{"id":4747,"date":"2020-11-12T07:35:40","date_gmt":"2020-11-12T07:35:40","guid":{"rendered":"https:\/\/signdesk.com\/in\/?p=4747"},"modified":"2025-09-17T07:06:57","modified_gmt":"2025-09-17T12:36:57","slug":"how-you-can-optimize-credit-card-onboarding-with-video-kyc","status":"publish","type":"post","link":"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc","title":{"rendered":"How You Can Optimize Credit Card Onboarding With Video KYC"},"content":{"rendered":"<h2><span style=\"color: #008000;\"><strong>Credit Card <a style=\"color: #008000;\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-you-should-be-onboarding-customers-with-video-kyc\">Onboarding<\/a><\/strong><\/span><\/h2>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Onboarding a credit card user is usually a pretty complicated and extensive process. The competitive nature of the financial services industry further exacerbates the difficulty of and time spent on onboarding a single user.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Credit card <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-you-should-be-onboarding-customers-with-video-kyc\"><strong>onboarding<\/strong><\/a> typically consists of several back-and-forths between the customer and the sales team, confusion with regards to the documents required for onboarding, and a drawn-out customer experience that ends up with a lot of dissatisfied customers. Most of the time banks have to go through this entire process without any revenue at the end, because customers are not charged until they begin using the credit card.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">These are all good reasons to consider altering the credit card onboarding process, but first let\u2019s nail down exactly what the challenges are with traditional credit card <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-you-should-be-onboarding-customers-with-video-kyc\">onboarding<\/a>.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4755 aligncenter\" src=\"https:\/\/melento.ai\/en-in\/blog\/wp-content\/uploads\/2020\/11\/How-You-Can-Optimize-Credit-Card-Onboarding-With-Video-KYC-1-1.jpg\" alt=\"Credit-Card-Onboarding\" width=\"1000\" height=\"454\" \/><\/p>\n<h2><span style=\"color: #008000;\"><strong>What are the pain points for <a style=\"color: #008000;\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-you-should-be-onboarding-customers-with-video-kyc\">credit card onboarding<\/a>?<\/strong><\/span><\/h2>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">In order to fix the problems with the way financial institutions onboard customers for issuing credit cards, we must identify the challenges in credit card <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/video-kyc\">onboarding<\/a>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Here are the most salient pain points.<\/span><\/p>\n<ul>\n<li>\n<h5><span style=\"color: #333300;\"><b>The process is slow and expensive\u00a0<\/b><\/span><\/h5>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Marketforce <\/span><a style=\"color: #333300;\" href=\"https:\/\/www.cardrates.com\/news\/market-force-banking-study-predicts-future-changes-for-bank-branches\/\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>reports<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> that opening a new customer account takes more than 24 hours at 19% of financial institutions.\u00a0<\/span><\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Deloitte <\/span><a style=\"color: #333300;\" href=\"https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/us\/Documents\/financial-services\/us-cons-automation-in-on-boarding-and-ongoing-servicing-of-commercial-banking-clients.pdf\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>reports<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> that a bank typically spends between $20,000 and $30,000 to onboard a single customer in a process that can take up to 12 weeks.\u00a0<\/span><\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Since customers cannot be charged until they start using their issued credit cards, banks take a further hit to their revenue if they cannot complete the onboarding process, which happens an <\/span><a style=\"color: #333300;\" href=\"https:\/\/resources.signicat.com\/digital-onboarding-whitepaper\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>estimated<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> 40% of the time.\u00a0<\/span><\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">These problems all come down to a lack of automation in the onboarding process. Deloitte <\/span><a style=\"color: #333300;\" href=\"https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/us\/Documents\/financial-services\/us-cons-automation-in-on-boarding-and-ongoing-servicing-of-commercial-banking-clients.pdf\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>estimates<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> that completely digitizing the onboarding process results in a minimum of 50% increase in efficiency.