How to Evaluate a Video KYC Vendor: RFP Checklist for Banks

The text outlines a comprehensive framework for evaluating video KYC vendors in India, emphasizing the importance of compliance with the Reserve Bank of India's Video Customer Identification Process (V-CIP) guidelines. It highlights the critical components of vendor evaluation, including compliance readiness, infrastructure reliability, security, integration capabilities, and cost. The guide underscores the need for a structured Request for Proposal (RFP) process, advising banks to assess vendors using a weighted decision matrix that prioritizes compliance, infrastructure, and security. The text also addresses the challenges posed by India's fragmented digital KYC market and stresses the importance of live, geo-tagged video sessions to prevent regulatory penalties and audit failures. Additionally, it provides insights into the financial implications of vendor selection, including storage costs and SLA penalty credits, while offering practical advice on avoiding common evaluation mistakes and ensuring data portability to mitigate vendor lock-in risks.