Author: Abhishek Joshi

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Data Security in the KYC Process

A few days ago, news reports of the personal data of 4.5 million Air India passengers leaked in a cyberattack on the airline’s data processor came out. The breach involved data such as name, contact, passport details, and credit card details of passengers. Air India faced this cyber-attack in February and quickly secured its servers right after.

News of cyber-attacks and data breaches is not as uncommon as you think. Larger organisations need to invest heavily in data security to prevent breaches such as the incident with Air India. Data security is a process by which data can be secured against unauthorised access, theft or corruption through its entire lifecycle. Usually implemented through a series of data encryption, hashtagging, key management, masking, and tokenisation practises, data security measures protect your organisation’s servers from cybercriminal activities and often against human errors.

Data Security in Video KYC and Digital KYC

As Video kyc was approved for use by the Reserve Bank of India in January 2020, the questions regarding data security in these processes became often debated. Video KYC or VKYC is a process by which banks and other financial institutions can authenticate your identity via live video interphase through a smartphone. In this process, a representative from the financial institution is present at the other end. KYC is a process by which institutions verify the identities of their customers to gauge their identity and credibility. Earlier, this process was done in person through a series of meetings and hand-written and signed documents. Reportedly, India is one of the first countries to introduce the Video KYC option for financial institutions.

VKYC has made the KYC process less tedious for both the institution and the customer and accelerated the response rate. Sometimes, a loan takes just a few hours to disburse from start to finish. Additionally, Video KYC also prevents data and identity thefts better since customers do not have to submit physical copies of identity proofs.

Last month, the RBI revised KYC norms and extended VKYC to small and medium enterprises and allowed limited KYC accounts to be converted to full KYC accounts through VKYC. The announcement also enables the use of a KYC identifier of the Centralised KYC Registry (CKYCR) to submit electronic documents (including Digilocker channels) as identity proof.

While VKYC is inherently more secure, it is still essential to implement specific security measures within your institution to keep your servers fully protected. It is vital to ensure that cybersecurity and customer due diligence processes are implemented hand-in-hand with protecting customer data. According to RBI’s guidelines, for a financial institution to implement VKYC or V-CIP, the technology infrastructure should be housed in its premises to meet the baseline cybersecurity framework. Industry experts do not recommend using third-party apps such as Zoom or Google Meet for Video KYC.

Kwik.ID offers a modular, platform-independent, and plug-n-play Video KYC solution as mandated by RBI, SEBI, IRDAI, and PFRDA. Our solution is platform agnostic and takes less than a week to integrate into your existing system. The VKYC solution includes a two-way video calling facility with one-way recording. Our Digital KYC and Video KYC solutions also consider RBI’s recommendation of having AI for better process integrity. We use an AI-enabled image processing software for identity verification by comparing user images across various documents, including ID documents, studio photographs, and selfies. Additionally, since the Video KYC for Banks process requires bank officials to validate each video through a ‘liveliness’ check, our solution has an integrated liveliness detection function – where the live-action commands can be customised as required by our clients.

We also provide DigiLocker integration to our Video KYC and Digital KYC solutions, using which we enable easy digital document exchange with consent. Our DigiLocker supports over 210 digital documents from several issuing authorities, including UIDAI, NSDL, CBSE, State Education Boards, and significant banking and financial institutions. As the pandemic threatens to bring financial transactions to a pause, adoption of Video KYC and Digital KYC are essential steps to help us collectively perform while accepting pandemic-related restrictions. While these digital disruptions are crucial in the long term, it is imperative to understand the threats involved in these processes and safeguard your institution against cybercriminal activities and data theft.

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Prevent Identity Theft by Implementing Digital KYC

Identity theft happens when someone steals your personal information like Aadhar card number, PAN details, or credit card information to make an online purchase, access your financial accounts, create a new bank account, or commit any other type of fraud.

Identity thefts are far more common than you think. According to Norton Cyber Security Insights 2021, nearly 2.7 crore Indians were affected by identity threats in 2020 – that is, 45% of adult Indian internet users. With such high levels of risk, financial institutions need to re-evaluate their current KYC processes to reduce instances of fraud while engaging with new customers. As instances of fraud will see an upward trend, it is time for financial institutions to opt for secure Digital KYC processes in place of legacy practices.

