Video KYC is the digital version of old KYC in which any company verifies its clients through a video call which is assisted by the KYC representative. The clients are not required to visit the platform, everything is done remotely from the registration process to onboarding. Video KYC actually removes the paperwork and streamlines the verification procedure with the actual results.
How Does Video Verification Work?
In video identification, the user is required to provide their identity documents on the video call. The document is then verified against tempered/forged elements. In the next step, the user’s face is compared with the picture present on the document and is either approved as a legitimate individual to open an account or carry any transactions or declared as a threat to the company.
Benefits of KYC Video Identification in Different Sectors
Here are some of the benefits that the video check offers to businesses whether it is an e-commerce, bank, financial sector, or any other entity.
Video-based KYC is a cost-effective solution for different businesses as they do not require maintaining any counters for Know Your Customer. Furthermore, through video KYC, the customers get approval within minutes. This surely saves the client’s precious time to open their account and also enables them to access the financial services instantly.
The e-KYC video verification is getting much popularity in the modern world. It just simplifies the procedure of KYC or “Know Your Customer”. The client is not required to fill out lengthy forms, submit selfies or scan their documents. They just have to provide proof of their identity via video calling. This reduces the time to complete the KYC procedure which would help to fill out multiple forms in a single day.
KYC regulations ensure that the platform handles the money of only those users who are verified and are the ones who they claim they are. This might seem a tedious task to do but is essential particularly when the company is accepting money from the investors or providing credit or even financing to the clients. So, this would automatically result in the onboarding of more clients in the near future.
As we all know that MI and AI are changing the way we work. An AI-powered video KYC verification automates the whole process of verification which would otherwise be done manually. They remain updated with the ongoing trends and provide ease to the clients to ensure a better customer experience. This eventually builds the platform’s reputation in the market.
Checklist for Video KYC Solution
Before choosing a video KYC for your company, it is essential to consider its functionalities and features. Only that way you could assure that the solution that you have chosen for your platform is actually beneficial. The checklist of video KYC is as under:
The client can approach you from any region of the world. So, it is really important to opt for video KYC that has global coverage and would also provide language as well as document support.
A good video KYC is one that reduces the cost of the KYC process without impacting the customer experience. So, “pay as you go” is the best option for every business.
Every business has different KPIs and also different business requirements. Video KYC provides multiple features and not all sectors require all this, so the best video KYC is the one that can be customized according to the demand of the business.
As the video KYC is handling sensitive data of clients, consider the one that provides the best encryption standards and protects document theft, and ensures customer’s privacy.
Omnichannel User Engagement
The main factor that counts for any business growth is how happy their customers are. So, the video KYC that offers omni channel user engagement along with verification would provide a better user experience as they are not required to switch channels for the verification process.
Video KYC has become a new norm in the world of digitization. It provides an efficient and robust way to verify the clients as compared to the old KYC verification. It replaces the paperwork with an instant verification process. This leads to enhanced customer satisfaction. And the data stored in videos is data stored forever which can be given anytime needed for the investigation. Thus, it better complies with the regulations and wins the trust of its clients.
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