\u00a0<\/span><\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Melento (Formerly SignDesk)\u2019s <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/digital-onboarding\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>video KYC and digital onboarding<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> solution has allowed several major banks to reduce their onboarding costs by up to 90% and significantly boost efficiency.<\/span><\/span><\/p>\n<ul>\n<li>\n<h5><span style=\"color: #333300;\"><b>The process lacks structure and is subject to changing regulations<\/b><\/span><\/h5>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Anyone that\u2019s applied for a credit card will know how fragmented the <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/video-kyc\">onboarding process<\/a> is.\u00a0<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">While most banks begin customer engagement on digital channels owing to 48% of consumers between the ages of 18 and 34 using bank applications on a daily basis, the onboarding process rarely follows through digitally.\u00a0<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">This is due to a woeful lack of automation in identity verification and a general lack of structure in the compliance process. Most officials interpret compliance regulations in their own way and use paper-based documentation for identity and <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/10-things-you-need-to-know-about-rbis-vcip-video-kyc\">KYC verification<\/a>, resulting in a disordered and messy <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/video-kyc\">onboarding process<\/a>.\u00a0<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Further, changing AML &amp; KYC regulations throw a spanner in the works due to the inability of banks to adapt. This has led to soaring compliance costs, <\/span><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>reported<\/strong><\/span><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> at $70 million for American banks.\u00a0<\/span><\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">These factors have led to a 40% drop-off rate among customers, 55% of whom say that they would prefer if banks could digitally verify their identities.\u00a0<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">This tacitly suggests a solution for banks. Melento (Formerly SignDesk) has taken these factors into account and created an ML-powered identity and <\/span><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>document verification solution<\/strong><\/span><\/a><\/span><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><span style=\"color: #333300;\"> capable of instantly verifying KYC using standard databases. Additionally, our solution is customizable and capable of adapting to changes in regulations in real-time and according to client<\/span> requirements.\u00a0<\/span><\/p>\n<ul>\n<li>\n<h5><span style=\"color: #333300;\"><b>The process is vulnerable to <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/video-kyc-solves-id-theft-online-bank-fraud\">large-scale fraud<\/a>\u00a0<\/b><\/span><\/h5>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Fraud is a perennial thorn in the side of bankers the world over. In 2018, the U.S Federal Trade Commission <\/span><a style=\"color: #333300;\" href=\"https:\/\/www.consumeraffairs.com\/finance\/identity-theft-statistics.html\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>processed<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> 1.4 million cases of fraud resulting in losses of $1.4 billion. Reports also indicate that every dollar lost due to fraud costs banks 2.5 times that, due to hidden costs relating to reputation and loss of trust among customers.\u00a0<\/span><\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">In India, public sector banks saw a 200% increase in reported cases of fraud while private banks saw a 500% increase, according to the RBI\u2019s <\/span><a style=\"color: #333300;\" href=\"https:\/\/www.rbi.org.in\/scripts\/AnnualReportPublications.aspx?Id=1290\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>Annual Report<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> 2019-20.\u00a0<\/span><\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">According to <\/span><a style=\"color: #333300;\" href=\"https:\/\/www.juniperresearch.com\/press\/press-releases\/retailers-to-lose-130-bn-globally-in-card-fraud\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>Juniper Research<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">, the retail sector is projected to lose $130 billion dollars between 2018 and 2023 due to Card-Not-Present (CNP) fraud.