Before we understand how to reduce risk, let us know how one becomes vulnerable to identity theft.

  • Unsecure and public browsing: For the most part, accessing the internet is safe. But, unsecured websites and public Wi-fi increase the risk of data, landing into hackers’ hands.
  • Data breach: A data breach is a security incident where sensitive information is accessed without authorisation. This year, personally identifiable information of 5,00,000 Indian police personnel was hacked into and put up for sale online, which was traced to a police exam conducted in December 2019.
  • Malware activity: Malwares are malicious programs that perform several functions like stealing, altering code, hijacking, deleting sensitive data, and encrypting.
  • Phishing: In this type of attack, a fraudulent communication appears to come from a reputable source, which, when clicked on, lands data in identity thieves’ hands.
  • Physical theft: Sometimes, losing a credit card or mobile phones makes data available at ease, to thieves.
  • Card skimming: In credit card skimming, thieves use a small device to steal payment card (credit card, debit card or ATM card) information. When the card is swiped through this device, it captures all the data from the card’s magnetic strip.

Digital KYC to Address Identity Theft

KYC (‘Know Your Customer’ or ‘Know Your Client’) is a process by which institutions verify the identities of their customers to gauge their identity and credibility. Banks, insurance companies and financial institutions heavily rely on KYC before opening a new account.

Identity verification with KYC mainly addresses identity theft. Despite RBI guidelines for KYC, forged documents and financial fraud continue to be a problem. Recently, in Delhi, a group of fraudsters cheated several popular banks and utilised 22 PAN cards, 9 Aadhar cards, and 21 voter ID cards for their operation.

The current KYC processes are heavily dependent on outsourced vendors and are susceptible to both customer and employee fraud. Kwik.ID provides both Digital and Video based KYC identification to address the issues that KYC processes currently face. Our Video KYC process is used for customer identification as mandated by RBI, SEBI, IRDAI, and PFRDA. The process uses end-to-end encryption for maximum data security and prevents your risk of breach or theft with an on-premises setup.

We verify all officially valid documents (OVD) like PAN, Aadhar, Driver’s License, and Voter ID card from the Central Government Database using our Digital KYC offering. Using Optical Character Recognition, our software recognises characters in ID documents within seconds. Besides incorporating security questions to verify details, AI-enabled image processing is an integral part of our Digital KYC process.

We establish identity consistency by comparing user images on selfies, institutional photographs, and photograph on official ID. We also detect liveliness using AI with live-action commands. Both these steps together significantly minimise instances of fraudulent customers.

Get in touch with us to know more about our streamlined Digital and Video kyc process – we can customise a solution based on your requirement.

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Addressing the Five Challenges Customers Experience during a KYC Process

KYC compliance is a double-edged sword for financial institutions. On one hand, customers expect quick onboarding with minimum checks and documentation. On the other hand, regulators penalise financial institutions for inconsistencies in identity verification and risk assessments. To bridge the gap, banks, NBFCs and fintech companies continuously focus on revamping their KYC processes to comply with the latest norms while providing customers a seamless onboarding experience.

Here we address the five common challenges customers face during the KYC process and how financial institutions can resolve those using Video KYC (V-KYC). Reach out to us to know more about how Kwik.ID can help you fast-track your KYC compliance.

Challenge 1: Geographical Constraints

The traditional KYC process required customers to submit the application form and the necessary documentation in person. This meant that customers could only opt for banks in their vicinity, based on their current geographical location.

Solution 1: Online Video KYC with Geotagging

In the V-KYC process, the entire verification procedure (including remote onboarding) is conducted online through a live video call. Instead of standing in long queues, a customer can simply schedule a call by registering on the website. Even address verification happens in minutes through geo-tagging using Google Maps.

Challenge 2: Elaborate Documentation

Traditional KYC is a tedious process fraught with endless paperwork. It usually involves lengthy application forms, photocopies of identity and address proofs, and other documents like bank statements and utility bills.

Solution 2: API-Integrated KYC Verification

APIs that aggregate primary data from various verified sources, using e-documents like OVD (Officially Valid Documents) or PAN card, can replace the need for paper-based documentation. Additionally, the use of AI-powered facial recognition tools using Video based KYC identification ensures better accuracy than manual verification.

