Possibilities of physical KYC have been hampered a lot due to the pandemic that has affected us all recently. Therefore, every financial institute is continuously pursuing a viable solution that will ease not only their internal workflows but also their customers.
Transform your customer experience with the video KYC verification process. It is a contactless customer onboarding process that uses the latest technology to speed up the onboarding process.
Cyberattacks are increasing, especially for banks and financial institutes. This opens up an opportunity for a newer and secure way of doing KYC/KYB for the end-user. Hence, video KYC comes into the picture that promises enough security for your institute to avoid these cyber-attacks.
Video KYC is one of the most promising solutions for fraudulent activities. If your organization wants to proceed with the contactless customer onboarding video KYC process, it provides a competitive advantage & reduces operational costs.
Let’s discuss the Video KYC and reasons to integrate it into your organization.
What do you understand by the term ‘Video KYC’?
As its name suggests, ‘Video Know-Your-Customer’ is a process of effective customer due diligence based on the video. This process involves digital KYC through the video call for frictionless onboarding. In addition, it allows you to execute customer authentication with the help of machine learning, OCR data extraction, or face verification techniques in real-time. Nowadays, Video KYC is a crucial need for regulators.
The need for Video-based KYC is evolving worldwide due to high customer demands to adopt digital methods to avoid physical contact. In addition, it improves the cybersecurity protocol compliance of organizations; thus, it helps to protect your customer information.
Steps to perform the video KYC
- The user needs to register to a specific platform by simply entering the proper credentials.
- The customers have to perform the video call with the KYC experts.
- You need to give an interview to the KYC expert via video calling.
- Present the official identity documents to the KYC professional.
- The papers are verified deeply to recognize the true identity of the person.
- The ID photos presented are then cross verified by the officials by closely examining the video/video call.
- The result of the verification process is delivered to the required organization.
The Video KYC process involves the video calls as the medium of conducting the KYC verification. In the process, the customers need to confirm their identities during the call by showing the valid identity document proofs.
List of Some Benefits of the Video KYC
AI-based KYC solutions offer several advantages to every kind of enterprise. Some of the high-end benefits of the video KYC are as follows:
Offers fast onboarding process
It offers a fast and efficient onboarding process for the customers. In addition, the video KYC process helps to digitize your financial banking processes.
It makes the process highly flexible.
With the help of the onboarding process, everything becomes flexible. You can do anything anytime and anywhere. Thus, it is a much convenient process.
Reduce the cost of the customer onboarding process
Video KYC verification helps to reduce the customer onboarding cost to a great extent because you don’t need to visit anywhere physically.
Highly secure process
It helps to detect & prevent identity theft, money laundering, and various other relatable fraudulent activities.
With the help of a video-based customer authentication process, it will turn most of the banking process paperless. It also enables the entities to do the remote onboarding, thus reducing the hassle of the KYC process. Furthermore, during the video call, a one-to-one personal consultation will make the process smooth and establish trust for your organization. Therefore, you can say that the video-based customer identification process is an efficient solution in finalizing the Know Your Customer (KYC).
In the End
If you adopt digital solutions, it will make the onboarding process simple. KYC solutions also help in reducing customer onboarding time with a considerable improvement in the customer acquisition rate. There has been an instant shift in consumer behavior due to trending digitization. Every industry is looking for better online solutions to meet the recent consumer demands & survive in the digital era. Video KYC solutions will soon be integrated into various sectors. Please do not delay in adopting the video identification for customer onboarding as it highly secure method.
Signzy is a well-known platform that builds tailored video-based customer identification process solutions. The software solutions provided by Signzy deliver exceptional digital onboarding and KYC workflows.
Make your onboarding process easy with Video KYC!
What are the challenges that you’re facing right now with your workflows? Let us know your challenges down in the comments. We will be happy to assist you via comments.