For Non-banking financial companies, the video-based customer identity process is making hassle-free banking a possibility. It enables these organizations to allow remote onboarding. It is cost-effective, time-saving and the best  for remote KYC solution, in the context of the pandemic. 

Here we’ve listed some of the non-banking sectors where the video KYC solution has been game-changing:

  • Insurance providers

Insurance companies are always at a risk of fraud through fake documentation and stolen identities. With video-based KYC in place, insurance providers can ensure that only authorised and real customers are utilizing their services.

  • Video KYC verification for remote companies

During the pandemic, remote jobs and work from home have become a necessity. However, it also increases the risk of ghost employee frauds and other cybersecurity threats. Fraudsters can get unauthorized access to enterprise’ critical information and assets. Using Video-based KYC, companies can ensure that only real employees are being hired and only authorised employees can access company profiles.

  • Video-based KYC for mutual funds

The KYC verification is the most essential part of customer onboarding for new investors. Today, with video KYC verification online businesses for mutual funds can verify customer identities effortlessly. PAN-based video KYC verification allows investors to validate investments across fund houses. 

  • NBFCs 

Nonbank Financial Companies do not have a bank licence but provide services similar to a banking entity. The main incentive of these companies is to provide financial services to a personalized group of people. Video KYC verification is a game-changer for onboarding customers when it comes to NBFCs. Video KYC solution is quick and easy that allows NBFCs to acquire and onboard more customers. The RBI prompts financial companies to save the KYC verified user data on safe and secure databases or cloud storages. The user data is used to validate their identity and safely kept for future engagements.

  • Video KYC verification for real estate

The primary concern of the real estate market is buying, selling, leasing and marketing residential, industrial or commercial property. Money laundering, however, is on the rise and real estate is no exception. Video KYC verification for real estate firms helps them to decrease potential crimes by spotting dubious identities and practising state-of-the-art Anti Money Laundering (AML) obligations that are issued by regulatory authorities. 

  • Video-based KYC for car rentals

Video KYC solutions for car rentals can help with the problem of stolen vehicles and expensive car parts. With video KYC verification, rental companies can now remotely verify their users by taking into account original identity documents and verifying their authenticity. 

Verifying customer identity while onboarding is risky with a human workforce. The process is error-induced and time-consuming. The onboarding process is the most important part of the customer-business relationship, and Video-based KYC services are essential to creating a loyal customer base for any business. The video KYC verification process is done either by using digital document verification or biometric recognition, in both cases, it requires appropriate means of conforming to the AML/KYC compliance. Feel free to contact the team over email