Challenge 3: Delay in Onboarding  

Conventionally, onboarding is a laborious process. Customers in need of urgent funds often turn to other (informal) sources at higher interest rates given the delays in assessment and onboarding.

Solution 3: Real-time KYC verification

Since identification happens in real-time digital, it removes the need for physical signatures and visits from bank officials. This feature makes the onboarding process smoother, allowing customers to have quick access to financing.

Challenge 4: Dropping out of the Process 

Given the prolonged KYC process, several customers often drop out midway as they often patience (or the need for funds). Financial institutions lose out creditworthy customers too in this process.

Solution 4: Visibility and Tracking 

V-KYC helps customers complete processes faster while also providing visibility on the status of the verification. Banks can ensure customers finish the Video KYC for Banks by tracking what percentage of documentation is completed. 

Challenge 5: Cost of Compliance

Traditional KYC involves high costs due to factors like going to the bank in person, procuring several documents, etc., compromising a customer’s time and money. Financial institutions also spend significant amounts in verifying KYC, which is an additional burden to customers in the form of service charges and processing fees.

Solution 5: Internet-powered KYC verification

V-KYC’s internet-powered processes with the help of trustworthy Video KYC vendors make it accessible, affordable and convenient. It also enables considerable cost savings for the service provider, making financing more cost-effective for the customer.

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Choosing the Right Video KYC Vendor

With work from home becoming the new normal, businesses too have adapted to digital platforms, and everything that once happened in-person, now happens online. From reaching out to your customers, onboarding them and providing them with the best customer service. But how does one choose a Video KYC (V-KYC) tool to onboard customers instantly?

Traditionally, video-based customer identification process (V-CIP) took days, but with the best Video KYC tools, it can be done in less than 3 minutes!

Here’s what to look out for when choosing a V-KYC platform.

Security and Fraud Prevention

For financial institutions and banks, nothing matters more than protecting their data and ensuring that no fraudulent activities occur in the onboarding process. Any step in the process is a major concern—from storing video data, customer details, adhering to regulations, et al., to making sure there is no data tampering or leakage. With a V-KYC tool like Kwik.ID, which offers end-to-end encryption and AI-assisted Liveliness, Facematch and OCR, businesses are promised complete data security and customer authenticity. The Liveliness tool also captures the customer in real-time, thereby eliminating the risk of any bot breaching the platform’s security.

Demo V-KYC

How often have you been told to buy it only after you try it? When you invest in a V-KYC tool that is important for your business, you deserve nothing but the best. Make sure you are given a guided demo of the preferred V-KYC tool. Right from the ease of operation to the user dashboard, security measures, multilingual interface, low bandwidth mode, your V-KYC vendor should have everything ticked off the list that your business needs for a smooth onboarding experience. Pick the right one only when you are completely satisfied with the KYC demo. You can also register for Kwik.ID’s demo here.

Drop-off Rate

At Kwik.ID we understand how frustrating call drops can be, which is why we are strong advocates of low bandwidth compatibility. With a speed of 176 kbps, we noticed over 85% success rate with fewer call drops and more customer satisfaction with quick onboarding. When your customers are spread across the country, they could be in remote areas without enough access to high-speed internet. In such cases, you need to ensure that your V-KYC/ Video KYC vendors offer a low bandwidth mode, so that no matter where your agent or customer are located, business does not cease due to poor network.

RBI Compliance

For businesses, especially Video KYC for Banks and financial institutions, adhering to the policies and norms is an integral element. Ensure that the V-KYC tool you choose is 100% RBI compliant, ISO certified, and driven by an RE official and an auditor who are trained and authorized to work on a V-KYC platform. Kwik.ID’s V-KYC tool also offers easy deployment on RE’s cloud domain as well as its data centres.

Cost Reduction

Remember the time, effort and money spent sending field agents across areas to complete the customer verification process? Or the wait time customers spent in a queue to get documents verified?

Choosing a time-efficient V-KYC vendor will eliminate all of that. From onboarding 5 customers in an hour, you can onboard up to 20 in an hour! Not only does a good Video based KYC identification tool save time and complete the verification process in < 3 minutes, it also helps reduce travel and documentation cost by  ~80%.

