

Now Banks, NBFCs, Mutual Funds, Fintech, Background Verification Companies, Payment Wallet, Telecommunication sectors can gain better ROI through Asti Video KYC. Earn high returns with the most promising application that is secure and easy to use.

ASTI INFOTECH PVT LTD., At Asti, we work on image and video processing tools that enable audio and video conferencing for solving current business needs along with the advanced business intelligence using artificial intelligence and deep learning technology to provide better decision making capability.

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