Increased digitization in the world has changed the way people used to do their tasks. It greatly impacted the businesses. Online vendors have modernized the way they used to do their business. A greater number of digital users has prompted the merchants to own a digital space for their brand. Now having a digital platform, businesses are selling their products to customers across borders. When it is good news that businesses are expanding to a global level, we cannot neglect the increasing graph of threats that businesses are facing nowadays. By employing KYC video identification, companies can eliminate the risks of online fraud.
It is of no argument that with increased digitization, the number of online frauds has also increased. Businesses are now more prone to online fraud than ever. Merchants when they fail to protect their system, fraudsters take advantage of their weakness. Any loophole in the system can cost businesses big threats. Regulatory authorities also go behind businesses that do not follow the regulations.
Any type of fraud can be prevented if businesses follow the required KYC laws. Know Your Customer compliance is a set of laws to verify your customers that they are who they say they are. In the pre-digital era, the verification of customers used to be a manual process. Customers would visit offices along with their documents and the employee would verify the customer. However, after the development of technology, and with businesses shifted to online spaces, sophisticated ways of verification were developed. Now verification of customers can be performed digitally which is useful for both the companies and their vendors.
KYC Video Identification
Know Your Customer is the process of authenticating the customers and is constantly evolving. Businesses look for more advanced ways in completing their everyday tasks. Customers also seek to have a convenient and secure experience when interacting digitally with businesses. KYC also has developed technology in its services by completing the verification process through video.
Process of Video KYC
Video KYC refers to authenticating customers by taking them on call. Process of video KYC comprises on following steps:
- The customers submit their information like name, address, date of birth on the registration form.
- Later the customer is taken on call by the KYC expert. The customers’ liveness detection is performed to ensure the physical presence of the customer. A KYC expert takes the consent from the customer to collect data for verification.
- End-user is then asked to show both sides of their ID document like ID card, driving license, and passport to authenticate their identity.
- After verifying the ID document and performing facial recognition, the results of the verification are displayed.
Customized Video KYC plans
There are three different plans to choose from when verifying customers for video KYC depending on the feasibility of firms to do the process
Regional KYC experts
It can give a personalized experience to your customer. Regional KYC experts will conduct the interview in the native language customers choose thus making the process convenient for clients.
Your own KYC experts
In customized identity verification services, businesses can use video KYC technology by employing their own KYC experts.
Automated AI-based Assistance
By automated AI-based assistance, businesses can achieve full automation. This way they can reduce the work of KYC experts by utilizing AI support chat support with customers.
Video KYC for Banks
Verification through live video calls is widely adopted by different sectors including financial and non-financial sectors, healthcare, and more companies. Any identity verification through video calls can prove to be helpful for businesses to comply with regulations and to maintain the trust level of their customers.
Verifying customers at the time of onboarding is extremely important for banks and other financial institutes. Video KYC assists the industries in this regard by accurately identifying end-users through their ID documents and live detection. It is convenient for customers to get themselves verified from the comfort of their homes and also makes the job of bank employees easier.
Benefits of Video KYC
Video KYC is a more secure process by verifying customers through ID documents and performing facial recognition of customers. Some more benefits of video interview KYC are the following:
Convenient Customer Onboarding
With video interviews at KYC, onboarding customers has become a seamless task. KYC experts will verify the identity of customers in real-time by taking customers on video calls.
Customized Video KYC Plans
Vendors can utilize their own video KYC plan according to their convenience and can align it to their customers’ needs.
Video KYC is more efficient than simple KYC, the process can be completed on a video call by verifying the customer instantly.
Enhanced Customer Experience
Video KYC being done on a video call can enhance customer experience by verifying them from the comfort of their homes.
Video KYC identification is a better version of Know Your Customer whilst onboarding users in a matter of seconds. It is considered a more secure process of verifying customers through facial recognition and ID documents with the help of OCR. Customers being verified on a call by KYC experts like this process more than KYC.