How does Video KYC Verification Solution Boost Businesses?

Know Your Customer (KYC) is a compulsory method for verifying the identity of various customers. Undoubtedly, Video KYC gives new wings to the fintech industries as it is a reliable solution to curb financial crime & money laundering. In addition, Video ID KYC has also enabled the digitization of Officially Valid Document acquisition, geo-tagging as well as facial identification to confirm the client’s remote location. This, in turn, has enabled companies to onboard new clients remotely which is the emerging demand of the financial sector. 

Automate your business operations by introducing Video KYC solutions now! 

The constant progress in technology has left a great influence on many sectors worldwide. Video KYC Solution is a perfect example of digitalization. Typically, the fintech industry or the KYC official connects over a video call with their clients to validate the signature, submit records, & confirm facial identification along with other examinations. Based on the information gathered and judgments, the company officials accept the KYC application made by the customers.   

In America, most of the financial companies have already upgraded their systems to perform the “Know Your Customer” in a better way. In fact, Video KYC Solution has been beneficial in pandemic times wherein social distancing standards have become mandatory for everyone. So, the remote video KYC process has become famous as it helps to eliminate the requirement of stepping out for physical verification.  

Let us see some exclusive benefits of adopting the Video KYC process. 

Exclusive Benefits of Video KYC Verification Process  

• It can automatically enhance the consumer service as all the complicated processes are being done at one’s home.  

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• Promotes faster & accurate completion of all essential tasks without any kind of hesitation.  

• Easy access for everything due to the high-end algorithm & simplicity of the process.  

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• It helps to eliminate all the unnecessary use of documents, thus promoting the digitalization i.e., go paperless. 

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• This is an efficient process that allows nurturing of personalized customer reactions, thus updating the marketing strategies.  

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In today’s world of digitization, video-based services improve a business working of many sectors. Thus, it is considered to be a highly efficient method. With this latest technology, document verification will be done easily. As most banks and other financial institutions are completely new to online functioning, only some can completely comprehend the online atmosphere.   

Many banks do not have proper systems to identify their customers. This has increased the need for an accurate online customer identity verification solution and its usage. Moreover, data security of a customer is highly valued in the financial industries, but it needs appropriate solution to conduct it. That is why many financial institutions have opted video KYC Verification solution to solve online identity theft or any other fraud concerns.  

The fast-paced world has indeed been connected because of the advent of technology. Introducing the latest technology like video KYC will surely help to enhance the overall experience of online banking. If you want to learn about the Video KYC Onboarding solutions, check out our website today. Happy Learning!   

Video KYC – Ultimate Solution for Onboarding

Do you want to create end-to-end, contactless, & digital onboarding journeys for your customers? If yes, then adopt the AI-powered authentication technology. Video KYC is the best way to verify customer identity & other details in real-time. 

Transform your customer experience by using contactless customer onboarding, and it is the best step towards digitalization. Nowadays, digital solutions are designed, to make the things better and easy. With the help of digital onboarding & KYC solutions, you can reduce the customer onboarding time.

Nowadays, most of the companies have begun to onboard the customers & perform customer verifications via digital means. It is believed that the onboarding trend will continue. Digital adoption is expected to increase in the banking & financial sector; thus, video KYC for Customer Verification is becoming popular day by day. Moreover, the financial sector businesses are also bringing exciting new digital services for their customers.  

Some people are don’t know much about video KYC. Don’t worry. Let us discuss it in depth.

In the process of the video KYC, a KYC representative of the financial institution will authenticate the identity of a customer. The representative is also responsible for verifying the documents which are presented during the video call. During the video call process, the customer has to display their government-issued identity documents to the company’s official once verifying his credentials.  

Who will perform the video KYC with customers?

In this process, the customers are connected to the trained KYC expert, who will conduct the interview. During the video call, the representative will ask you the questions and observe their behavior, body language, and ensure that the person sitting in front of you is real or not. It will then ask them to verify their identity by simply showing a government-issued identity document as identity proof. 

