iStart Video KYC Platform: Accelerate Financial Inclusion via remote onboarding.

Financial Inclusion refers to the process of ensuring that all people and businesses have easy, safe, and timely access to the full range of financial products, services, and technologies they need to survive.

It facilitates the low-cost and transparent distribution of financial products and services to customers from all walks of life and is crucial to the nation's economic prosperity.

This article describes how iStart Video KYC can expedite financial inclusion through remote onboarding and KYC verification.

Did you Know?

iStart Video KYC – Unlocking the Potential of Financial Inclusion

Financial services can employ video KYC as a low-cost method of customer verification. With decreased KYC expenses and proper KYC verification, they may rapidly grow their products and services to a vast array of customers nationwide.

iStart video KYC is designed specifically for India's unbanked and underbanked regions to enable quick and easy access to their products and services. With a low bandwidth mode and a guided step-by-step process, the platform bridges the gap between individuals and financial services in even the most remote rural areas of India.

Benefits of iStart Video KYC for Financial Inclusion

Easy Customer Onboarding:

The software enables financial institutions to remotely check the KYC of their customers, eliminating the need for customers to visit a bank branch. It provides onboarding processes that are simple and efficient, with consideration for customers' time and effort. The platform decreases customers' hesitation to complete the KYC procedure, hence lowering attrition.

Guided KYC Process:?

It is performed by KYC agents who direct the customers during the video call to finish their identity verification procedure efficiently. Customers are able to comprehend the process and prepare the necessary official verification documents with the assistance of our direction. Due to its streamlined structure, video KYC has also encouraged more customers to apply for loans than physical KYC verification.

Reduced Operational Cost:

A cost-effective KYC solution is a primary concern for banks and NBFCs in response to financial inclusion. The platform reduces financial service capital requirements and expenses. The entire method is carried out online with the aid of a digital process and digital record-keeping, thereby minimizing operational expenses.

Low-bandwidth verification:

The platform works smoothly in areas with low bandwidth. This functionality will maintain the session if the agent or customer is in an unstable network region. KYC agents may perform liveness checks and confirm OVDs regardless of the customer's internet connection speed. This helps banks and NBFCs attract a diverse customer base from throughout the nation.

Video KYC for Financial Inclusion

Financial inclusion, as emphasized by the Reserve Bank of India (RBI), is a significant business potential for the banking sector. Financial inclusion requires that banks and NBFCs embrace emerging technology and solutions.

iStart's Video KYC Software Solution is the best way to improve customer and financial inclusion. Our Digital KYC and AML Onboarding Software Solutions assist financial services in maintaining secure operations and satisfied consumers. It offers a more secure and efficient verification method suitable for contemporary onboarding procedures.