Traditional KYC comes in two types: Manual KYC and Video KYC:

Manual KYC

• Manual KYC requires physical presence, which can be inconvenient and time-consuming for customers.
• Manual KYC involves manual processing, which can lead to errors and delays in the verification process.
• Manual KYC is paper-based, which can be difficult to manage and store securely.
• Manual KYC can be costly for businesses due to the need for physical infrastructure and staffing, such as meeting the customers physically and data entry work.

Video KYC

• Video KYC requires real-time interaction with a KYC officer, which can be time-consuming and inconvenient for customers.
• Video KYC may not be available 24/7, which can limit the accessibility of the verification process for customers.
• Video KYC may not be scalable for businesses with a large customer base, as it requires a significant amount of human resources to manage the verification process.
• Video KYC may not be as secure as digital KYC, as there is a risk of fraud and impersonation during the video conferencing process, especially with the rise of Deep Fake technologies.

Both Video KYC and Manual KYC can be less efficient and more costly compared to eKYC, which can be completed remotely and with minimal human intervention. eKYC can also provide a higher level of accuracy and security in the verification process, which is important for digital businesses that operate in a fast-paced and highly competitive environment.

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