5 ways of Increasing your Business through Digital KYC

KYC services are essential for many businesses, especially banking and other financial institutions that deal with money-related services. However, if you are still using the outdated traditional KYC system, then a lot of money and human resources are wasted on a simple process. Shifting to Video KYC is the best way forward as it has a lot of advantages and does wonders in improving your business and brand value manifold. Let’s check five ways Digital KYC will help you grow your business.  

Top 5 ways Digital KYC helps Businesses. 

  •  Reduced cost for KYC services 

In traditional KYC services, an employee had to personally plan and meet the customer to collect the identity proof documents for KYC verification. It was cumbersome as sometimes customers are busy and may not be able to meet the executive as per schedule causing a delay in the processing, wasting a lot of money and time for businesses. 

With the Video KYC facility, there are no such problems. The customer can finish the KYC process from the comfort of their home through their laptop or mobile. Still, digital KYC will cost only Rs 20 per customer, and the process can be completed in minutes, saving a lot of money for the businesses. Also, there is no paperwork, which means printing and travel costs are saved, adding to the organisation’s revenue.  

  • Get Ahead of the Competitors 

With globalisation in the service sector, the competition is getting stiff among banks and other financial institutions, and it is the survival of the fittest scenario. If you are still using the traditional KYC services, then losing business is very high. 

If you can adopt the latest technologies like Video KYC, the customer will feel compelled to use your services. They will get their requests approved quickly and start using your services in a short period with minimum effort and time. If the process is hassle-free, customers feel happy, and word of mouth will spread, which will bring more customers to your kitty, thereby increasing your business and brand value.  

  •  Eliminates fraudulent transactions  

Identity frauds can lead to many losses to a financial institution and damage respect, leading to losing trust among loyal customers. Therefore, organizations have to be extra careful and eliminate fraudulent transactions. With traditional KYC services, there are a lot of human interactions, which can lead to identity frauds and data manipulation.

 As Video KYC is embedded with AI and high accuracy OCR to read and match ID card information, the official carrying out the KYC processing will eliminate identity fraud, thereby allowing genuine customers to be associated with the organization.

  • Room for innovation

The traditional KYC services are severely restricted, and if there are changes in the KYC regulations, then updating the procedure and installing the changes will be highly cumbersome. But with Video KYC, there is much room available for innovation and improvement. Also, the entirely digitised nature of the verification process will allow emerging technology and integrate other methods for faster processing. 

Machine Learning will be used in VCIP to reduce false positives, improving customer experience. Also, using ML, we can automate the Video KYC system for face and document detection. Secondly, AI and Robotics technology can automate the data gathering process and streamline the KYC process to advance levels. Someday the technology will become so advanced that even KYC can be eliminated, and customers can be offered the services directly by accessing the profile through a verified database.  

Due to the pandemic, most businesses use AI and ML technology to execute their operations. KYC services are also evolving, and hence banking and other financial institutions need to upgrade themselves to stay relevant. Therefore, Video KYC is the best solution, and the five ways in which it can create the required positive impact will make us opt for it and enjoy long term business success.

Karan Vasita

Amazon Erc Number

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