As digital innovation is reshaping the services sector, most businesses, esp. financial sector is at the forefront, by revolutionizing how they interact with their customers, and it starts with customers onboarding. One of the most significant advancements in recent times has been Video based KYC onboarding (vKYC), a streamlined, remote identity verification method that eliminates the need for physical presence or is simply presenceless. Digio as a leading provider of digital solutions, has pioneered vKYC with strong focus on being SAFE - Secure & Trustable, Advantageous, Flexible, and Evidence-based solution - delivering a process that is efficient, compliant, and user-friendly. 

In a nation like India, where tier-2 and tier-3 cities are rapidly integrating into the digital economy, the role of such technology cannot be overstated. Digio’s vKYC caters to this ever expanding market, ensuring secure and seamless access to financial services across India. 

KYC: The Bedrock of Financial Security 

KYC, or Know Your Customer, is a fundamental regulatory requirement designed to verify the identity of individuals engaging in financial transactions. It aims to prevent fraudulent activities, money laundering, and terrorism financing by ensuring that customers are, who they claim to be. Traditionally, KYC involved submitting physical documents and undergoing manual verification, often leading to delays and inefficiencies. 

With the advent of vKYC, the process has evolved, offering the same level of verification without the need for physical interaction. This innovation has been embraced by regulators such as the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and the Insurance Regulatory and Development Authority of India (IRDAI), each tailoring the requirements for their sectors. 

A typical KYC onboarding process often include identify verification, to establish legitimacy of user's ID cards; address verification using ID cards, utility bills or bank statements to confirm his address as a secondary identifier; and evaluation of financial credibility using bank statements and income proofs. A video-based KYC verification leverages technology to ensure customers can complete a full KYC, to validate their identity or address over the call along with sharing bank statements remotely, which traditionally required an in-person visit.

Compliance with Regulatory Standards 

Video-KYC based customer onboarding has been approved by multiple regulators to allow digital onboarding across multiple industries.

● RBI's Video Customer Identification Process RBI (V-CIP) mandates secure, real-time customer verification for the banking and financial institutions. 

● SEBI's Video In-Person Verification SEBI (VIPV) guidelines caters to capital markets and stockbrokers.

● IRDAI's Video-Based Identification Process IRDAI (VBIP) ensures seamless onboarding in the insurance sector.

Digio’s v-KYC solution is compliant with all the three regulatory requirements allowing businesses to offer seamless services! 

The SAFE Factor of Digio’s video KYC

The SAFE factor encapsulates the core strengths of Digio’s vKYC, driving its adoption across industries. Let’s delve deeper into each component: 

1. Secure & Trustable 

In the modern world, where data security is critical, Digio's vKYC shines as a trusted solution. It uses advanced technology to protect customer information, streamline the verification process and makes this a trusted and reliable offering. 

● End-to-End Encryption: Every interaction, from document uploads to video calls, is encrypted, preventing unauthorised access. 

● Effective Screen Recording: The entire KYC session is recorded for compliance, ensuring transparency and accountability. 

● ID Document Capture and OCR: The system automatically captures ID documents and extracts data using Optical Character Recognition, minimizing manual errors. 

● Face Matching and Liveness Detection: The customer’s live video feed is matched against their ID photo to confirm identity, while liveness detection ensures the presence of a real person. 

● Deep-fake Detection: Advanced algorithms detect any attempt to use manipulated media during the verification process. 

● Geo-tagging and VPN Detection: Ensure customer is physically located where they claim to be, adding an extra layer of security. 

2. Advantageous (Convenience and Benefits) 

One of the most advantageous aspects of Digio’s vKYC is its ability to simplify and accelerate the KYC process. The solution is built to enhance the user experience but also boost operational efficiency of the businesses by reducing manual interventions and turnaround times. 

● Quick and Efficient Process: Customers can complete the entire vKYC process in as little as 3-5 minutes. Auditors take an additional 5-10 minutes to review and approve the KYC, drastically reducing onboarding time. 

● Scheduled Calls and Reminders: Customers can schedule calls at their convenience basis agent availability, with reminders ensuring no appointments are missed. 

● Agent or User-Initiated Calls: Flexibility in initiating calls enhances user convenience.

● Live Feedback and Clues: Real-time feedback helps customers navigate the verification process smoothly. Features like an oval cue guide customers to position their face correctly for selfies. 

