Video KYC is the new normal post-COVID-19 as businesses have redefined their model of operations.

The COVID-19 pandemic has forced many companies to think outside the box and look at unique applicable processes to sustain and further expand their businesses. And along with this, one thing that has become inevitable is the norm of social distancing. This has affected banks and NBFCs significantly and has also paved the way for video KYC and its widespread adoption.

HyperVerge is one such company which has announced the release of Video KYC solution with Capital Float. Video-KYC allows a customer to remotely authenticate KYC verification with Capital Float from the comfort of their home or office.

The company claims that the entire process takes the customer 2 to 5 minutes, and offers an enhanced experience to the borrower when compared to the tedious traditional verification processes. Thus, the system is safe from the perspective of Covid-19, and it also offers a better customer experience than earlier.

The HyperVerge system is 100% compliant with the Jan 9 RBI regulations that permitted Video KYC for all regulated entities (banks, NFBCs, wallets). Further, it is built to enable each agent to be able to process 200 KYCs a day, which is an improvement of 10 times over in-person-verification. Lastly, HyperVerge AI checks for errors and frauds in real-time in a way that was not possible earlier, the company claims.

This new way of working is a win-win for both the customers and lenders and may be a “new normal” for KYC. This, in fact, is a critical moment when the government is relaxing lockdown rules and is stimulating the economy to restart while keeping the infection numbers within limits. The movement of goods is increasing and consumption is resuming. Solutions like video-KYC can play an important role right now as they allow for businesses to open up in a safe way.

Speaking on the development, Gaurav Hinduja, co-founder and managing director of Capital Float, said, “Video KYC is the new normal post-COVID-19 as businesses have redefined their model of operations. This feature will enable customers to complete the verification process remotely, from the comfort of their homes or offices. The V-CIP solution is expected to drastically reduce onboarding time, subsequently shortening wait times for the borrower. We, at Capital Float, aim to constantly improve the customer experience while ensuring compliance from a risk and regulatory perspective. We are excited to partner with Hyperverge in this regard and are pleased to extend the benefit of Video-KYC to our customers.”

Kedar Kulkarni, Co-founder and CEO, HyperVerge, said, “The COVID-19 crisis is putting pressure on all businesses to innovate. Together with Capital Float, we have created a 100% safe and contact-less process that will be used by thousands of Indians who can get a loan without having to leave their house.”