How PiXL Video KYC assist banks during Covid-19 pandemic?
As COVID -19 has punched globally, we are on the way to break the chain of Coronavirus spreading. Several sectors are under crisis and the only precaution is social distancing, self- healthy practices, and home quarantine. While this situation is a first time experience for us, this has been an eye-opener to have a larger look at the way we operate. Companies had implemented work from home facilities to the workers. But still, some firms cannot be maintained from home. So, in a nutshell, there are situations that need to find solutions for or never had solutions. There are multiple relief options from banks to their valuable customers. Mobile banking, internet banking, and applications for fund transfer are great footsteps in these panic situations. RBI had already boarded an amendment regarding the video KYC Solution. Making use of these facilities will help both the customers and employees from direct contact.
There are many services that give the facilities of video KYC, however, this is not the best time to experiment with every service in the market. Banks must ensure the finest above and beyond video KYC service. And that’s where PiXL Video KYC Solution is inevitable. PiXL Video KYC is the best-raised product with all the best features that a bank needs in this current situation, A product that had developed to helps banks to fulfill the RBI directions on Video KYC. We are at the right time to make use of PiXL video KYC Solution since it can avoid direct physical contact with customers and employees as well as ensuring accuracy and quality. Customers need not rush to the bank for KYC verifications. All they need to do is make use of PiXL video KYC with real-time directions from the bank. Banks can complete their works on KYC verification on time with a quality and accurate result.
What is PiXL VIDEO KYC?
Government of India, vide Gazette Notification G.S.R. 582(E) dated August 19, 2019, and Gazette Notification G.S.R. 840(E) dated November 13, 2019, has notified amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. Further, to leverage the digital channels for the Customer Identification Process (CIP) by Regulated Entities (REs), the Reserve Bank has decided to permit the Video-based Customer Identification Process (V-CIP) as a consent-based alternate method of establishing the customer’s identity, for customer on-boarding. Video-based Customer Identification Process (V-CIP) is a method of customer identification by an official of the RE by undertaking seamless, secure, real-time, consent-based audio-visual interaction with the customer to obtain identification information including the documents required for CDD purpose and to ascertain the veracity of the information furnished by the customer. Such a process shall be treated like a face-to-face process for this Master Direction. To initiate the RBI directions PiXL family has onboarded PiXL Video KYC Solution which is 100% compliant with the latest RBI mandate and thus makes the Fin-Tech organization’s workflow more easily and flexibly.
In simple terms – The customer comfortably sits in their home and executes the steps that are explained from the bank side and the employee can easily handle KYC verifications with the uploaded details, face recognition, locations, and real-time interaction. Digital KYC is capturing a live photo of the customer and officially valid document or the proof of possession of Aadhaar, where offline verification cannot be carried out, along with the latitude and longitude of the location where such live photo is being taken by an authorized officer of the Reporting Entity.
Features and working of PiXL Video KYC
A good one to one video relationship with the customer.
No physical presence is needed.
Easy to maintain chat and video history.
A better way to save the evidence.
Video call happens with browsers, hence no need for many applications.
Save time and money for bank travel.
How it helps the bank?
It helps both customers and employees at these strange times.
At this COVID-19 time, banks had reduced the working time, with PiXL video KYC they can verify more documents within the limited time frame.
Employees can have a real-time conversation with customers with modern technology.
The bank KYC verifications can be done more faster even during this pandemic situation.
Maintain good customer relationships.
Employees can maintain social distancing in the workplace.
The bank could assign multiple tasks to a single employee as PiXL video KYC assures the easiness in KYC verification.
Employees can meet the work on time.
The bank can avoid handling hard copy paper documents that travel from one person to another for KYC verification.
In order to get the verification process done, banks do not need many employees.
Moreover without extra manpower or cost banks, can initiate a usual work atmosphere in KYC verification.
It can avoid errors in verifications, thus does not need customer physical presence.
Employees can identify and avoid fraud customers immediately.
How it helps bank Customers?
During the COVID-19 period or in the near future, in order to get the KYC verification done, customers do not need to visit the bank nor meet the bank employee directly.
Customers can efficiently make use of time and money.
Customers can get the verifications done, at the same time they follow the government rules as well as the bank rules.
Customers get real-time assistance from the bank.
Even during the lockdown period, the customer will get their KYC verification done.
Customers are safe from paper works.
To access this safest application customer only needs an internet facility.
Customers can avoid traveling to the bank.
Since the customer is having live assistance, they will have more clarity regarding the verification.
Customers are able to avoid public transportations.
On-boarded PiXL Video KYC surely helps Fin-Tech organization in Covid-19 days in C-KYC processing. Banks can run the KYC verification more accurately than before. It will be a great use to the customers during these difficult situations.