With new technologies booming the digital market at a fast pace, an online innovation in identity verification solutions has also emerged. While handling the crisis situation of Covid-19, companies have shifted from physical interaction to operating their functions online now. As customers now expect better security measures to be established to filter out any probable risks of thefts and fraud. To strike a balance between establishing secure customer onboarding digitally, an advanced strategy known as video KYC regulations are required to be enforced.
Replacing the Manual Procedure of KYC with Video KYC Services
The traditional method of Know Your Customer (abbreviated as KYC) allows the customers to confirm the identity of the users who are requesting to onboard while reviewing any potential risks of deception which can prove to be dangerous for the firm. To execute the process successfully, customers had to physically visit the office to submit their identity-based documents. It can further take up to weeks to get them processed. This long procedure can affect the customer’s interest levels negatively eventually resulting in abandoning the process in the middle. While this dimension has been replaced by video verification solutions in which a company can verify identity by video calling them and revealing any suspicious action before it is carried out in real-time.
The Effective Process of Video KYC
Conspiring into the world of virtual video KYC, users are called out for a video call to perform the identification process. For Android users, Google Duo can be utilized while for iOS users the application of Facetime is used. The primary steps of applying the video KYC process are:
- Registration of the customer on the platform: The customers are registered on the platform by confirming their availability by selecting a specific date and time which would be convenient for them.
- Sending an invite link to the client: On the proposed date and time, a link is generated and an email is sent to the client consisting of the link so that they could join the video platform by clicking on them.
- Guidelines are provided by the KYC agent: As the client joins the video chat session, an agent interviews the client by verifying them. The necessary checks of facial recognition, liveness detection, reviewing the originality of the ID documents, and verifying the mandatory elements necessary for the validation of the documents such as holograms and other security variants.
- Notification about the ongoing status: After carefully verifying the client, a notification is sent to the individual showcasing the result of KYC verification.
The Beneficial Aspects of Video Verification Systems
The video-based KYC software providers allow businesses to get hold of numerous benefits in different ways for onboarding clients. Some of them are listed below:
- Enhancing the Customer Experience: KYC video feature allows users to conveniently undergo the verification processes by saving their time. With less friction, it enhances the customer experience proving to be beneficial for businesses for keeping them satisfied.
- Increased Customer Engagement: During the Covid-19 crisis, as businesses were unable to operate physically, understanding customer suggestions and complaints has become difficult which has created a negative impact on the brand image of the company. Due to this, a face-to-face interaction facilitated by the video KYC has resolved this problem utmost.
- Fewer abandonment applications: As the process is quick and efficient, the level of interest of the customers is not halted at any stage which leads to a decrease in the number of abandonment applications.
- Improving the Brand Image: With customers getting satisfied with a hassle-free process, fewer complaints are generated and an agent is provided that guides the clients at every stage creating a positive image of the brand in the global market.
- Saving up the Costs: Companies can help save up the traveling cost of the users by providing them with a video KYC service that needs a smartphone camera and an application through which the video chat session can be conducted without going anywhere.
Wrapping it Up
The online prevalence of fraudsters has disturbed business associations and has caused a blockage for the companies to reap beneficial profits. Advancement in conducting verification through video has been made available by the video KYC services. This will allow the businesses to generate revenues in an efficient way by securing the customer onboarding process. The video KYC is a convenient way of identification for the customer as they can apply for verification from sitting in any part of the world without the need to actually visit the office in person.