Some important guidelines for the Video KYC process

In America, there are some important guidelines which must be followed to perform the video identification process for customer verification. Some of them are listed as follows:

·         Record video & also captures a live photo of the customer

·         It is essential to capture an image of the identity document

·    The representative will match the photo of the customer with the picture available on the identity document

·         Must match the details on the ID file

·         Make use of the latest AI & Face recognition technology

·         The recorded video will get saved securely along with the date/time stamp

Signzy Video KYC Verification solution enables a secure identity verification process for banks and customers. Both banking & financial institutions may acquire video KYC service from Signzy and onboard their customers without delay. Furthermore, the document verification solution provided by them will authenticate the validity of the identity card in real-time, & the whole verification process will get completed in a minimum possible time. 

So, are you ready to make your onboarding process quick and easy? If yes, reach the official website of Signzy to know more about their high-end services. 

Complete Guide to Know about the Video KYC Onboarding Process

No wonder, today a digital revolution is there globally in every corner and every aspect. However, preventing online frauds in both financial as well as non-financial industry is the concern and, of course, the need of the hour too! 

Gone are days when the KYC process mandated in-person visits to a bank. Today, it is not the case anymore. After the government and RBI have mandated made new changes, everything has changed so much, be it the way to get the bank verification done or the way banks onboard new customers. From then to now, banks have adapted to this new reality and supporting this change immensely.  

Video KYC onboarding process 

Well, it is a process that financial and non-financial service providers are following while rendering their facilities to others. Valuable and automated video KYC onboarding process is not exclusively the substantiation of what the merchant needs; as a replacement for, it is something which is the need of the hour to facilitate a safe and sound environment for everyone. We believe it is something that simply can’t be omitted, rather should be employed by every other industry too. 

Video KYC onboarding giving a secure environment in 2021 & beyond! 

At the time the nation when there is partial lockdown over here in India and America, due to the outspread of the deadly COVID-19 virus, going outside is not actually safe till now. Nevertheless, this more than a year lockdown has lately resulted in steep growth in the usage of digital services by the people. At these times, this super-smart video KYC approach has come up as no less than anyone savior – thanks to our authorities and brilliant minds behind that. It has indeed so much to offer to people across the globe. 

Let’s know some of the benefits after the integration of this wonderful concept.  

This smart and intelligent process reduces costs by 90%, be it operational or travel  

Onboarding new customers have now become easier for financial institutions  

Since everything has gotten online, there’s been seen a huge save on the usage of papers 

Less online frauds and ID theft cases happening 

Increased security plus safe and sound environment to do online activities 

Well, those just don’t limit themselves over here. It has surpassed these too! A change in the way everyone works – thanks to amazing KYC solutions. 

Now that you got to know all the perks of this effective video KYC, it is the right time to play your part as well in this revolution and integrate it into your business and see what it can do for you! 

In order to get equipped with the best-in-class solution, feel free to contact our professionals at Signzy. We’ve got all the skills and expertise to render you amazing quality services and experience. 

How Video KYC Verification Can Transform the Experience?

In today's time, financial institutions have realized the true potential of the AML and video KYC process for their entire business. And since these processes have ample benefits for the entire financing industry, banks can't ignore to understand the business as well as customers benefits that are accompanied by video KYC. 

Moreover, as video KYC verification comprises sensitive data, financial institutions can't be careless at all while they go through video KYC solutions as this sensitive information assists banks in identifying that the people opening the account is legitimate and aren't going to commit any fraud activities.

Over to Video KYC Verification 

To carry out the video KYC verification process accurately, financial institutions gather sensitive data such as location, occupation, status, ID, and so on. Out of all, the safest method of KYC for banks is to visit the bank and offer the documents to the concerned person required to complete the process. 

However, as many customers don't have the time to visit the bank and be available for face-to-face interaction and verify the video ID KYC, banks need to look for an online KYC verification platform that enables customers to complete the KYC verification without visiting the bank. So, online video KYC holds the true potential of bringing the customers out of the hassle and making financial executives' lives easy as never before.  

