7 FAQs About Video KYC

 More and more banks are making it possible to open bank accounts without visiting the branch. All this is possible because of online video verification. 

Below we are covering the FAQs related to video KYC:

What is Video Identification?

Video identification is a process to verify new customers and update data related to old customers through a video call.

What are the steps in the Video Identification Process?

In the video KYC process, the user gets on a video call with the bank executive. For the call, the user needs a working internet connection, a laptop, or a mobile phone. The user has to answer a few simple questions asked by the verification specialist on the other end of the call. The user has to present the required documents, or he can simply upload the documents. Documents are checked and verified.

What technology is used in the video KYC Process?

 To ensure that the process is done without any mistakes, artificial intelligence, facial recognition, and optical character reader are used. It is detected that the video call is live and not a pre-recorded one. The technology helps to check the person on the video call is the same as the photo on the government-issued identity cards shown/uploaded by the user.

Is Video KYC Secure?

Video KYC is one of the safest and secure methods for online identity verification.

Can a person very similar to me use my identity card to open his account in a bank?

With Live-verify and Self-verify, it is very difficult to set up an account with another person’s identity document. The entire process is carried out on a video call. The outcome is not decided on the basis of photographs, and the whole interaction is recorded. Thus, the process is safe and secure.

How is Video KYC safer than sending your documents by email?

Video KYC is safer because it consists of the user interaction with a qualified expert, and the process is supported by technologies that ensure there are no errors. Also, the whole process is recorded on video, which acts as evidence.

Are standard processes at your bank’s branch not safe?

In banks, you have to be physically present. Many of us lead very busy lives; we don’t have time to take time off from work and go for the verification process. Also, people who are ill can’t risk it to go to banks. In addition to that, the process at banks takes time and is costly for banks. Bank employees have to do a lot of paperwork, and they are always preoccupied. Online verification saves time, and the process takes just a few minutes.

Final Words

The Online Video Identity Verification process is safe and secure. It takes just some minutes, and you can complete it from the comfort of your home. New age technology is used to ensure there are no mistakes.

Real- Time Video Identity Verification Explained

Online video identity verification has come up with one of the most secure and automated services in recent times. Since financial industry is now getting more digitized and advanced than ever before, the need for online identification services is growing too. The goal is to make workings and business processes simpler for you and customers.

Online video identity verification services –

 

Following up with online video identity verification and KYC (Know Your Customer) process eliminates several risks of online frauds and financial crimes. Nowadays, there are so many scammers around everywhere, who are willing to do such wrongful scams, if they find the slightest of the vulnerability in your business system. The goal is to eliminate the threat of a breach, tough compliances, takeovers, and identity thefts.

 

Effective online video identity verification services help you in addressing such predicaments. Such solutions work exceptionally well in the approval of real customers, reduce charge backs, deter fraudulent activities, and increase business conversions to a great extent.

 
What are online video identifications?

 

Video identity verification is a convenient, quick, and extremely secure means of verifying customer’s identity online, in a short span of time.

 

Having a secured identification process at one’s end makes it very difficult to scammers to make any sort of identity fraud. It works as a deterrent that works great in ensuring now wrongful activities will take place and often work great in providing you with the peace of knowing you are at the safest end.

 
Benefits of integrating online video identity verification process in a business –

 

·         Having an online video identity verification process at place, speeds up the customer on-boarding process.

·         It significantly reduces the risk of online fraud.

·         It helps a business with KYC/AML compliance, and building trust.

·         This process works great whenever it happens to improved security.

·         Identity fraud can really cost you a lot. Therefore, having such a solution at place improves efficiency, saving you time and money too.

 

With video KYC (Know Your Customer) identity verification using liveness checks, there are no wonders why so many financial businesses and companies are choosing to implement this security procedure in their business.

 

Use cases of video identifications –

Today these online video identity verifications are extensively used in the financial service sectors ranging from banks to government institutes to initial coin offerings to crypto currency market to the block chain.

 

The purpose is simple – to maintain the standard of compliance and trust, along with great user experience. Integrating video identifications is a good idea and preferred by America and other countries because it merely offers great security as compared to other conventional solutions.

 

Wrapping It Up –

 

It is not just about America anymore, but many more countries have, too, started implementing these online video identity verification solutions. As a matter of fact, the overall acceptance and implementation of this process is spreading all across the world, and it is just a matter of time till it is going to spread everywhere else, too - all because of its good and benefits.