Video Checks: Law enforcement agencies and everything from such organizations to financial institutions is going through a massive digital transformation process. Why? These changes are due to the COVID-19 pandemic (global pandemic). Businesses must also evolve to provide a better customer experience.
The industry seems to be in a constant battle to overcome the threat. According to PurpleSec, a total of 43% of cyber attacks targeted small businesses, and 67% of financial institutions reported an increase from the previous year.
Companies around the world are ready to use advanced services for digital and remote migration. Additionally, businesses can easily verify customers with video checks for authentication, enabling seamless onboarding and authenticity.
KYC to e-KYC Video Checks for Identification
E-KYC video identification is a game-changer for criminals to penetrate the system. Know Your Customer (KYC) compliance is mandatory for every business, whether big or small to avoid fraud. For instance, the RBI in India issued guidelines for the carrying out of video checks for onboarding remote customers. Likewise, the supervisory authority – BaFin in Germany made it mandatory for businesses to perform verification either through skype calls or real-time videos. The prime benefit of video-based KYC is that it is paperless and involves minimal human effort while minimizing the bureaucracy required alongside high costs.
The KYC video checks are seamless and identify customers within seconds with an increase in conversion rate, say up to 84%. The process is simple, user-friendly, and backed by improved levels of security and safety alongside reliability. What else it does is that it helps businesses in procuring an authentic and cleansed client base. This makes KYC compliance much easier than before. A KYC expert at the backend carries out the process where customers show their identity documents and their face in real-time. Also, there is a possibility that the expert may ask a few questions as add-ons if required by the client.
In-time Interaction with the Clients
The KYC video checks are carried out to verify customers while onboarding. As per the 2020 Q3 Data Breach Report, breachers exposed around 36 billion records as of the early 2020s. Hence, real-time identification has become a necessity pertaining to the present malicious attempts by fraudsters. Here, the experts observe the behaviour and look for traits that may seem suspicious. Alongside, the AI-based services detect liveness and deep fakes.
How Does the New Normal “ KYC Video Checks ” Work?
- The initial step requires the customers to fill in the online form presented in front of them by the website.
- After doing so, the KYC expert reaches the client for real-time identity verification.
- The customers then will be guided through a step-by-step process for video identification. Alongside, the expert will carry out the liveness detection.
- The expert will not use any information without the customer’s consent. Hence in this step, the expert builds consent and the process continues if the client agrees.
- The prime step starts here when the customer is asked to show a government-issued ID card, driving license, or passport.
- The expert asks the customer to show both the front and back of the documents and also to show the holograms by simply tilting the document.
- The KYC video checks for verification and experts are professionally trained so that they can detect body language, behaviour, and other traits alongside document verification.
- Furthermore, to eliminate human error, AI-based deep and machine learning technologies back the identification.
- Once the KYC verification ends the video identification process begins, and experts submit their results to the office or directly to the database.
How are KYC Video Checks Beneficial?
Digitization may sound interesting and seamless but nothing in the world is perfect hence businesses look for technologically advanced solutions. Here online services provide robust and secure solutions by ensuring KYC compliance. As made mandatory by almost every law enforcement institution around the globe, businesses are looking for real-time and authentic services. Here, the AI-based services are the hold-on-to-reliable ones. The video KYC verification detects behaviour, body language identifies a face, and geo-location, and carries out real-time verification.
Minimizes Drop Off Rate
By pairing KYC with video KYC checks, businesses can identify and onboard in-place and remote customers within seconds. Also, the internet here won’t be a problem because the services are so technologically advanced that they fetch the results at even minimal speed. Customers can reschedule their video calls with experts if they miss or are left incomplete because of any reason. But without KYC verification there is no way the clients can onboard the customer’s platforms.
Seamless and Easy Onboarding
Some businesses ranking at the top in the market have a gigantic user base with customers from every sphere. Here, what industries need to inculcate is KYC video check verification because if they will identify one client at a time with face-to-face interaction, the user base won’t stay so huge. Also, it will cost the businesses their reliability and worth.
In a Nutshell
The new normal in the business identification process is e-KYC video checks for verification. The services streamline the in-place and remote onboarding. So much so, it reduces the turnover alongside efficient, seamless, and faster verification.