Video-based KYC likely in next six months as banks, NBFCs evaluate options

While no financial player has gone live with the process yet, many are said to be in the proof-of-concept stage and it is a matter of time before the process becomes a reality

Banks, non-banking finance companies (NBFC) and fintech firms are currently evaluating ways to adopt video-based customer identification process (VCIP) and are likely to implement the process within the next three to six months.

According to officials of various video-based KYC (know-your-customer) providers and fintech firms, many private banks, NBFCs and digital lenders are in the proof-of-concept (PoC) phase, just ahead of going live.

"Though no financial institution has gone live yet, we are engaged in PoC with more than half the players in this space. Obviously, many of these PoCs will turn into contracts. It is just a matter of