From trello roadmap, video verification is in build mode. Is it with manual intervention or auto? For verification, stock broker uses In Person Verification (IPV) where user need to write a 4 digit code on a piece of paper and hold it in front of camera so the website can capture multiple images. Is it similar in Jupiter or someone from bank side will come online on video call to get the verification done?
Most probably an agent will do the ipv to whom you will need to show the pan card or other document.
There are 2 parts to this:
Once you open an account online, it is tagged as a digital account with a limit of 1 lakh.
The digital account is then converted to a normal account after full- KYC ( manual verification). Video verification is what most stockbrokers do to ensure that the id shared is not fake ( purely identity verification)
After you opt for a fully kyc, the biometric verification needs to happen. A third-party vendor will come with his device & reader to map you biometric. Neo banks generally follow this. Traditional banks send your relationship manager to your house with the form to convert the account.
These are inputs from my personal experience
Would be better if the entire verificaiton process is done over the video call.
Now RBI has given permission to banks to complete kyc with video verification. In fact, i have opened an account with a private bank with only video verification.
Basically its a video call to verify all the documents.
Biometric and agent based video verification are extremely inefficient processes. A couple of months ago, I had opened an account with a bank using video verification. When I was on the video call page, no agent came for many minutes. If there is traffic, this will lead to delays. Increasing agents is not a scalable solution.
For KYC, Aadhaar can be fetched using digilocker by OTP. Then In Person Verification (IPV) can be performed, a 4 digit code comes on screen, user has to write it on a piece of paper or phone and show it along with their face in the camera and click capture (this capturing process will happen in real time in browser without any agent).
Unless the banking regulations explicitly require bank employee to manually get these things done over a video call, there is no reason not to upgrade to superior and scalable verification processes.
I think full KYC can be easily done from CKYC. Ofcourse it will be useful for those people whose existing Bank have generated the CKYC number of their customers. Many private banks including HDFC,ICICI, Kotak and IDFC register their customers KYC in CKYC.
I have a Fi Federal saving account and I didn’t have to go through the Video KYC process to convert my saving account from limited KYC to Full KYC. They fetched my KYC data from my CKYC. But they told me about that after 10-15 days of opening account with them.
Apparently, Federal Bank has the API for pulling CKYC details from CERSAI using customer’s KIN.