With all the world businesses going digital, customers are expecting new improved means of onboarding. Failing to do so, companies will lose their clients. The Know Your Customer Rule 2090 documented by the U.S. has made it mandatory for businesses, whether big or small, to identify their customers. Therefore, the room around the companies is shrinking as the pandemic is also going nowhere. Making it tough for the industries to identify every person onboarding. – video KYC verification
Prolly over the years, businesses have heard about the new emerging trend named video KYC verification. The year 2020, bought major shifts in businesses around the world. To capture more customers and reap benefits, the companies are shifting their operations online. Hence, for secure onboarding, KYC solution compliance, and authentic facilitation, a video KYC verification is here to save the day.
Transformation of KYC to E-KYC with the Topping of Video Verification
The e-KYC applies to every business. With customers going digital, industries are facing major setbacks while keeping the equilibrium between security and customer experience. Among the various online available solutions, which are actually safe? Video KYC verification is one such service that offers real-time identification along with a seamless customer experience.
With the pandemic, the companies are looking for solutions by getting hold of which they can onboard customers from around the globe. To achieve this target, private as well as governmental sectors are employing cutting-edge technologies like artificial intelligence and machine learning to optimize processes. Video check solutions are truly the game-changers. How? They help businesses to attract remote customers with three modes.
Platform-Based Identification
This type of video verification is not staffed by the on-site technology and representative rather the customers’ own agents carry out the identification. Not to confuse this with manual checks, agents here use video verification services to identify clients.
Assisted Mode
Customers are verified by using e-KYC video verification technology. The platforms provide a dedicated or shared agent for authentic customer onboarding to the businesses. Due to this mode of assistance, the industries have a scalable team ever ready to make or take the calls.
Unassisted Mode
This mode is the most preferred as it allows customers to independently capture the video from their devices. The video is then uploaded to the platforms where a combination of AI technology and the user-interface mechanism is waiting to assist the customers. This largely minimizes the need for a third party.
Why Video KYC Verification?
If the businesses think going digital will solve all their problems then that’s not the case. Cybercriminals are now innovative, they purchase identities from the dark web and fool the traditional identification means. However, with video identification, industries can reduce operational costs by up to 90%. Customers are always in a hurry and need instant results and if that’s not provided they leave the platform. According to FinExtra, 40% of the customers abandon the onboarding process and leave because it takes too long. Hence, video check is a high-ranking phenomenon as it is governing massive changes in the identification industry.
The Video verification process is not only less time taking but also cost-effective. Security of the customers is among the major concerns and e-KYC video verification is the hold-on-to solution. Why? Because they combat fraudsters’ tricks and provide several more benefits.
Reduces KYC Expenditures
Thanks to video KYC solutions, verification can be done remotely hence the businesses do not need to look for compatible staff and build a team. The cost for KYC is reduced as there is no need to pay for fuel or any additional charges. Also, the process is seamless and quick. Companies can onboard more and more clients after some minutes of verification. Also, customers don’t have to form queues and wait for their turn rather they can capture a video by simply sitting on their couches.
Robust and Seamless Onboarding
Some industries like e-commerce payment systems have a gigantic user base with customers from all sectors. So to verify each customer in face-to-face interaction can take long decades. But, the video KYC verification has a lot to offer. Either customer can schedule a meeting for the video call or simply upload their real-time video onto the site.
High-speed KYC Completion
No need to look for photocopiers and get multiple sets of documents for submission. Video KYC verification has reduced the hassle and time taken to complete the verification from weeks to minutes. Hence, this has created a win-win situation as the onboarding platforms can take more requests in less time span.
Zero Compromise Policy on Security and Compliance
To be among the preferred and reliable businesses, take hold of technologies that won’t let you lag behind. Video KYC Verification not only verifies the face but also identifies the geo-location, liveness, and documents. This ensures compliance with KYC and privacy protection all the way.
In The End
Video verification is the trend to actively comply with KYC and remotely onboard a big number of customers. The AI-driven technologies are providing seamless functioning with quick and easy customer verification.
