Video kyc with Real Time compliance Qorus-Infosys Finacle Banking Innovation Awards 2025
IndiaCategory
Customer Experience InnovationKeyword
Customer acquisition & loyalty, Customer experience, Video services, Cybersecurity & Authentication, Biometrics
Innovation presentation
Video KYC is a digital identity verification process that enables customers to complete Know Your Customer (KYC) procedures remotely through a live video call. This method leverages technologies like facial recognition and liveness detection to authenticate identities securely and efficiently.
The primary motivation behind implementing Video KYC is to overcome the limitations of traditional, paper-based verification methods, which are time-consuming and often inaccessible to individuals in remote areas. By adopting Video KYC, organizations can offer a more convenient and inclusive solution for customer onboarding.
The main results of implementing Video KYC so far include enhanced efficiency with onboarding times reduced from several days to mere minutes; increased financial inclusion by providing access to banking services for individuals in remote areas; cost reduction through the elimination of paper-based processes and manual verification; scalability allowing financial institutions to onboard a larger number of customers simultaneously; and regulatory compliance with solutions designed to meet stringent regulatory requirements, ensuring secure and compliant identity verification.
Interested in learning more?
Qorus has a library of almost 8,000 innovation case studies across critical areas like customer experience, sustainability, marketing & distribution and more that can be used to inform your decision-making.