Key Applications Of Video Kyc In Non-banking Industries

By Author: Akhil Sharma
Total Articles: 8
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As we enter the age of digital change, new technologies such as Video KYC (Know Your Customer) are becoming more popular throughout industries. The first time they were used in banking, Video KYC transcended its first application to include applications for various other non-banking areas. The ability of Video KYC to streamline identification verification procedures, improve customers' experiences, and lower fraudulent activities has become a popular solution that businesses are seeking to simplify their processes.

This blog looks at the many uses that are made possible by Video KYC in non-banking industries and the way it's changing how businesses function.

What is Video KYC?

Videos KYC is a method to verify the identity of a client via a live video conference. In contrast to traditional KYC methods that require physical document and verification in-person, Video KYC leverages technology to verify identity in real-time and guarantees compliance with laws as well as reducing time and cost.

Why is Video KYC Relevant Beyond Banking?

The benefits of Video KYC ...
... - speed and efficiency, less paperwork and increased security -- make it a viable option for non-banking businesses where onboarding of customers and identity verification is crucial. Businesses like telecom and insurance, as well as e-commerce and even education are embracing this unique method to respond to changing requirements.

Key Applications of Video KYC in Non-Banking Industries

Telecommunications

Telecom firms must follow KYC procedures for new customers in order to avoid fraud and to comply with federal rules. Video KYC simplifies the process by permitting customers to check their identity online. It does not just reduce operating costs, but it also improves the user experience, by eliminating the necessity to visit physically-based stores.

Example: A consumer who is purchasing an entirely new SIM card may complete confirmation by making a video which reduces the time to onboard by a few minutes instead of days.

Insurance

The insurance industry is heavily dependent on the verification of customers throughout the process of granting policies and processing claims. Video KYC helps insurers onboard clients seamlessly, and reduce the drops caused by long document-making processes.

Applications in Insurance:

1. The policy is issued quickly.
2. Verification during claim settlements
3. Preventing fraudulent claims

With the help of Video KYC, insurance companies are able to build trust and simplify their customer's journey.

E-Commerce and Retail

In the world of e-commerce sellers are often required to provide authentication of their identities to assure the trustworthiness of their suppliers and their clients. Video KYC plays an essential role when it comes to onboarding sellers, checking the authenticity of customers who make transactions with high value, and also ensuring that refunds are processed securely.

Benefits for E-Commerce:

1. Eliminated fraud from high-value transactions
2. Faster vendor onboarding
3. Increased customer confidence

Retailers can also use Video KYC for loyalty programs that require identity verification.

Education and EdTech

As the popularity of online education, making sure that the legitimacy of student admissions is essential for schools as well as EdTech platforms. KYC for video KYC assists in verifying the identity of students when they are admitted, stopping fraudulent enrollments, and preserving credibility of online certificates.

Applications in Education:

1. Remote students onboarding
2. Certification and examination verification
3. The parents or guardians have to authenticate their identities for fees

Video KYC assures that schools as well as platforms are able to maintain a high quality of security and reliability.

Healthcare

The medical industry is increasing relying on electronic platforms to facilitate patient registration as well as consultations. Video KYC can verify the identities of patients as well as ensure the security of medical information that is sensitive as well as compliance with regulations like HIPAA.

Applications in Healthcare:

1. Verification during telemedicine consultations
2. Registration of online pharmacies
3. Validating health insurance claims

This ensures only legitimate patients and health professionals use digital health services.

Real Estate

For the property industry the verification of buyer or tenant identities is vital to stop fraudulent transactions and legal issues. Video KYC allows quick and safe verification procedures, which allows the real estate industry and landlords to run more smoothly.

Use Cases in Real Estate:

1. The verification of tenants for rental agreement
2. Buyer authentication during property purchases
3. Ensure compliance with local regulations

Travel and Hospitality

Travel industry typically needs identification verification to book reservations, particularly in the fields of hotel and aviation. Video KYC is a video-based method of verification that KYC can enable remote verification of the customer and provides a smooth user experience and maintaining the security.

Applications in Travel:

1. Verification of identity for booking flights
2. The check-in process has been simplified for hotels and resorts.
3. Validating the identity of users in travel insurance policies

Gaming and Online Entertainment

The online gaming platform must verify the identity of its players in order to comply with age limits and avoid fraudulent activities. Video KYC is a safe and effective method for verifying the identity of players.

Applications in Gaming:

1. Age verification is required for games that are restricted to certain ages
2. The process of authenticating players for purchases made in-game
3. The prevention of multiple accounts with one user
4. This will ensure a secure and more controlled gaming environment.

Benefits of Video KYC for Non-Banking Industries

Secured with Videos KYC makes use of AI-powered technology to spot fake documents as well as illegal activities.

Enhance Customer Experience: The procedure is quick, easy and effortless, which increases customers' satisfaction.

Cost-Efficiency: Automating verification process can reduce manual work as well as the associated cost.

Regulation Compliance: Industries are able to be compliant and reduce operational costs.

The ability to scale: Video KYC supports businesses to expand their business without losing the quality of identity verification.

Challenges and Future Outlook

Although Video KYC offers numerous benefits However, it has its own challenges like:

1. Internet accessibility is guaranteed for remote users
2. Concerns about privacy in relation to video storage
3. Employees are trained to use the latest technologies

The future for Video KYC lies in advancements such as AI-powered facial recognition, the support of multilingual languages, as well as seamless integration of other applications. These advancements will improve its application across other sectors.

Conclusion

Video KYC has a lot more to offer than just to banks. The flexibility and efficacy of the system make it an effective alternative for all non-banking sectors. From telecommunications to healthcare Video KYC is redefining the authentication of customers and helping companies achieve compliance, security and scale.

With more and more businesses embracing digital transformation, the use of Video KYC will only grow which makes it an important device in today's competitive business world.

I'm Akhil Sharma, a dedicated digital marketer at Surepass Technologies Pvt. Ltd., A leading company that provides verification solutions such as background verification. With a passion for leveraging technology to streamline processes and enhance security, I specialize in crafting innovative digital marketing strategies tailored to meet the dynamic needs of clients.