\u00a0<\/span><\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Fraud occurs due to the lack of a comprehensive and secure verification system, and the absence of client data security measures. Fraud is reported 82% of the time by automated security mechanisms, and <\/span><a style=\"color: #333300;\" href=\"https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/in\/Documents\/finance\/in-finance-DeloitteIndiaBankingFraudSurveyIII-noexp.pdf\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>Deloitte\u2019s Banking Fraud Survey 2018<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> indicates that strong KYC is critical in preventing documentation fraud.\u00a0<\/span><\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Therefore a <\/span><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>digital KYC and identity verification system<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> could help banks significantly reduce fraud.<\/span><\/span><\/p>\n<ul>\n<li>\n<h5><span style=\"color: #333300;\"><b>The process takes place over several channels\u00a0<\/b><\/span><\/h5>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">A Marketforce <\/span><a style=\"color: #333300;\" href=\"https:\/\/www.cardrates.com\/news\/market-force-banking-study-predicts-future-changes-for-bank-branches\/\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>survey<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> reported that over 85% of customers who began onboarding on one channel couldn\u2019t finish it when they switched to another channel.\u00a0<\/span><\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">This, along with other problems, has <\/span><a style=\"color: #333300;\" href=\"https:\/\/resources.signicat.com\/digital-onboarding-whitepaper\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>resulted<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> in 40% of customers abandoning their credit card application, and 39% giving up because the process was drawn out for too long.\u00a0<\/span><\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">But the solution is clear. Several reports are clear in their messaging that customers are more willing to engage with banks on digital channels and would prefer services to be dispensed online. Marketforce <\/span><a style=\"color: #333300;\" href=\"https:\/\/www.cardrates.com\/news\/market-force-banking-study-predicts-future-changes-for-bank-branches\/\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>reports<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> that the number of people travelling to their bank branch to open an account or conduct a transaction has dwindled to 25%.\u00a0<\/span><\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Digitizing the credit card onboarding process allows banks to make the onboarding quick, simple, and seamless. <strong><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/\">Melento (Formerly SignDesk)\u2019s <\/a><\/strong><\/span><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>video KYC solution<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">, for example, reduces the turnaround time for onboarding by 99% by offering a completely digital channel for onboarding, which has resulted in 20% fewer customer drop-offs.<\/span><\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Additionally, with customers already on a digital channel, bankers can boost customer engagement and encourage customers to use their credit cards, thus increasing revenue.\u00a0<\/span><\/p>\n<ul>\n<li>\n<h5><span style=\"color: #333300;\"><b>The process puts people\u2019s health at risk<\/b><\/span><\/h5>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>COVID-19<\/strong> has upended the status quo for the financial sector and banks have had to quickly digitize their operations to comply with health-related regulations.\u00a0<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">In a similar vein, digitizing the credit card onboarding process ensures that customers can receive financial services with zero physical contact with bank officials.\u00a0<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">RBI, in a decision cognizant of the prevailing conditions, allowed banks to conduct <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/10-things-you-need-to-know-about-rbis-vcip-video-kyc\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>V-CIP<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> for opening accounts and credit card onboarding looks to follow suit.\u00a0<\/span><\/span><\/p>\n<ul>\n<li>\n<h5><span style=\"color: #333300;\"><b>The process is not accessible to a large portion of people<\/b><\/span><\/h5>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Traveling to a bank branch in order to get their KYC and identity verified is simply either too much work or not possible for a lot of potential customers residing in lower-tier cities.