Digitization has changed the way companies are operating. Merchants are now required to have a digital presence for their business because of the rise in digital users. Companies are now offering their services to clients around the world due to the online world. Even while it is encouraging that businesses are growing on a worldwide scale, one cannot ignore the rising trend in challenges that businesses face today. There is no denying the fact that as digitization has grown, so is the number of online scams. Companies have become vulnerable to online fraud in the digital age. Fraudsters exploit merchants’ weaknesses whenever they fail to defend their systems. Thus, Companies may completely remove the threats of online fraud by using real-time video identification.
A Basic Overview of KYC Verification
Businesses can avoid fraud of any kind by abiding by the necessary KYC regulations. A set of laws known as “know your customer compliance” is used to confirm that the clients are who they claim to be. Customer authentication used to be a laborious process in the pre-digital age. Clients would visit facilities with their supporting documentation, and staff would authenticate the client. However, as technology advanced and businesses shifted online, new methods of verification were created. Digital client verification is now possible, which benefits both businesses and their clients.
Diving Deeper into KYC Video Identification
The process of KYC involves authenticating them, and it is always challenging. Businesses search for more sophisticated methods to carry out their daily operations. When communicating with online businesses, customers also want an efficient and safe experience. By concluding the procedure via real-time video identification, KYC has also advanced technology in its offerings.
Steps of Video KYC
It is the practice of calling consumers to verify identity by video call. The steps in the real-time video identification are as follows:
- Customers fill out the registration form with information such as their name, address, and birthdate.
- Later, the KYC specialist calls the consumer to confirm their physical presence. The customer must permit a KYC specialist to collect information for confirmation.
- The end user is then required to present both sides of an identification document, such as an ID card, a driver’s license, or a passport, to verify their identity.
- The confirmation results are displayed following the verification of the identity document and face recognition.
Customized Video KYC Plans
In order to verify consumers via real-time video identification, there are three different options available, depending on how practical it is for businesses to implement the process.
- Regional KYC Experts
The customer may have a more tailored experience due to it. Clients will find the interview convenient because local KYC professionals will perform it in their native tongue.
- Company’s Own KYC Experts
Businesses can leverage video KYC technology in customized additional authentication services by hiring their own KYC specialists.
- Automated AI-Based Assistance
Businesses can accomplish complete automation with AI-based technology. Through the use of AI assistance, they may lessen the workload of KYC experts.
Video KYC for Banks
Numerous industries, including those in both financial and non-financial industries, have adopted the practice of verifying through live video chats. KYC on video may prove useful for businesses in maintaining client trust while adhering to legal requirements.
For banks and other institutions, verifying consumers when they sign up is crucial. By precisely identifying end users via their identity documents as well as live detection, video call for KYC verification helps industries in this area. Customers find it comfortable to self-verify from the privacy of their homes, while bank workers find it easier to do their jobs.
Advantages of Video KYC
Through the use of facial recognition technology and ID document verification, video KYC of your client makes it a more secure process. Additional advantages of video interviews for KYC include the following:
- Convenient Customer Onboarding
Customers can now be onboarded with KYC more easily due to video interviews. By having clients make video calls, KYC professionals will confirm the customers’ identities in real time.
- Customized Video KYC Plans
Vendors are free to use the video KYC system at their convenience and whenever needed.
- Faster Completion
e-KYC video verification is more effective than simple KYC because it can be finished via a video chat with instant customer verification.
- Enhanced Customer Experience
By allowing customers to be verified over a video conversation from the ease of their own homes, video verification can improve the customer experience.
Know your customer is improved through real-time video identification, which onboards consumers in no time. Clients are verified using face detection and ID document verification, which is considered to be a more secure approach. It not only offers greater security but also makes businesses compliant with regulations while not compromising user experience.