V-KYC Accuracy

After making sure that your V-KYC tool matches all your requirements, you certainly need to assess its ROI via a dashboard that monitors and manages all your data and details stored. Check that your dashboard offers key metrics like drop-off rate, completion rate, call wait time and more, so you can track agent efficiency and check on how to improve your onboarding service. Other accuracy checks involve AI-assisted tools like Facematch and Liveliness, which verify customer authenticity and allow no room for error.

Choosing the right V-KYC platform is just as important as training your agents and employees to get it right. If you are investing in a tool that eases your business process, you will prefer to invest in the best. With V-KYC vendors like Kwik.ID, you are promised all of the above and swift onboarding in just 2 minutes.

Choose wisely!

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Customer Care 2.0

Business technology today is not what we are used to anymore. Social networking and online interactions have seeped into our professional lives and are clearly here to stay. Despite building all kinds of online connect though, we still yearn for that human interaction (evident in the last few months of the pandemic). This is where the online-offline balance comes into play—businesses need to focus on driving customer care and engagement with the same energy as they do with implementing technology into the system.

Video KYC, Video KYC for Banks and Video based KYC identification are also available at low bandwiths. They are really catering for the customers easing their worries more than ever.

The resulting customer support tools when designed for the future, enable swift business in just a few minutes, improve brand reputation, increase agent productivity, and help build stronger relations with customers. It is imperative for businesses now, to think beyond basic chatbots. They need to cater to current and potential customers with programs that simplify the customer journey, guide them through the process, and keep them engaged with real people at the end of the video platform. They need to focus on the future of customer care. This will involve:

Understanding that human interaction has never been more essential

Imagine your customer running into a technical problem or not comprehending a certain instruction and then being caught in the endless vortex of chatting with a bot, receiving auto-responses, but no human assistance. Needless to say, they’d get annoyed and drop off instantly, unlikely to return. The need for human assistance has been aggravated by COVID-19, especially in sectors like insurance and banking that encourage online business.

Through our own experience we noticed that when Video KYC was introduced in the banking and insurance sectors, along with the increased demand for the tool, there was also an increased demand for virtual assistance by real agents. Customers might begin by engaging with a chatbot, but eventually they will want some kind of a video interaction or an offline phone call with the agents. At the end of the day, chatbots cannot process empathy and react accordingly. That’s something unique to human beings.

Providing a more personalized and interactive voice response

The last thing customers want is to hear an annoying tune or the phone ringing incessantly during the wait time. Customer service providers (like us and many others) should incorporate an IVR system that keeps the caller engaged while the agent is away. This IVR system would introduce the caller to the various services the company offers or all the necessary details that they can demand from the tool they are using. Allowing callers to interact in their local language and adding a personalized touch with additional options and a welcome message are just some of the features this virtual assistant would offer.

Ensuring skill-based routing for agents

With modern technology enabled Video KYC for Banks and other customer service tools, calls coming through needn’t just go to any agent available but can be transferred to the one best suited for assistance. This feature, known as skill-based routing, categorizes agents based on their demographics like language, locations, area of expertise and more. After the IVR has interacted with the customer, the line is routed to the agent most qualified to resolve the issue. Needless to say, this elevates customer satisfaction.

Offering CRM integration

When your online service tool is integrated with a CRM software, agents have a 360-degree-view of all caller details, so that no matter who answers, customizing the experience for the caller gets easier once the details are right on the screen. Besides personal client information and call logs, agents also have access to previous tickets, cases, chat transcripts and other data, which offer a comprehensive view to make client interactions more efficient and effective.

Offering new services like instant onboarding, video KYC and others certainly require new technology that’ll help businesses improve completion rate, conversion rate, overall customer satisfaction and agent productivity.

As we progress into the ‘new normal’ business, we need to ensure that these tools and technologies are implemented in our customer care software to achieve speedy business and maximum ROI.

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Advanced Chat Solutions for Customer Growth

The pandemic has changed how businesses communicate with their customers in order to thrive. While face-to-face business takes a backseat and online engagement becomes the new trend, companies and customers, both take to the chat box as a support channel to communicate and boost professional growth.

In fact, at Kwik.ID, we too believe that a major part of our 85% completion rate success is credited to our own chat feature which we offer during the Video KYC process. Instant interaction with the agent via chat support, makes it quick, efficient, and convenient to onboard clients instantly without any hassle. As digital business picks pace, the chat feature seems to get better with time, enhancing its functionality and being integrated for complete support.

