Copilot and GenAI-Driven Video KYC for Re-KYC: Adhering to RBI’s 14-Point Guidelines

In an era where customer-centric digital transformation is paramount, Re-KYC (Know Your Customer) processes are under greater scrutiny to ensure compliance, speed, and accuracy. The Reserve Bank of India (RBI) has outlined a comprehensive 14-point guideline for Video KYC to streamline and standardize this essential process. Leveraging Generative AI (GenAI) and Copilot technologies within cloud ecosystems like AWS and Azure Databricks, financial institutions can effectively implement these guidelines, providing an efficient and secure Video KYC experience.

In this article, we delve into how Copilot and GenAI can revolutionize Video KYC, ensuring full compliance with the RBI’s guidelines while enhancing the end-user experience.

Understanding RBI’s 14-Point Guidelines for Video KYC

The RBI’s guidelines ensure that Video KYC is secure, compliant, and customer-friendly. Here’s how each of the 14 points can be addressed through Copilot and GenAI in a cloud environment.

1. Identity Verification The RBI mandates that Video KYC processes must verify customer identity effectively. Using GenAI-driven face recognition algorithms and Copilot assistance, we can match customer IDs with live video frames to validate identity swiftly.
2. Geo-Tagging For location verification, the RBI requires geo-tagging. With cloud-based services, geo-location can be captured automatically through metadata, ensuring accuracy.
3. Customer Consent Consent capture and storage are vital. Using GenAI, systems can ensure customer consent through voice or text recognition and automatically store consent data on the cloud.
4. Live Detection GenAI-driven live detection tools ensure that Video KYC is not bypassed by static photos or pre-recorded videos. The system can analyze multiple frames in real-time, flagging any discrepancies.
5. Video Recording Cloud ecosystems facilitate high-quality video recording storage that can be accessed and reviewed on demand, allowing financial institutions to fulfill the RBI’s requirement for video archival.
6. Timestamping Automatic timestamping is a feature provided by both AWS and Azure, ensuring that each segment of the video is tracked and stored with an accurate date and time.
7. Officer Verification RBI mandates that Video KYC officers must confirm customer information. Using GenAI to streamline workflows, officers can review and validate data seamlessly within the platform.
8. Dynamic KYC Data Checks Cloud platforms like Azure Databricks can be integrated with internal KYC databases, enabling dynamic checks and real-time customer data validation.
9. End-to-end Encryption Ensuring data security, AWS, and Azure provide end-to-end encryption of Video KYC streams, meeting the RBI’s stringent security standards.
10. User Authentication Through multi-factor authentication, both AWS and Azure can secure logins and access to Video KYC sessions, adhering to the RBI’s security guidelines.
11. Data Retention Compliance Cloud platforms offer customizable data retention policies, allowing financial institutions to securely store and purge data as per RBI guidelines.
12. No Biometrics Stored While biometrics are essential for face recognition, AWS and Azure ensure that raw biometric data is not retained beyond the session, fulfilling RBI’s privacy mandate.
13. Automated Flags and Alerts Using GenAI and Copilot, institutions can set up automated alerts to flag suspicious behavior or discrepancies, ensuring regulatory compliance and security.
14. Audit Trails Both AWS and Azure provide robust logging and audit capabilities, which allow complete tracking of all Video KYC activities.

How to Achieve RBI-Compliant Video KYC Using AWS and Azure Databricks with Copilot

Step 1: Set Up Cloud-Based Video KYC Infrastructure

AWS and Azure Databricks offer powerful infrastructure for secure, scalable Video KYC. By leveraging Copilot, you can set up an intuitive workflow that integrates GenAI-driven ID verification, live detection, and geo-tagging, ensuring data compliance and streamlined customer experience.

Step 2: Integrate AI and Machine Learning for Real-Time Compliance Checks

GenAI services on both AWS and Azure, such as Amazon Rekognition and Azure Face API, provide the tools necessary to implement real-time identity verification, live detection, and dynamic checks. By using Databricks for data analysis and storage, you can integrate real-time compliance checks with minimal latency.

Step 3: Automate Consent and Data Retention with Copilot

Copilot can automate data handling and retention policies, capturing customer consent seamlessly. Cloud-based storage ensures compliance with data retention policies, and Copilot can help trigger necessary actions automatically based on the KYC status.

Step 4: Monitor and Manage Data Security and Audit Trails

AWS and Azure provide robust end-to-end encryption, with secure data handling at every step. By leveraging Copilot’s automation capabilities, institutions can manage data security and generate audit logs that track all interactions, fulfilling the RBI’s audit requirements.

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Summary

Integrating Copilot and GenAI-driven solutions for Video KYC on platforms like AWS and Azure Databricks not only enhances compliance with the RBI’s 14-point guideline but also transforms the customer experience with efficiency and accuracy. By adhering to these guidelines, financial institutions can ensure that Video KYC is secure, seamless, and future-ready.

Sources

1. Reserve Bank of India. Guidelines on Video KYC for Banks
2. Amazon Web Services. AWS Compliance for Financial Services
3. Microsoft Azure. Azure Security and Compliance for Financial Institutions