IBS Intelligence has reported that Indian banks, fintechs, NBFCs, and other financial services companies will soon switch to video calls to expedite their customer onboarding process.
On 9 January, Reserve Bank of India (RBI), the country’s banking regulator, came up with a notification depicting amendments of its existing guidelines. This notification suggests that companies can help onboard customers remotely through video calls.
These guidelines changes come six months after an RBI-committee had recommended the replacement of the current KYC and Aadhaar KYC norms in favour of using video-KYC. The committee’s recommendations were to usa Google Duo for Android users and FaceTime for iPhone users. Moreover, India’s apex bank has allowed companies to use of a screen-shot (taken during the video call) or live photo of a customer as a proof of identification to complete the KYC process.
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