Not only does a good chat feature boost agent productivity and enhance customer experience but as chat features and chatbots get more advances, here’s why they are much talked about in the digital space:

AGENT BENEFITS –

Boosts productivity: When on a phone call, an agent needs to focus only on one call at a time, which may even get prolonged. With a dashboard, agents can analyse the call duration and the wait time, so as to prioritise chat sessions and upcoming calls, better.

Boosts customer engagement: If your chat option is worth it, you’ll naturally see customer growth because most people today, prefer using a chat option rather than working over emails and calls. Instead of a potential customer skipping your product midway, they now have an option to reach out to you and know more about your product, instantly, thereby leading to more interactions and queries. This also helps to gauge which potential buyers are genuinely interested in your product. You could also personalise the chat to give it a friendly touch.

Reduces customer repetition: In fast-paced business, customers have no time to repeat their personal details or share their queries over and over again. Modern business calls for modern methods like reviewing all customer details, while they share their enquiries on chat. Saving a chat will also allow both, customer and agent, to read through previous chats and resolve queries faster.

Streamlined feedback: A traditional onboarding would end with a phone call. Today, the chatbot type feature enables you to do a lot more. After ending a customer call, you can set up an auto-emailer, asking the customer for feedback. This would help put together more accurate feedback and improve your product offerings, if needed.

CUSTOMER BENEFITS –

Customer onboarding and acquisition made easy: Live interaction makes onboarding a breeze, when potential customers can’t get around the process soon enough and need added assistance. Often, customers from rural areas or those not familiar with the language may need added support, which they can access via the chat option, so the onboarding process is made easier. Kwik.ID’s multilingual chat functionality during VideoKYC provides ease of communication to the customers with the agent where language becomes a barrier.

Ease of access: Unprecedented call volumes may lead to disappointed customers who’ve waited long enough with their calls going unanswered. With a chatbot, an estimated wait time provided to potential customers keeps them informed about when they can expect an agent on chat, so they can manage their time better, as well.

Only adopting a digital KYC tool isn’t enough. What matters is adding a tool which is enabled with plenty of features to ensure that business keeps moving, even on the go. A chat channel helps build a loyal customer base that relies on you and enables quick communication, which is just what your business needs, today.

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Monitoring and Evaluating your Video KYC Sessions

When you invest in a new tool to speed up your business, you most certainly want to analyse your return-on-investment over a period of time. No matter how big or small a business is, you want every penny’s worth, and at Kwik.ID that’s what we want too – to help you get your money’s worth.

While our 100% RBI-Complaint Video KYC Solution enables your business to #KeepMoving, monitoring and evaluating these sessions to assess the result and the success of this new intervention is what matters the most. This is imperative, especially when you need to study the company’s continuous performance, efficiency and effectiveness of the solution. Let us help you with that.

Along with umpteen benefits that our tool offers, our real-time dashboard plays an integral role in gauging your Video KYC success. The Kwik.ID dashboard offers a range of statistics and measures for you to improve your performance and get the best out of Video KYC.

Some of its features include:

  1. Real-Time Statistics – No matter when you log in, you’ll see an updated data dashboard that’ll give you an overall insight on historic and live sessions details and help you analyse areas of improvement. Statistics like Video KYC sessions, requests rejected, accepted, and approved, along with a graph of sessions completed, will help make decisions for future Video KYC sessions.
  • Anytime, Anywhere – This real-time data dashboard is available at all hours, all year round. Additionally, being a low bandwidth platform, you can enjoy Video KYC at low bandwith on the go.
  • AI-powered – Be it our Facematch and Liveliness feature, or data driven analytics, each and every step in Video KYC verification is Artificial Intelligence reliant. Techniques like automated data extraction, machine learning, and streamlining complex processes, all rely on Artificial Intelligence, which gives you a clear picture.
  • Customisation – Kwik.ID’s Video KYC dashboard offers you the option to choose the types of charts you want to focus on and presents you with data based on your preferences. You can choose an overall summary, a chart to analyse how well your agents are performing, another to gauge how many sessions you conducted, and even where your calls are coming from, so you can focus on consumer segments differently.
  • Easy – At Kwik.ID we strive to make Video based KYC identification accessible and easy-to-comprehend for all, owing to which our dashboard is clear, crisp, and simple.

