Video KYC Project
Mission
Developing a standardised, secure, and scalable video Know-Your-Customer (KYC) process and technology framework for India’s financial sector.
In May 2021, the Reserve Bank of India (RBI) revised its Know Your Customer (KYC) guidelines to facilitate the on-boarding of new customers by leveraging Video-based KYC, while also provisioning for the use of Artificial Intelligence (AI).
In this context, RBIH had conducted a study titled ‘Video-Based Customer Identification Process (V-CIP): Way forward towards a 100% Presenceless and Paperless KYC’ and identified several areas of improvement to the process flow.
Key Issues Identified From
Field Study
High Costs
Technology used for face matching is expensive
Lack of Transparency
Proprietary algorithms result in an opaque process
No Standardisation
Different algorithms used by regulated entities prevent comparison of results
Proposed Solution
RBIH along with its project partners seeks to replace the commercially available face-matching solutions with a low-cost and standardised solution from the UIDAI.
While the PoC with IDFC First Bank is complete, we are not now conducting pilots with SBI, HSBC, and Union Bank of India to evaluate the project’s viability.