Chennai, NFAPost: PC Financial Services (operators of CashBean), which is a Non-Banking Finance Company (NBFC), announced its plans to start the Video KYC process for its existing customers enabling quicker and easier verification of documents.

With this, the existing customers can even upgrade their loan amount up to Rs 60,000, so if a customer who has taken a loan amount of Rs 25,000 post successful completion can upgrade this loan amount to up to Rs 60,000 without changing any other formalities of the loan.

The solution is being extended to the existing consumers because as per RBI norms, video KYC is compulsory for customers who want to avail loan of more than Rs 60,000.  The video KYC was introduced for Indian banks and lending institutions after RBI amended its KYC norms in January 2020.

With the company making the video KYC process live, customers will now have the ease of providing documents for verification online and get instant approval of upgradation of loan amount. Video KYC will make the process seamless and paperless but also be cost effective and save time of customers as well as for the lender.

PC Financial Services Chief Financial Officer (CFO) Raghuvir Gakhar said, “We are glad to be one of the early adopters of the new RBI-regulated process. It will be beneficial in today’s date more than ever as people are now wary about stepping out due to the current health scenario.”

“And from a lender’s perspective, it is going to be a significant game changer as it cuts down costs, and as the facility is being made available to the existing customers, they would be looking at increasing their loan amounts,”he added.

It used to take at least three days to collect documents from a customer when done physically, but now the entire process will be completed within just 5 minutes depending on the internet connection. Also, if any smart phones and browsers are not compatible with its technology, the company would make adequate arrangements to smoothen that process. According to the company, approximately 150-200 video KYCs can be performed per day as artificial intelligence (AI) helps the agent verify documents faster.

Key factors of video KYC 

  • Fully end-to-end encrypted audio-visual interaction with the customer along with internet speed check to maintain adequate quality of communication
  • Automated AI-powered fraud checks like name match, DOB (date of birth) match, face match, PAN match are performed
  • Every video session is reviewed to ensure the integrity of the process
  • Audit is done to ensure integrity
  • Done with prior consent of customer
  • Geo tagging to get live location of customer to ensure physical presence in India
  • Face capture with AI-powered real-time comparison of face snapshot versus face on Aadhaar/PAN with over 99.5% accuracy
  • Video recording is stored safely with timestamp

Gakhar added that a unique video KYC link will be shared with the customers through SMS to start the process. On opening the link, customers will be redirected to the consent page, wherein they need to accept the terms and conditions in addition to providing location access to start the video call.

“There is a pre-qualification stage where the customers are required to provide their PAN number, date of birth and their name as mentioned on the PAN card. A crucial step here is the offline verification of the Aadhaar card, keeping in mind that it is not older than 3 days,” explained Gakhar.

As per the process, customers will then be asked to share the on-screen verification code with the agent on video call to proceed further. The customer is required to display the PAN card in front of the camera for verification. Once verified, the agent will click a picture of the customer for which it is mandatory to remove eye glasses and face masks.

“It is a very secure and error-free process because when the picture is clicked, the system will automatically show the AI-based face match of selfie with ID and other documents. Based on the result, our agent will decide whether to approve or decline the KYC,” said Gakhar.

He added that in case the agent declines the KYC, he/she has to mention the reason behind it. Once approved, the logs along with video will be provided to the auditor for cross verification. It is only after the auditor verifies the KYC that the video KYC will be completed.

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