With a holistic approach to providing you with every minor detail that’ll help boost your Video KYC sessions, our statistics include the following:

  • Video KYC requests rejected and requests approved
  • The Video KYC  request approved are further divided into results rejected or approved
  • Average session duration to help minimise your call time and maximise productivity
  • Average queue wait time because you definitely don’t want to keep customers waiting
  • Time taken by an agent to respond to a request
  • Daily, weekly, monthly statistics for you to keep track of everything, everyday.

Data-centric dashboards are not just an additional offering, but a necessity, especially when you’re doing business online. Find out more by registering for a demo of the Video KYC in India offered by Kwik.ID, today.

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How to Achieve a Video KYC Completion Rate of Over 85%?

The world’s going digital with Video KYC verification to onboard customers instantly, and so are you, because you want what’s best for your business. But just as you’re closing the deal with a potential customer you lose connectivity and, in the bargain, lose your customer, too. That’s something you don’t have to worry about if you opt for Kwik.ID as your Video KYC solution providers.

Low bandwidth is just one of the many reasons why your business may not achieve its desired VKYC completion rate. Other factors include:

  • Customers being ill-prepared with insufficient documents before the Video KYC session.
  • Low lighting, which prevents the potential customer from being clearly detected by our Face Recognition Tool.
  • Customers not being tech-savvy enough.

There’s more to the list, but with Kwik.ID’s Video KYC solution one can be sure these hiccups don’t persist, and you achieve a completion rate of over 85% while onboarding customers in just 3 minutes. Every obstacle that lowers your completion rate is eliminated with our tools. 

  • Pre-session Guidance: Our tutorials make it easy for your customers to grasp the process better and stay prepared, well in advance, with the necessary official verification documents.
  • Low Bandwidth Support: One of the primary reasons for a poor Video KYC completion rate is low bandwidth, but with Kwik.ID you will enjoy all the benefits of Video KYC at low bandwith. In case the agent or the customer is located in an erratic network area, this feature will keep the session moving. Our minimum bandwidth requirement is also as low as 176 kbps. 
  • HD Quality: Our Facematch and Liveliness Tools are designed to adjust to low bandwidth, so no matter how poor the internet connection is, the data detected and captured is always HD quality.
  • Lighting Alert: Poor lighting is another major concern that leads to a drop in the completion rate. Before the session begins, our Light Detection tool studies the lighting around you and the customer and notifies you to move to a well-lit area so that the session can be swift and smooth. 
  • Inclusive Platform: At Kwik.ID, we push the envelope and endeavour to create an inclusive platform. To eliminate any language barrier and/or technical issues our Video KYC platform provides visual cues and assertive measures to guide with the process, so as to make it quick and intuitive. Our textual chat option also eliminates any linguistic issues that the agent or customer might face.
  • Tech Support: Customers who aren’t tech-savvy might shy away midway through a session, leading to a drop in the completion rate. To overcome this, our assisted Video KYC allows the customer to screen-share with the agent, requesting guidance for complex processes like Aadhaar XML Generation. 
  • Third-Party Elimination: Kwik.ID Video KYC’s straightforward interface connects the potential customer to an assigned agent with a quick click of a link, unlike many others that necessitate the need for an external app to carry out the session. You don’t need an app at all to do the Video KYC using Kwik.ID.

Apart from ensuring that your business can #KeepMoving with a high completion rate of VKYC sessions, some of our other advantages are:

  • Being 100% RBI Compliant.
  • Easy to integrate.
  • 100% Data Privacy.
  • Fraud Prevention.
  • Supports Chrome, Safari, Android, iOS.

So far our customers have achieved a completion rate of over 85% on Kwik.ID’s Video KYC sessions and apart from all the above elements that aid this success, our AI predictive technology is yet another factor that plays an important role in predicting a Video KYC completion. Using data like the customer’s location, psychographic, mobile carrier network, and more, the software predicts whether a VKYC session is going to be completed successfully or not. 

At Kwik.ID our business is to get your business moving. With an array of features and advantages, Kwik.ID promises to ease out your VKYC sessions, so you can onboard customer in just 3 minutes and conduct business, stress-free. 

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The RBI Video KYC Circular

On 9th January 2020, RBI released the much awaited circular comprising guidelines around performing Video KYC aka. Video Customer Identification Process (V-CIP).

