How does Video KYC ID Verification Process Boost your Businesses?

2. The high-end digital solutions are designed to become a top-notch solution across the financial services ecosystem. Many financial institutions (FIs) have witnessed a thorough adaptation of digitization in the past years. It’s not just about the financial industry, but we live in an era where most of the industries are impacted by advancements in technology. Digitalization has further prompted a requirement for remote video identification solutions to make life easier for financial institutions and their customers. No doubt, financial institutions are prone to crimes like fraud, money laundering, terrorist financing, corruption, or tax evasion. Addressing these typical issues was the reason why KYC processes were set in motion by regulatory authorities. Understanding Know your Customer (KYC) KYC is an integral part of financial institutions. It is basically a process of verifying the identity of the customers before onboarding them. Most financial institutions are now legally obligated to verify customers through the KYC process before introducing them into their system. Thus, performing KYC ensures that the customers who they claim to be are not fraudulent. KYC is undoubtedly a major step towards preventing identity thefts. The KYC process majorly includes: ID card verification Document verification Face verification Biometric verification Proof of address (POA) AML screening Biometric verification Video-Based KYC — The Best way of Verifying Customers Video-based KYC is the best option to onboard customers. It is an upgraded form of a simple KYC process. Unlike KYC, video KYC is basically an AI-based online remote identification process that verifies customers’ digital identity through a live video call. In this process, the customers are advised to show an ID document in front of the camera. It is a quick process that is useful to reduce online fraud. Video KYC uses modern technology, which makes the process quite interesting. Only the KYC professionals selected by the regulated authorities can perform video KYC for remote customer onboarding. Rising Need for Video Verification among Financial Institutions

3. Nowadays, the world is increasingly becoming more connected than ever as most people believe that digital banking will change the landscape of banking institutions. Video KYC is a highly reliable & efficient way to verify clients’ identities compared to traditional paper-based procedures. Adopting the Video KYC process will increase as it provides much customer satisfaction and is the best way to perform instant verification. Moreover, the data stored on videos are stored forever & can be used as proof of compliance with Know Your Customer (KYC) policies for any investigation purpose. Digital KYC is an effective way to authenticate identities. It makes sense to add additional layers of security beyond simple user names & passwords. This is a time for companies to upgrade their systems to make things easy. Note: Video KYC systems aren’t just for consumers, but they also work great for employee identity management as well! Pros of Using Video KYC Verification Process You should be aware of an importance of information technology in finance as well. At this moment, we can’t predict how things will evolve. But what is certain- is the fact that when you create a customer onboarding process, it must be secure & transparent. The smart onboarding procedure provides ease to customers. Cost-effective Method Many financial institutions lose billions each year due to data breaches & identity fraud. Video KYC Verification process ensures that only legitimate people pass through; thus, it saves companies money up to a great extent. Fraud Prevention Facial recognition through live detection ensures the physical presence of the end-user. Thus, it is the best way to prevent frauds & fraudulent people from entering the system. Enhanced Customer Experience Many people had abandoned an onboarding process because they felt it was too time-consuming. But Video KYC process is automated & AI-based, which reduces the time of the identity verification. Secure System Video KYC uses high-end technologies, including AI, ML, & facial recognition, as it makes the whole process reliable & secure. Easily Accessible Remotely

4. Video KYC is an excellent paperless process. It allows for remote verification, which means it does not need a KYC representative to visit the customer’s address to perform the identification process. Obviously, the customer’s success should be the major focus of every organization. So, the new way of customer authentication is the Video KYC software solution. That is why Video KYC process has already gained a lot of attention majorly from banking & financial institutions. How does Video KYC ID Verification Process Boost your Businesses? Performing video-based KYC verification is extremely effective, saves entities a substantial amount of time, and offers great advantages. There are certain steps to perform KYC via video. Here are the simple steps that must be followed to perform a video-based KYC: Customers have to register on the website or mobile app of the unit. The customer schedules an appointment for the onboarding process to start. An official from the company asks end-users for the video KYC process by inviting them to a video call. The customer’s identity proof is then verified. The official may also ask the customer to display proof whose image is captured & authenticated. It also verifies the customer’s real-time location using geotagging software. The official then matches the image captured on video with the image in the ID proof using facial matching capabilities. The official may ask the customer random questions to ensure that it is live interaction. It’s up to the official to decide whether or not to accept the customer’s video KYC information. Lastly, the official also stores recorded video interaction for future security purposes. This is how the digital identification process can be performed. Once the verification process is complete, the customer is duly informed. The Future of Video KYC Many companies have launched Video KYC software solutions. It helps users submit KYC information & get themselves verified through video. Customer experience has improved to a great level. Video KYC onboard customers securely & within seconds using AI-based KYC validation & automated document verification. Many companies have already replaced the outdated authentication mechanism with a cutting-edge video KYC solution.

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