As the days pass by the pattern of operations in the business changes and gets updated with the new techniques. Every industry is dynamic and no method prevails in the market for a long. Likewise, the pattern of verifying clients is also getting changed and now the clients do not require as like before to visit authorized center for the purpose of verification. The REDVision Technologies has introduced a feature of Video KYC in its Mutual Fund Software for IFA to facilitate simplest form of collecting initial information of investors.
Feature of video KYC:
· Paperless collection of information in a scanned format.
· Facility to check KYC status whether approved or pending.
· Expands the business revenues and improves productivity.
· KYC can also be received through sending an invitation link without sharing login credentials.
Why Video KYC?
· Removes paper based data collection.
· Rapid information collection of multiple clients.
· Converts the method into user centric process.
· Attracts new clients from remote locations.
What are the problems in its absence?
· Manual process proves time consuming.
· Lack of management and poor business operations.
· Low revenue collection due to complex process.
· High cost in data collection and retention.
What are its Advantages?
· Maximum revenue collection of business while focusing on primary areas.
· Instant verification helps in immediate investment.
· Cost effective process for both parties.
· More satisfaction among clients and long term retention.
The firms engaged in
operations using modern method are proving productive in comparison of those
which are still dependent on the old process of KYC. After adoption of Video
KYC the operations of consulting firms and clients tasks became convenient.
Also, the investment markets are highly fluctuated, it is highly recommended
for the business to adopt video based KYC in order to avail the benefit of
market returns.For More Information Visit @-https://wealthelite.in/
