Getting live is getting easy for everyone. And this ease of live streaming ourselves has opened a world of opportunities ahead of us. Not only that, but a lot of previous pain points are eliminated because of this ability.

With the advancement in technology, the quality of live streaming is also ascending, and thus it is slowly replacing the need to be physically present for time-consuming and unignorable formalities.

Recently, with RBI allowing the Video KYC, it's been a great relief for both companies and their customers in terms of cost, time, and effort required to complete the process of Know Your Customer.

Video KYC is a game-changer for many organizations, especially finance, e-wallet, and telecom industries. It is not only saving them money but also has spiked their earnings and brand recognition.

So, if your company is not one of the beneficiaries, then carry on reading to find out exactly how video KYC can reduce costs and increase revenue.

How Video KYC reduce costs?

No travel costs

Earlier, the KYC process either required the customer to go to the company office or an agent of the organization visiting the customer's location.

It was not only time-consuming, but on the other hand, it created plenty of hurdles for employees to reach out to customers as most of them were unavailable at their home on a typical day, leaving them frustrated with wasted efforts and money.

But this is not the case with Video KYC, as the company representative, and a customer can remove the distance barrier to complete the process at their convenience.

Time reduced to minutes

On average, it takes 2 to 3 days for a bank to open an account, requiring at least one in-person visit by the bank representative. Now with the customer getting verified online through video KYC, the time taken for the process is reduced to minutes.

But banks are not the only one who is enjoying this swiftness- other types of organizations also have been able to squeeze their time required for completing the process.

As you already know, time is money. The time saved from video KYC can be utilized for other tasks that can generate more revenue for you.

No paperwork

Storage of paper records has been a challenge to the companies as it takes larger space for storage and fear of losing the documents.

With Video KYC, the entire process is happening online, right from form filling to every step of customer verification, there is no exchange of paper records.

Video KYC gives the provision of recording the call that can be saved for an audit or future reference. It has eliminated the time and effort spent on safeguarding the paper records and helped in optimizing human resources earlier utilized for converting paper records into digital records.

How Video KYC can help you make more money?

More customers addressed in a day

As said earlier, by the induction of Video KYC into an organization, the process that used to take a couple of days now takes less than five minutes. With this shift, a large number of customers can be addressed in a day.

Gain a competitive advantage

Competition is getting stiff in every sector, thus having an edge over others is a must, to survive. Video KYC can help you gain that. Today customers look for a company that provides the best service without having to spend much effort and time.

When the process is made hassle-free, it creates a great impression on customers and can result in spreading positive word-of-mouth for your company.

Eliminates fraudulent transactions

Identity fraud can lead to huge losses in terms of money and reputation. Companies have to take extra care to avoid false transactions. Asti Video KYC embedded with AI-based intelligence for the official's assistance and high accuracy OCR to read and match ID card information eliminates the uncertainties associated with fraud identity and gain more profits.

So, choosing Asti Video KYC is not only beneficial in terms of saving money and time but gives your organization an essential trigger to your company's reputation.

Asti Video KYC has made it very simple for organizations to reach customers, know them, and gain business. AES 250-bit encryption provides 100% security of delicate data. The geo-tagging feature helps you locate the customer during the call.

Live video conversations and real-time extraction of details from documents and matching with official databases, there is no risk of fraud with Asti Video KYC.

To make a striking impact on the customer and stay ahead of the competition, adopt Asti Video KYC because we know your customers better.