Industry Background:
Video KYC is the advanced way to complete the KYC for their respective accounts while not taking too much time for the whole process of KYC. The video KYC comprises of video-based customer identification procedure (VCIP), video-based identification process (VBIP), and video in-person verification (VIPV). It is different from the KYC verification protocols like eKYC or digital KYC because of its integration with video-enabled features, audio, and facial matching capabilities. It uses AI technology to streamline & expedite the KYC verification process.This growth is primarily driven by Growing Demand for Automation and Advanced Technologies in KYC Approval and Need for Remote KYC while Providing Greater Security Than Other Methods with the Travel Restrictions.
Globally, a noticeable market trend is evident Increasing Use of KYC Approval Software for Video KYC. Major Players, such as Wibmo Inc. (United States), Signicat (Portugal), Ameyo (India), SignDesk (India), HyperVerge (United States), Onfido (United Kingdom), IDnow GmbH (Germany), FRSLABS (India), GIEOM Business Solutions (India), Signzy Technologies (India), LeadSquared (India) and Great Software Laboratory (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 13th October 2020, Mastercard partners Indian start-up Signzy for global rollout of Video KYC. With this partnership, Mastercard customers will benefit from a completely paperless, remote, and secure onboarding solution for end-users. It may be recalled that the Reserve Bank of India (RBI) had in January this year amended its KYC norms allowing banks and other lending institutions regulated by it to use Video-based Customer Identification Process (V-CIP), a move which will help them, onboard customers.
On 6th May 2020, Ameyo Launches Video KYC Engagement Platform for Banking and Finance. This presence-less and paperless Video KYC solution for banking will help you reduce 90% of the costs of operations which means you do not have to invest capital for travel agents and documentation of the customers. This can be achieved in clicks online.
Market Drivers
- Growing Demand for Automation and Advanced Technologies in KYC Approval
- Need for Remote KYC while Providing Greater Security Than Other Methods with the Travel Restrictions
Market Trend
- Increasing Use of KYC Approval Software for Video KYC
Restraints
- Regulatory Compliances and Guidelines Associated with Video KYC
Opportunities
Surging Demand for the Video KYC in Developing Nations and Technological Advancements in the Video KYC
Challenges
Internet Connection Related SIsuses with the Video KYC
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Video KYC Study Sheds Light on
The Video KYC Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Video KYC industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Video KYC industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.