\u00a0<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Digitizing the onboarding process will allow customers to obtain these services from the comfort of their homes, and will allow banks to expand into new markets at a small portion of the costs.<\/span><\/p>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">These are all the challenges for <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/vcip\">credit card onboarding<\/a>. So how can banks optimize this process?<\/span><\/p>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Digital credit card onboarding is the solution that banks need.<\/span><\/p>\n<h2><a href=\"https:\/\/melento.ai\/en-in\/digital-onboarding\"><span style=\"color: #008000;\"><strong>Digital credit card onboarding<\/strong><\/span><\/a><\/h2>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">As we have seen before, digitizing the credit card onboarding process addresses all the pain points of this process, and results in major benefits for banks and customers.\u00a0<\/span><\/p>\n<p><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Here\u2019s how an automated credit card onboarding process will potentially go on Melento (Formerly SignDesk)\u2019s <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/vcip\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>video-based KYC<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> product equipped with <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/vcip\">V-CIP<\/a>.<\/span><\/span><\/p>\n<p><a href=\"https:\/\/melento.ai\/en-in\/vcip\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4756 aligncenter\" src=\"https:\/\/melento.ai\/en-in\/blog\/wp-content\/uploads\/2020\/11\/How-You-Can-Optimize-Credit-Card-Onboarding-With-Video-KYC-INFOGRAPHIC-1-1-1-1-1-1-1.jpg\" alt=\"credit-card-onboarding-process\" width=\"1000\" height=\"454\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><span style=\"color: #333300;\">Melento (Formerly SignDesk)\u2019s <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/vcip\">video KYC process<\/a> is fast, fraud-proof, cost-effective, and a seamless alternative to traditional onboarding<\/span>. <\/span><\/p>\n<h2><span style=\"color: #008000;\"><strong>Award-winning <a style=\"color: #008000;\" href=\"https:\/\/signdesk.com\/digital-kyc\">video KYC<\/a><\/strong><\/span><\/h2>\n<p><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">If you\u2019re looking for a trusted and award-winning product to onboard your customers seamlessly and with zero friction, you can\u2019t do better than <\/span><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>Melento (Formerly SignDesk)<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">.\u00a0<\/span><\/span><\/p>\n<p><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">We use cutting edge AI &amp; ML for facial matching or <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/face-detection-software\">face verification<\/a>, KYC and document verification, and fraudulent profile filters to mitigate cyber fraud. We\u2019ve also been <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/awards\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>awarded<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> the Global Banking &amp; Finance Review\u2019s Best Digital Onboarding Product in India for 2020.<\/span><\/span><\/p>\n<p><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Our <\/span><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\"><span style=\"font-size: 16px; font-family: 'open sans';\"><strong>solution<\/strong><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> is cost-effective, customer-friendly, and compliant with major regulations. Here\u2019s what you get with Melento (Formerly SignDesk)\u2019s video-based onboarding product &#8211;\u00a0<\/span><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><span style=\"color: #333300;\"><b>90% reduction in onboarding costs<\/b><\/span><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><strong><span style=\"color: #333300;\">99% reduction in TAT<\/span><\/strong><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><strong><span style=\"color: #333300;\">20% fewer KYC drop-offs<\/span><\/strong><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><strong><span style=\"color: #333300;\">ML-powered anti-fraud mechanisms<\/span><\/strong><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><strong><span style=\"color: #333300;\">Industry-grade data security<\/span><\/strong><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><strong><span style=\"color: #333300;\">Complete compliance with KYC regulations<\/span><\/strong><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><strong><span style=\"color: #333300;\">Intuitive &amp; customer-centric onboarding<\/span><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Are you ready to onboard customers right? Book a free demo with us now!