How Video KYC Verification Benefits the Customers?

Customers have an expectation of a superior experience because of the elimination of a major pain point that usually occurred during the traditional or manual verification process carried out by the banks and financial institutions. During the traditional verification process, the document pick-up is headed by a service provider's call for making an appointment.

During this, there seems a requirement to make regular follow-ups that were not connected. When the appointment gets fixed, it becomes even challenging for finance executives to carry out the KYC verification process manually since there are times where customers aren't available due to numerous reasons. Well, opting for video KYC verification, customer's time, efforts, and costs are saved as they no more have to visit the bank for the verification process.

Apart from that, the video KYC process makes the verification process simple, smart and accurate than before, where the customers get to experience faster turnaround times for loan disbursal. This ensures better visibility, improved transparency, and a lot of other benefits. Additionally, there are zero scopes of third-party risks when customers opt for video KYC solutions. The video KYC process is in complete control of the service provider, which handovers the customer information in safe hands.

Final Thoughts

With the implementation of video KYC verification, the prominent benefit is that businesses get to save a huge capital that is accompanied by the digital KYC verification process. Financial institutions will no longer have to invest huge money to verify the KYC of every borrower. All in all, this turns out to be a cost-cutting and smart solution that is going to benefit the entire finance industry and the customers in the long run.

How Video KYC Solutions can Combat the Growing Identity Frauds?

Entrepreneurs and market players have realized the true potential of digitalization the most in this pandemic era. With the global lockdowns all across the globe, the entire banking and financial industry is the one that is currently reaping the maximum benefits out of digitalization in the form of video KYC solutions. 

Since customers are going digital, businesses are even experiencing numerous challenges to balance a great customer experience along with high security. At this point, video KYC onboarding is the ideal solution that assures real-time user onboarding and tackles the ever-evolving financial landscape.

Understanding video KYC solutions

Video KYC, also referred to as video identification or video ID KYC, offers an online platform of face-to-face identity verification where businesses perform customer verification process via video call which is assisted by KYC agent. When the video call is going on, the customer has to digitally submit the identity documents as proof for Video KYC Verification. 

Identity frauds that can be tackled with Video KYC

Video KYC is a popular trend practiced nowadays and it is acting as the superpower behind the evolving identity verification industry. Besides the verification processing time and reduced costs, the increasing identity frauds are demanding a safe verification process in the form of video verification. Since security is the foremost concern of every business, video KYC is the first preference as it is capable of tackling the recent identity frauds that might hamper your business. Here is a list of identity frauds that can be addressed with video KYC solutions.

Synthetic identities

Amongst the frauds that are challenging to identify, synthetic identities are at the top. Fraudsters usually combine real pieces of information, such as social security numbers (SSN), with fake information for creating real-looking identity. Video verification solutions, in that case, synthetic identities are identified easily which helps in avoiding the potential synthetic identity fraud in the long run.

Deep fakes

Also referred to as falsified videos, deep fakes are prepared with deep learning technology. These frauds can easily fool the system and further get unauthorized access to your system. With deep fakes, the fraudsters easily succeed in surpassing the identity checks. With the help of KYC solutions, the entire system and business network can be safeguarded and avoid all sorts of possible deep fakes.

Spoof attacks

Hackers have become more sophisticated in carrying out frauds backed by the advent of technology in the form of spoof attacks. With the help of AI technology, imposters are capable of surpassing verification systems with fake identities. Since these types of attacks are difficult to detect, video KYC solutions include both artificial intelligence and human intelligence for identifying spook attacks and bringing users on the safer side.

Final thoughts

Apart from benefitting the finance industry, video KYC solutions are lending a helping hand to other industries as well- the payment industry, insurance providers, remote companies, and a lot more. Investing in Video KYC is eventually become the new norm for businesses in order to keep their business network and the end customers on the safer side. It is no more a choice, but it is becoming a necessity to count on video KYC services and ensure utmost security throughout the business.  