● Chunking of Data Files: Large video files are broken into smaller chunks for quicker uploads and reduce system latency. 

3. Flexible Workflow 

Flexibility in workflow is crucial for businesses operating in diverse sectors with varying requirements. Digio’s vKYC offers a dynamic, role-based system that can be tailored to suit specific organisational needs. This vKYC solution empowers businesses to optimize their verification processes, manage workloads effectively, and adapt to changing customer demands. 

● Role-Based Actions: The platform assigns distinct roles to agents, auditors, and administrators, ensuring streamlined operations. 

● Live Dashboards: These provide a real-time view of the vKYC process, allowing businesses to monitor progress, track performance, and make informed decisions. 

● Performance Metrics: Transparent metrics help motivate agents and ensure accountability across teams. 

● Customisable Branding: Businesses can integrate their logos, colors, and fonts into the vKYC interface, enhancing brand consistency and customer trust. 

● Supervisor Access and Priority Call Assignment: Upcoming features include supervisor logins and priority call handling, further improving workflow efficiency. 

4. Evidence-Based Verification 

Evidence forms the cornerstone of any robust KYC process, providing tangible proof of presence, identity, interaction and authenticity. Digio’s vKYC leverages multiple layers of evidence to ensure businesses onboard customers in an integral way while complying with regulatory requirements and foster trust among all stakeholders.

● Proof of Presence: Geo-tagging, geo-distancing, and VPN detection confirm the physical location of the customer. 

● Proof of Identity: Real-time face matching, combined with liveness detection and deep-fake technology, ensures the authenticity of the customer’s identity.

● Proof of Interaction: The entire video KYC session is recorded, serving as evidence of interaction between the customer and the verification agent. 

● Proof of Authenticity: Randomly presented questions and knowledge-based verification further authenticate the individual, adding a final layer of credibility.  

Digio’s vKYC: A Seamless Digital Experience

The process of completing vKYC through Digio is designed to be as straightforward and user-friendly as possible: 

1. Initiation & Scheduling: Customers provide their personal details and upload government-issued ID documents on a secure platform. They schedule a video call with a trained KYC officer at their convenience basis agent availability. 

2. Live Interaction & Verification: During the call, customers present their original ID documents. The KYC officer verifies the information in real-time and may ask additional questions to trust the interaction and confirm their identity. 

3. Recording and Review: The entire session is recorded for audit purposes. An auditor reviews the data and approves the KYC if all requirements are met. This digital-first approach eliminates the need for physical visits and manual paperwork, making it a game-changer in customer onboarding. 

Scaling inclusion into Financial Services and beyond

India’s rapid digital transformation is not confined to its metropolitan areas. Tier-2 and tier-3 cities are increasingly becoming part of the digital economy, necessitating inclusive solutions that cater to their unique needs. Digio’s Video KYC offering will help play a pivotal role in this regard by offering: 

● Remote Access: Customers in remote areas can complete their KYC without traveling to physical branches. Assisted journeys are often popular among tier-2 and tier-3 users, and a video based KYC solution can easily serve these users.

● Multi-Language Support: Video KYC solutions often are supported by agents who are comfortable in multiple languages and thus allow businesses to quickly offer onboarding in multiple languages ensuring inclusivity for non-English speaking users. 

● Low Bandwidth Optimization: The platform is designed to function effectively even in areas with limited internet connectivity.

Enhancing Operational Efficiency and Customer Trust

The adoption of Digio’s vKYC could bring significant operational advantages to businesses: 

● Scalability: Businesses can scale their operations to handle increasing volumes of KYC requests without compromising quality or compliance. 

● Cost-Effectiveness: By reducing the need for physical infrastructure and manual processes , vKYC minimizes operational costs. 

● Improved Customer Experience: A quick, hassle-free verification process enhances customer satisfaction and faster access to business services without the inconvenience of physical visits, enjoy faster turnaround times, and feel confident knowing their data is secure. 

Conclusion 

The SAFE factor of Digio’s vKYC - Secure & Trustable, Advantageous, Flexible Workflow, and Evidence-based solution - defines a transformative approach to digital identity verification. As India steps into an new era of transformative service delivery using technology, solutions like vKYC are not just enhancing operational efficiency but also empowering individuals and businesses across the socio-economic spectrum. 

Through its compliant and user-centric design, vKYC will help shape the landscape of financial services, ensuring that trust, security, and convenience remain at the core of every interaction.