<\/span><\/p>\n<div align=\"center\"><a href=\"#name\"><button class=\"wpcf7-form-control wpcf7-submit envor-btn envor-btn-primary envor-btn-normal\" type=\"button\"><strong>Book a Free Demo<\/strong><\/button><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Credit Card Onboarding Onboarding a credit card user is usually a pretty complicated and extensive process. The competitive nature of the financial services industry further exacerbates the difficulty of and time spent on onboarding a single user.\u00a0 Credit card onboarding typically consists of several back-and-forths between the customer and the sales team, confusion with regards [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":6009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"page_templates\/blog-new-3.php","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[22],"tags":[52,200,211,241,480,572,667,700,824,1356,1450,1702,2324,2362,2383,2411],"class_list":["post-4747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-video-kyc","tag-aadhaar-esign","tag-automate-vendor-onboarding","tag-automated-onboarding","tag-bank-video-kyc","tag-credit-card-onboarding","tag-digital-kyc","tag-dkyc","tag-document-verification-solution","tag-ekyc","tag-identity-verification-system","tag-kyc-onboarding","tag-onboarding","tag-vcip","tag-verifying-kyc","tag-video-kyc-solution","tag-vkyc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How You Can Optimize Credit Card Onboarding With Video KYC | Onboard<\/title>\n<meta name=\"description\" content=\"Banks have been doing credit onboarding wrong, resulting in massive fraud &amp; unhappy customers. Read how digital onboarding can boost efficiency by 50% -DEMO\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How You Can Optimize Credit Card Onboarding With Video KYC | Onboard\" \/>\n<meta property=\"og:description\" content=\"Banks have been doing credit onboarding wrong, resulting in massive fraud &amp; unhappy customers. Read how digital onboarding can boost efficiency by 50% -DEMO\" \/>\n<meta property=\"og:url\" content=\"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc\" \/>\n<meta property=\"og:site_name\" content=\"Melento (Formerly SignDesk)\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-12T07:35:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-17T12:36:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/melento.ai\/en-in\/blog\/wp-content\/uploads\/2020\/11\/How-You-Can-Optimize-Credit-Card-Onboarding-With-Video-KYC-1-1-1-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"454\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Abhijith NS\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Abhijith NS\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc\",\"url\":\"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc\",\"name\":\"How You Can Optimize Credit Card Onboarding With Video KYC | Onboard\",\"isPartOf\":{\"@id\":\"https:\/\/melento.ai\/en-in\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc#primaryimage\"},\"image\":{\"@id\":\"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc#primaryimage\"},\"thumbnailUrl\":\"https:\/\/melento.ai\/en-in\/blog\/wp-content\/uploads\/2020\/11\/How-You-Can-Optimize-Credit-Card-Onboarding-With-Video-KYC-1-1-1-1.jpg\",\"datePublished\":\"2020-11-12T07:35:40+00:00\",\"dateModified\":\"2025-09-17T12:36:57+00:00\",\"author\":{\"@id\":\"https:\/\/melento.ai\/en-in\/blog\/#\/schema\/person\/ec422007f10d83f117454e7779dc4d23\"},\"description\":\"Banks have been doing credit onboarding wrong, resulting in massive fraud & unhappy customers. Read how digital onboarding can boost efficiency by 50% -DEMO\",\"breadcrumb\":{\"@id\":\"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc#primaryimage\",\"url\":\"https:\/\/melento.ai\/en-in\/blog\/wp-content\/uploads\/2020\/11\/How-You-Can-Optimize-Credit-Card-Onboarding-With-Video-KYC-1-1-1-1.jpg\",\"contentUrl\":\"https:\/\/melento.ai\/en-in\/blog\/wp-content\/uploads\/2020\/11\/How-You-Can-Optimize-Credit-Card-Onboarding-With-Video-KYC-1-1-1-1.jpg\",\"width\":1000,\"height\":454,\"caption\":\"Credit Card Onboarding- Video KYC\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/melento.ai\/en-in\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Credit Card Onboarding | Onboarding\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/melento.ai\/en-in\/blog\/#website\",\"url\":\"https:\/\/melento.ai\/en-in\/blog\/\",\"name\":\"Melento\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/melento.ai\/en-in\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/melento.ai\/en-in\/blog\/#\/schema\/person\/ec422007f10d83f117454e7779dc4d23\",\"name\":\"Abhijith