Video KYC
Video KYC refers to the process of verifying a person’s identity through a video call. As opposed to more traditional financial institutions that require customers to go to the bank in person in order to open up a bank account, for example, more modern financial institutions have started allowing fully digital onboardings. Video KYC is an important asset in this regard as it allows relationship managers to verify the customer’s identity by having a video call with them, regardless of their physical location. With that being said, it’s important to note that video KYC still requires all of the identification documents as in a more traditional bank.
Video Know Your Customer
-
-
vKYC
Examples
A person wants to open a bank account but due to their busy schedule, they don’t have the time to go to the bank and wait in the queue. Luckily, they found a bank that offers video KYC. Therefore, they use the bank’s online banking portal and fill out some of their information, such as their full name and date of birth. They then choose the video KYC option and schedule a call for the following day. In the meantime, they are sent a list of all the needed documentation they will need and general guidelines for how to prepare – like making sure that their camera and microphone are working properly, that the room is well lit, and that there are no other people in the room with them.
When the time comes, they have a call with the relationship manager from their chosen bank. They are then instructed to bring up their ID documents so that the RM can screenshot all of the needed data. They are also asked a few questions and instructed to tilt their head and blink to ensure that the video call is not prerecoded. After about 15 minutes, the process is complete and the customer is told that their account will be opened the following day.
FAQ
Is video KYC safe?
Yes! Just like other forms of KYC, video KYC is heavily regulated, with plenty of technical safeguards in place to protect you and your data.
What questions are asked for video KYC?
Typically, the video call when performing digital KYC will include security questions - such as where you went to school or your mother’s name. This is done to both ensure that the video hasn’t been prerecorded and to catch attempts of identity theft.
How to complete video KYC online?
Banks that offer video KYC generally require you to either download their mobile banking app or use their online portal. There you will fill out some basic information and schedule a call with a relationship manager. After showing relevant identification documents in the video call and answering a few security questions, the KYC process should be completed.