Prior to this circular, it was mandatory for institutions regulated by the RBI (such institutions are referred to as REs or Registered Entities) to conduct an IPV (in-person verification) of their customers prior to account opening. This makes KYC (and in-effect account opening) a time, manpower and cost intensive process.

Video KYC is a much awaited relief and a boon for the financial sector as the RE’s can now do the in-person verification process/customer KYC over a video call. Besides, nowadays, Video KYC verification is also available for all with the latest and the best Video KYC tools.

This alternative customer verification process enables and promotes efficiency in time and cost investments and manpower management while improving security, auditability, and demographic penetration. Moreover, RE’s have also been advised (allowed) the usage of AI based solutions like face matching, OCR, liveliness check, etc to further speed up the process and reduce fraud.

Below are the key features from the RBI’s Video KYC (V-CIP) circular:
  • The Video KYC process is to be divided into two parts –
    • The Video KYC Session
    • The Concurrent Audit
  • Video KYC must be performed only by an RE authorized employee over a two way video + audio call with the customer.
  • The process must take place on RE’s domain only – WhatsApp, Google Hangouts/Duo, Skype and other similar soultions cannot be used for this purpose
  • A geo-location check must be enabled to ensure that the customer is in India whilst in the Video KYC session.
  • For the purpose of POI OSV – the RE personnel must capture a live picture of the customer’s PAN card during the process (except in cases where e-PAN is provided by the customer) – the same has to be checked against NSDL database.
  • Additionally, an OVD amongst the following can be used for POA:
    • Aadhaar
    • Driving License
    • Voter ID
    • Passport
  • The RBI circular provides that while Aadhaar is not a mandatory document,
    • Banks can make use of Aadhar e-KYC service made available by UIDAI directly.
    • Other RE’s wishing to use Aadhaar as an OVD can opt for
      1. e-Aadhaar
      2. Offline Aadhaar XML
      3. SecureQR code based Aadhaar verification.
    • The latter two must not be more than 3 days stale from the date of carrying out the Video KYC session.
    • Moreover, proof of possession of the Aadhaar number is considered satisfactory – so additionally, in case the customer has a physical copy of the Aadhaar card with them, a live picture of the same akin to the PAN process must be captured during the Video KYC session.
  • If Aadhaar is treated as an OVD, Aadhaar images must be stored with the first 8 digits of the Aadhaar number redacted/masked away; same goes for the aadhaa
  • During the process, the RE must also capture a live photo of the customer and ensure that the photo on the OVD matches the live customer.
  • A set of random questions have to be presented to the customer to ascertain liveliness and protect against fraud and collusion. These questions can be unique per customer and can be picked up from the details they filled in the application form. Alternatively, they can be completely random as well.
  • The complete process must take place over a secure communications channel, be real-time and seamless.
  • The session must be recorded, time and geo-stamped and kept in a secure location; available for retrieval as proof and for audit.
  • Once the Video KYC process (stage 1) is complete, a Concurrent Audit must mandatorily be performed to further cross-validate customer details and to ensure sanctity of the Video KYC process to rule out any collusion/fraud possibilities. The Concurrent Audit includes a complete check of the Video KYC session recording along with customer details.
  • To ensure that no fraud/collusion takes place, the Concurrent Audit and Video KYC session should be performed by two separate authorized employees of the RE.
  • Only when the Concurrent Audit marks all documents as clear can the customer’s account be opened.

The RBI Video KYC Circular URL – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11783

Kwik.ID Video KYC is a fully RBI compliant Video KYC / V-CIP solution that additionally features Facematch, OCR, Aadhaar XML, e-Aadhaar, PAN, DL, Voter ID verification, Liveliness detection and a concurrent audit portal; it also comes packaged with scheduling, routing, link-based initiation, suport for low-bandwidth connections, customizability, compatibility with mobile apps as well as websites and a lot more features.

With over 1500 sessions daily and over 50K sessions in total, Kwik.ID Video KYC is testing waters and evolving continuously.

So… what are you waiting for?

Visit getkwikid.com/video-kyc.html for more deatils.

Key in your details in our contact form and we will reach out to you at the earliest to get you rolling – getkwikid.com/video-kyc.html#contact-us

Mat Darona, Kwik.ID Karona!