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Key Takeaways:
Have you tried opening a bank account or updating your KYC status? It feels like an actual war, doesn’t it? Filling out forms, submitting documents, and obtaining hundreds of signatures. Visiting the bank branch itself feels like a tiring job.
But today, the banks have become much more digital than before. Banks now allow users to do all that tiring work from the comfort of their home.
If you want to update your KYC, you are just a video call away. It may sound weird, but it's true. This process is known as KYC Video Verification. Instead of completing your 10,000-step challenge by roaming around in banks, you can complete your verification from home.
You just need to join a live video session, and your document and facial verification will be completed just like that. This process only takes a few minutes and also helps the bank complete the process much faster.
KYC video verification is a digital way of completing the document verification process. Unlike the traditional method, this process takes much less time and paperwork. This mechanism allows users to confirm their identity in a few minutes through a live video call with a bank professional.
The process is actually very simple:
Under the rules of RBI, banks use the Video-based Customer Identification Process (V-CIP) for remote authentication similar to face-to-face verification. This process actually saves a lot of time for both the customer and the bank.
KYC verification is a simple process that does not need much time. Before the video verification session, the customer receives a link from the bank for further processing. Here is a step-by-step guide on how this process works:
Major banks like SBI provide this service through a mobile app named KYC Video Verification SBI. The main motive of this process is to be simple and help more people in less time. Most video sessions take a maximum of 10 to 15 minutes, allowing a seamless verification process.
Bonus Tip: As per the RBI’s statistics, over 500 million accounts have been verified under the KYC Video Verification process in 2023.
Although the verification process is very simple and easily accessible, it comes with a few drawbacks. Some users have claimed that they face issues during the video conference. So why does this happen?
Below are some of the common reasons why your KYC verification may fail:
Many reports are also received regarding the Kotak 811 KYC video verification process failing. These issues can happen due to technical errors and have nothing to do with tour eligibility. Restarting your device or internet connection usually solves such issues.
If you have applied for the KYC video verification process with the Bank of Maharashtra and receive sms like "Bank of Maharashtra KYC update sms online” or “Bank of Maharashtra KYC link, wait before clicking. Ensure to double-check before you click on links that may look sus.
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Here is the list of private, government, and foreign banks that offer this service:
All these banks are some major banks in India and abroad that provide KYC video verification service to their customers.
The KYC Video Verification process has completely changed the way a traditional bank works. Instead of standing in long lines in local banks, you can use banking facilities from home. This banking is now much easier, faster, and accessible for millions of users.
As digitalisation is grabbing the economy, the banks are adapting to it too. Digital banking services are expanding and making a complicated process like KYC much easier.
However, technical issues may often occur, but the overall system is designed to simplify banking services so everyone can access them easily.
How does SBI Video KYC work?
SBI video KYC allows users to complete their identity verification process through a video call with a bank professional.
What is the KYC Video Verification process?
This process involves verifying a customer’s identity through a secure video call.
Are KYC and video verifications really enough to ensure the identity of a person and prevent impersonation?
Yes, video KYC has multiple security checks like facial matching, document verification, and live video call. All these steps help identify a person’s real identity.
What are the benefits of Video KYC in the digital era, and how does it compare to traditional KYC processes for identity verification?
Video KYC is faster, paperless, and can be done through a smartphone or laptop. It allows users to complete the KYC process from home, removing the need to visit a bank branch.
What is a video-based KYC in India?
A video-based KYC is an RBI-authorized digital verification method that allows banks to verify users through a live video session.
