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What is Video KYC & How Does it Work?
Posted on Wednesday, September 25th, 2024 | By IndusInd Bank
Tired of bank queues just to open a savings account? Video KYC is here to save the day! Opening a savings account typically involves a lot of steps, with one of the most crucial being the Know Your Customer (KYC) process. This is a mandatory procedure for banks to prevent identity theft, financial fraud, and money laundering.
In the past, identity verification for savings accounts meant scheduling appointments, carrying all the documents to the bank, and making multiple trips to bank branches. Video KYC, which leverages the power of video conferencing, has completely changed this scenario. Keep reading to learn what video KYC is, how it works, and its benefits!
What is Video KYC? A Brief Overview
Video KYC is a digital method of verifying a customer’s identity via a video call. This process is conducted by a bank representative. The primary goal of video KYC is to simplify and expedite the KYC process while maintaining high security and compliance standards. This innovation is highly relevant in the digital age, where customers prefer online services that save time and reduce physical interactions.
How Does Video KYC Work?
Let’s understand how video KYC works for opening your savings account online:
Document submission: The process starts when you submit your details and upload the documents through the bank’s online platform. These documents are authenticated using Optical Character Recognition (OCR) and machine learning algorithms.
The video call: Next, the bank’s representative will set up a video call at your convenience to assist you with the verification steps.
Real-time document verification: You will have to display your official documents, such as a PAN card and Aadhaar card, in front of the camera. Make sure to have a white paper and a pen prepared for the live verification. Position your documents close to the camera to allow the representative to verify the information accurately.
Account activation: Once the verification is successful, the KYC process is considered complete, and you can start using your savings account immediately.
Also Read: Why Does Every Indian Need a Savings Account?
Benefits of Video KYC
Among the many benefits of video KYC are:
- Convenience: You can complete the KYC process from anywhere, without the need to visit a bank branch. This saves you time and reduces the cost of printing documents or travelling.
- Speed: The entire process is faster than the offline process. What once took couple of days can now be completed in few minutes.
- Accessibility: Video KYC makes opening a savings account more accessible to people in remote areas or those with mobility issues.
- Security: Video KYC eliminates the need for intermediaries in document collection. This enhances the security of customer documents and minimises the chances of fraud or mishandling.
Key Takeaways
Video KYC is a revolutionary step in the financial sector, which offers a combination of convenience, security, and efficiency. It reflects how digital innovation is shaping the future of banking, thus, making it more inclusive and accessible.
IndusInd Bank exemplifies this innovation by offering video KYC even on zero-balance accounts. Your Aadhaar and PAN cards are enough to open the IndusInd Bank Indus Delite Savings Account from any location. Now, experience a range of benefits like exclusive cashback, discounts, and even complimentary insurance.
Here’s a table summarising the benefits of Indus Delite Savings Account:
| Feature | Benefit |
| Amazon cashback | 5% cashback on Amazon purchases with your Delights Debit Card |
| Delightful deals | Up to 20% off on Swiggy and BigBasket with your Delights Debit Card |
| Reward points | 5% cashback on fuel, dining, entertainment, and OTT with your Delights Debit Card |
| Free movie tickets | Avail a 1+1 free movie ticket deal with BookMyShow bookings. Get up to 1 free ticket per quarter worth up to ₹250 with your Delights Debit Card |
| Complimentary insurance | Insurance cover worth ₹1.5 lakh with your Delights Debit Card |
| Customised account number | You can personalise your account number. It can be your phone number, date of birth, or a combination of your lucky digits |
Apply for this zero-balance account with IndusInd Bank to enjoy maximum benefits with no minimum balance!
Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.
