Digitization has transformed the banking sector in a lot of ways and has reduced the traditional paperwork hassle wherever applicable. Today, we have the option of authenticating our identification with the help of Video KYC. AU Small Finance Bank offers Video KYC as part of its Video Banking solution that provides a branch-like experience anywhere, anytime. Once your identification is verified via Video KYC, you can open a digital savings account, open a Fixed Deposit / Recurring Deposit, or do funds transfer from the comfort of your home. Let’s get to know what it is and how it works.
Know Your Customer (KYC) is an integral part of the customer onboarding process in the banking and financial sectors (BFSI). In a highly populated country like India, implementation of KYC becomes necessary to drive profitability, financial inclusion, risk mitigation and compliance. The KYC process is to authenticate the user as per the guidelines of RBI, PMLS by the Government of India, SEBI, IRDA, and other regulatory bodies. There are two ways in which you can complete KYC – online and offline. Below pointers differentiate between the online and offline KYC process.
|Online KYC||Offline KYC|
|Download the KYC application form online||Visit any KYC Registration Agency|
|Fill in your PAN/Aadhar details||Fill in your details as per your Aadhaar card|
|Submit your application online||Enter OTP sent to your mobile number linked to Aadhar for verification|
|Submit Identity and residence proof||Submit application|
|Submit biometrics||Post verification by UIDAI, KRA approves your KYC|
|Track the status with the help of your application number||
So, whether you want to open a Fixed Deposit / Recurring Deposit account, do internal fund transfer, perform financial transactions like RTGS/NEFT, or deposit a demand draft, you can do it conveniently using AU Small Finance Bank’s Video Banking facility to start the process of Video KYC. Our Video Banking is available to non-AU Small Finance Bank customers as well. AU Small Finance Bank’s Video Banking is a virtual banking solution that provides a personalized banking experience with a human touch.
The traditional or the paper-based KYC requires you to visit any financial organization or third-party experts. You need to submit self-attested copies of the documents.
On the other hand, the Video KYC process is a paperless procedure. The use of technology to verify the genuineness of documents, the authenticity of individuals, and to match a document to an individual makes Video KYC a nearly error-free process. The onboarding time through Video KYC can be reduced up to 90% while also driving operational and cost-efficiency.
Below are the benefits of Video KYC for both consumers and businesses:
Video KYC is a welcome move, especially during the COVID-19 pandemic period. It has already been beneficial for the BFSI Industry, considering the onboarding costs have reduced and enabled contactless customer onboarding. For consumers, whether it is opening a digital savings account or acquiring a credit card or doing fund transfer has become easy through the Video KYC process.
Here are a few key points on how video KYC will impact and benefit us in times to come:
Some of the perquisites for starting a Savings Account through Video KYC at AU Small Finance Bank are:
AU Small Finance Bank offers Video KYC as part of its Video Banking solution, which allows you to submit KYC information and get the verification done via Video. Through Video Banking services, you get onboarded securely and within seconds using AI-based KYC validation, mobile number authentication through OTP and personalized security questions.