Earlier this year, the Reserve Bank of India (RBI) had permitted banks and financial institutions to deploy Video Customer Identification Process (V-CIP) to digitally onboard new customers.
According to reliable sources, the Insurance Regulatory Development Authority of India (IRDAI) is at an advanced stage of modifying its regulations to enable insurance companies to use Video KYC technology for onboarding new customers.
With a majority of the workforce working remotely, insurance companies were eagerly awaiting a virtual customer identification mechanism that would allow them to initiate their Know Your Customer (KYC) process without any in-person meetings. The upcoming change in the regulatory guidelines by IRDAI will serve as a definitive booster for insurance companies to automate their new customer acquisition process.
As seen in our earlier posts, Video KYC not only eliminates the need for in-person meetings but also helps organisations significantly reduce their operational costs while improving productivity and customer experience at the same time.
Ever since we launched our V-CIP solution in January this year, banks and NBFCs have onboarded thousands of new customers using our V-CIP solution.
Here’s how our plug & play V-CIP solution has been helping organisations across India onboard new customers:
1. Reduced KYC Costs
Manual KYC processes usually cost anywhere between Rs. 200/- to Rs. 250/- per transaction. Our V-CIP solution reduces this KYC cost by 80-90%.
2. Mitigates Frauds
With real-time face authentication (Face Auth), liveliness checks and automated location tracking, our V-CIP solution makes identity spoofing virtually impossible.
3. Adherence To Regulatory Compliances
Operating within an end-to-end encrypted ecosystem, our V-CIP solution is hosted in the DC/DR of the organisation that ensures adherence to the regulatory mandate of on-premise implementation
4. Interoperability and Customisation
With easy-to-integrate APIs, our V-CIP solution cohesively supports e-KYC as well as Offline KYC making it a highly scalable solution. Furthermore, with our white labeling option, organisations can fully customise their V-CIP solution to match their unique requirements.
5. Device Agnosticism
Designed for cross-platform usage, our V-CIP solution is integrated with intuitive web and mobile-based interfaces that makes it a nifty KYC tool for anytime, anywhere usage.
To learn more about our V-CIP solution, please feel free to get in touch with our colleague Amit Joshi on 9820875525 / 7208155528, or email him at amit@eastcs.com.
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Regards
Team ECS.