Level-up Customer Onboarding Experience with Video KYC Solution

Posted on by Rahul Kumar
Why is Video KYC Solution Essential?  

KYC or Know-Your-Customer regulations help to find the identity of new clients and onboard customers efficiently. It is a must for many industries like financial, gaming, and property to meet various regulations. The regulatory authorities create these obligations so companies can perform their businesses in a secure environment.  

Video KYC solution provider helps companies to promptly comply with KYC regulations, including anti-money laundering (AML) and counter-terrorism financing (CTF). The inadequate process for KYC compliance makes the company vulnerable to scammers. Businesses are searching for efficient software which verifies the customer with the meticulous procedure. Automating the process using video KYC vendors is efficient, cost-effective and authentic. KYC is the all-in-one solution to comply with all regulations, KYC through video calls, enhances compliance with other regulations. 

Why is Video KYC Solution Essential?  

As technology advances, it also updates the scammers. The new technique of fraudsters rings the security alarms for financial institutes and other companies alike. After the latest invention, the traditional KYC compliance procedure is insufficient to keep businesses away from scammers. Companies should upgrade their KYC verification process to mitigate financial crimes. That’s why the video KYC vendors market is estimated to reach $500 million by the end of 2026.   

Video KYC refers to verifying customers’ identities remotely through a video call instead of asking them to visit the office. Traditional KYC verification processes use human resources to check customer documents and conduct face-to-face interviews manually. In the interview, company agents confirm the face of the customer and the picture on the original documents. A company minimum takes two to three weeks to verify customer identity. It frustrates the customer and forces them to leave the KYC verification during the process. 

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A Thomson Reuters Survey found that 89% of the financial institute’s customers had the worst onboarding experience. The slow and unethical KYC process is a significant reason customers don’t trust companies. These problems do not only concern financial institutes. Companies such as online gaming, cryptocurrency, fintech, virtual assets and others must comply with the rules to protect themselves from financial fraud and fines. 

How Does Video KYC Solution Mitigate the Scammers? 

Technology companies enhance the verification process, including customer satisfaction, to strengthen the security of financial institutes. Video KYC vendors are one of these entities which are working on making the compliance procedure smooth and easy. Simply put, the Video KYC solution is where the company agent conducts customer due diligence (CDD). Proceeding with the CDD process through a video call helps customers comply with KYC remotely whenever and wherever.

The video KYC solution is the same as the interaction of customers and agents in the office. The agent asks the customer to submit documents which are required for the verification. Customers can schedule a video call for the KYC process and receive a call from a bank agent to conduct KYC verification. The customer’s experience of video KYC verification looks like this:

Register on Platforms 

The customers have to register an account before scheduling the video call. To register on video KYC solution, they must add personal information such as email, name, and date of birth. Customers have the option to comply with KYC through a call. After confirming their email, customers can select the time of video KYC from the different slots. There are various timing for customer convenience so they can choose which is easy for them. 

Video Call Verification

The Video KYC solution provider guides the customers by mail about the procedure and required documents for verification. Some video KYC vendors instantly start the verification process, and some send the invite through email. The customer can join the verification meeting link at the scheduled time with the agent and start the KYC process. Bank representative guides the customer through the entire process. During the video KYC solution, the agent will ask the consumer to provide verification papers such as a passport, driver’s licence, or national ID. The agent validates the customer’s face and voice during the video conversation. Additionally, the agent matches photos on documents with the person on the video call. Online KYC vendors utilize AI technology for accurate face verification to reduce the chance of human error. 

Document Verification 

After confirming the face and video of a customer through a video call, the companies verify the submitted documents through a machine learning algorithm. Video KYC solution utilizes the AI framework to check visible security features such as holograms, fonts, and signatures. Automation of the process reduces the chance of mistakes and compiles accurate results. It extracts the data from the documents and then cross-checks against the provided information. The documents are also verified against the various government databases to ensure the customer is not involved in illicit activities.  

In Summation of Video KYC Solution 

Businesses are working offline, wasting the opportunity to enhance customer onboarding experience. They utilize digital technology to meet compliance, streamline onboarding, and shorten KYC time. Video KYC solution software uncover the hidden identity of the scammers so businesses can onboard customer without pressure.   

 

73 thoughts on “Level-up Customer Onboarding Experience with Video KYC Solution”

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