NS\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/melento.ai\/en-in\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/eae9ee21b4305af36d9e50b14e1f8a195d238df959bb0003ea7d069b856acbd4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/eae9ee21b4305af36d9e50b14e1f8a195d238df959bb0003ea7d069b856acbd4?s=96&d=mm&r=g\",\"caption\":\"Abhijith NS\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How You Can Optimize Credit Card Onboarding With Video KYC | Onboard","description":"Banks have been doing credit onboarding wrong, resulting in massive fraud & unhappy customers. Read how digital onboarding can boost efficiency by 50% -DEMO","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc","og_locale":"en_US","og_type":"article","og_title":"How You Can Optimize Credit Card Onboarding With Video KYC | Onboard","og_description":"Banks have been doing credit onboarding wrong, resulting in massive fraud & unhappy customers. Read how digital onboarding can boost efficiency by 50% -DEMO","og_url":"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc","og_site_name":"Melento (Formerly SignDesk)","article_published_time":"2020-11-12T07:35:40+00:00","article_modified_time":"2025-09-17T12:36:57+00:00","og_image":[{"width":1000,"height":454,"url":"https:\/\/melento.ai\/en-in\/blog\/wp-content\/uploads\/2020\/11\/How-You-Can-Optimize-Credit-Card-Onboarding-With-Video-KYC-1-1-1-1.jpg","type":"image\/jpeg"}],"author":"Abhijith NS","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Abhijith NS","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc","url":"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc","name":"How You Can Optimize Credit Card Onboarding With Video KYC | Onboard","isPartOf":{"@id":"https:\/\/melento.ai\/en-in\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc#primaryimage"},"image":{"@id":"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc#primaryimage"},"thumbnailUrl":"https:\/\/melento.ai\/en-in\/blog\/wp-content\/uploads\/2020\/11\/How-You-Can-Optimize-Credit-Card-Onboarding-With-Video-KYC-1-1-1-1.jpg","datePublished":"2020-11-12T07:35:40+00:00","dateModified":"2025-09-17T12:36:57+00:00","author":{"@id":"https:\/\/melento.ai\/en-in\/blog\/#\/schema\/person\/ec422007f10d83f117454e7779dc4d23"},"description":"Banks have been doing credit onboarding wrong, resulting in massive fraud & unhappy customers. Read how digital onboarding can boost efficiency by 50% -DEMO","breadcrumb":{"@id":"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc#primaryimage","url":"https:\/\/melento.ai\/en-in\/blog\/wp-content\/uploads\/2020\/11\/How-You-Can-Optimize-Credit-Card-Onboarding-With-Video-KYC-1-1-1-1.jpg","contentUrl":"https:\/\/melento.ai\/en-in\/blog\/wp-content\/uploads\/2020\/11\/How-You-Can-Optimize-Credit-Card-Onboarding-With-Video-KYC-1-1-1-1.jpg","width":1000,"height":454,"caption":"Credit Card Onboarding- Video KYC"},{"@type":"BreadcrumbList","@id":"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/melento.ai\/en-in\/blog\/"},{"@type":"ListItem","position":2,"name":"Credit Card Onboarding | Onboarding"}]},{"@type":"WebSite","@id":"https:\/\/melento.ai\/en-in\/blog\/#website","url":"https:\/\/melento.ai\/en-in\/blog\/","name":"Melento","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/melento.ai\/en-in\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/melento.ai\/en-in\/blog\/#\/schema\/person\/ec422007f10d83f117454e7779dc4d23","name":"Abhijith NS","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/melento.ai\/en-in\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/eae9ee21b4305af36d9e50b14e1f8a195d238df959bb0003ea7d069b856acbd4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/eae9ee21b4305af36d9e50b14e1f8a195d238df959bb0003ea7d069b856acbd4?s=96&d=mm&r=g","caption":"Abhijith NS"}}]}},"_links":{"self":[{"href":"https:\/\/melento.ai\/en-in\/blog\/wp-json\/wp\/v2\/posts\/4747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/melento.ai\/en-in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/melento.ai\/en-in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/melento.ai\/en-in\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/melento.ai\/en-in\/blog\/wp-json\/wp\/v2\/comments?post=4747"}],"version-history":[{"count":0,"href":"https:\/\/melento.ai\/en-in\/blog\/wp-json\/wp\/v2\/posts\/4747\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/melento.ai\/en-in\/blog\/wp-json\/wp\/v2\/media\/6009"}],"wp:attachment":[{"href":"https:\/\/melento.ai\/en-in\/blog\/wp-json\/wp\/v2\/media?parent=4747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/melento.ai\/en-in\/blog\/wp-json\/wp\/v2\/categories?post=4747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/melento.ai\/en-in\/blog\/wp-json\/wp\/v2\/tags?post=4747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}