5 MinsJuly 16, 2020
Today, you can do most of your banking transactions online without leaving your home. But the first step, i.e. opening a Savings Bank account requires you to visit the bank branch or have a banking relationship manager visit your home. But not
anymore.
Axis Bank has introduced video-based Customer Identification Process (V-CIP) for its range of Digital Savings Accounts. To understand how this is done, let us look at
the steps involved.
How does video-KYC work
Through video-KYC, the bank can initiate a remote video interaction or video call with the customer, after receiving their consent, to check and verify their documentation along with their identity.
During this process, the customer is required to show actual PAN card to the Verification Officer.
During the video call, when the customer is showing their PAN Card, their Officially Valid Document (OVD) or any other document, the Verification Officer is also allowed to take appropriate screenshots to capture the same. The entire process takes
no more three or four steps.
What is required for successful Video-KYC
- Ensure high-speed internet connectivity since the video-call quality has to be sufficient for clear identification.
- Have a stable Wi-Fi connection, as mobile internet may not be consistent. A leading video calling application outlines 1.2 Mbps as the minimum required speed for HD video calling on it.
- For geo-tagging to work properly, your device should support some location system that can share your live coordinates with the KYC requesting authority. Most smartphones today come with location services such as GPS and even desktop browsers
are capable of locating you, so this part shouldn’t be an issue in most cases.
Benefits of Video-KYC
There are multiple benefits video KYC brings, such as:
- Speed and convenience - With Video-KYC, the verification can be done whenever you have time for a video call, as opposed to the bank’s representative setting up an appointment with you for a visit. Moreover, the verifying
your documents, etc, can take as little as one hour to a maximum of three to four days, in a worst-case scenario. This means you would be able to access banking services faster than in case of a regular account.
- No additional cost – Video-KYC only requires you to have a smartphone and a high-speed internet connection, something that most of us have today.
- Easy access to financial services – With Video-KYC the bank’s representative can reach you even if you are in a remote location, as long as internet connectivity is ensured. This will ensure that your access to
financial services is not disrupted.
Earlier, digital accounts were half-KYCs, which meant that you had to visit the branch at least once to convert your savings account into a full-fledged one. But with the new V-CIP process, the KYC is completed during the account opening, enabling
you to access the full suite of features right from the beginning.
[Also Read: A new age Digital Savings Account can change the way you bank]
How Video-KYC is done
After you complete your identity verification via Aadhaar-based OTP, provide details to set up your account and fund it, you will be taken to the video-KYC page.
The steps for doing Video-KYC are:
I. On the Video-KYC page, you can check agent availability
II. If the agent is available you will get connected to a Video Call agent (Axis Bank official) via chat
III. Once you confirm that you are ready for the video call over chat, the agent initiates the Video call. Ensure that you allow microphone and camera access while accepting the video call
IV. Answer the few queries the agent will ask you for verification and profiling
V. The agent captures your live photo as a screenshot.
VI. You will be asked to hold up your PAN card to your device camera and the agent will capture a screenshot of the same.
VII. If the above-mentioned steps are successful your video KYC will be completed successfully.
VIII. In case of connectivity issues or other reasons due to which the Video-KYC cannot be completed, the agent will mark the Video-KYC such that you can try again. In this case, you may get connected to another agent.
Video-KYC is a game-changer for banking customers. Opening a bank account can now happen almost real time, at the customer’s convenience.
Disclaimer: This article has been authored by Siddharth Parwatay, a Mumbai based independent tech-journalist, editor, and content-creator. Axis Bank doesn't influence any views of the author in any way. Axis Bank and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
