All financial institutes want to make onboarding quick and easy. Traditional methods of onboarding are time-consuming and not convenient for customers, plus they are not cost-effective.
KYC onboarding uses artificial intelligence to make the onboarding convenient for both customers and financial institutes. In this pandemic, nobody wants to leave their houses. Everybody wants to stay safe. However, there is some important work that requires people to leave their houses and be physically present at the place. Onboarding was one of the tasks that required the physical presence of users so that financial institutes can verify that the user is not a fraudster.
KYC onboarding eliminates the need to visit the bank or financial institute to complete the onboarding process. With video KYC, users can complete the KYC process from the comfort of their homes.
So, how can one complete the video KYC process? For video KYC, the user has to video chat with the bank executive. The bank executive will check the coordinates of the user to ensure that the user is in the country. Then the bank executive will ask some basic questions to the user like his name, address, etc. The bank executive may record the call, but the user is not allowed to do the same.
The bank executive will check that the video is live, and it is not pre-recorded. Then he will ask the user to upload the government-approved identity cards. The bank executive will match the face of the user in the video chat with that on the identity cards. Artificial intelligence plays a crucial role in the process. It is with artificial intelligence, facial recognition that the identity of the customer is matched, and there are no chances of error.
Why AI-Powered Video KYC?
Improved User Experience
Users want an improved experience and want the onboarding journey simple and quick. The latest technology, like facial recognition, artificial intelligence, multiple financial dataset integration, and document reading, are used to eliminate form filling and physical visits to the banks.
Privacy and Security
Organizations providing video KYC solutions pay great attention to privacy and security. Data protection infrastructure helps in creating secure and dedicated applications. Digital frauds can be eliminated with the help of services that pay attention to security and privacy. Money laundering instances can be greatly reduced when we have information about users.
Scalable Backend Operations
Artificial intelligence and a Learning-based core regulatory engine are used to make digital onboarding solutions that help businesses to cut costs and time and provide users with helpful solutions. Scalable backend operations help organizations to improve their operations.
Final Words
Artificial intelligence solutions like video KYC onboarding save the time of users and financial institutes and provide them with a cost-effective customer onboarding solution. Artificial intelligence ensures that the documents provided by users are correct and authentic. It is a great way to avoid the onboarding of criminals and fraudsters.
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