Prior to stepping out in the market to look for the reliable and ideal video KYC service provider, it is always preferred that you list down the basic features and your business demands thoroughly so that you end up making a wise decision.

Customer Onboarding with Artificial Intelligence

Artificial intelligence is dominating many sectors, and financial institutes are no different. Artificial intelligence makes our tasks quick and easy. In video KYC for customer verification, artificial intelligence is used extensively.

Enhanced User Experience

Video KYC onboarding helps in making user journeys hassle-free. The latest technology, like artificial intelligence, facial recognition, document reading, and multiple financial dataset integration, are used to eliminate form filling and physical visits to the financial institutes.

Scalable Backend Operations

Artificial intelligence and Learning-based core regulatory engine play an integral role in helping businesses scale faster, cut turnaround time, and reduce cost. The latest systems simulate human intelligence to bring Intelligent Process Automation (IPA) in business processing.

Privacy and Security 

Privacy first design principle used by organizations providing video KYC solutions helps create the state of the art security, privacy, and data protection infrastructure, which helps in creating fully secured, dedicated, and on-premise applications. Digital frauds are rising in numbers, and for that, image and video fraud checks help to determine whether there are any chances of frauds or systems are safe and powerful to handle everything securely.  

Faster Digital Transformation

Faster digital transformation is the need of the hour. Specific financial and compliance risk modules are there to help you with a speedier digital transformation. You don’t require any coding, plug, and play pre-integrated modules help make connections quick and hassle-free.

How Video KYC Takes Place?

Video KYC is a simple process that doesn’t take a lot of time. The user requires a laptop, tablet, or phone and a working internet connection. 

Video KYC is a simple process that doesn’t take a lot of time. The user requires a laptop, tablet, or phone and a working internet connection. 

The bank executive is on the other side of the video chat. He learns about the location coordinates of the user. The user should be in the same country as the bank/financial institution. Then the bank executive asks users some basic questions like his name, address, etc. 

Then he asks users to upload their identity cards issued by the government. 

The user uploads the documents, and the bank executive checks them and matches the user’s face with that on the documents.

Artificial intelligence, facial recognition, optical character reader techniques are used to check the documents to ensure they are not fake.

The bank executive might record the video.

The user is not allowed to record the video.

After the process gets finished, the user is allowed to disconnect the video call.

Final Words

Video KYC verification is an easy and stress-free process that allows customers to complete the KYC process from the comfort of their homes. Users don’t require visiting the bank branch to complete the process. Artificial intelligence makes it possible for companies to allow the video KYC process. In a short span of time, we will see more and more companies using the video KYC process to provide a better customer experience. Many top companies around the world are successfully using the video KYC process by using artificial intelligence and making the customer onboarding process quick.

What is Video KYC, and how is it Beneficial for Customers and Businesses?

 

In the pandemic, social distancing has become a necessity. That’s why the majority of companies have started the onboarding process digitally. This trend is here to stay even after the pandemic. As the world is trying hard to get out of the pandemic, digital adoption is also accelerating. Video KYC for customer verification is a great way to get the verification done from home.

With the new digital services, the financial sector is helping customers to get the best services. Banks and other financial entities are integrating systems with high-tech verification in the form of video KYC.

Who performs video KYC?

A trained KYC expert performs video KYC. Customer is connected to the expert who asks them to verify their identity and show identity proofs issued by the government. The expert observes the body language and behavior of the customer. The user is asked to switch on the front camera to ensure he is not an impersonator.

Guidelines for Video KYC

• Record video and take the live photo of the customer
• Capture images of the identity documents
• Match the customer’s photo with the identity document.  
• Make use of artificial intelligence and face recognition technology
• Record video and save securely with date/time stamp

Advantages of implementing video KYC system

Fraud prevention

Video KYC is a great way to prevent fraud. With the usage of AI and facial recognition, live interview, financial institutions can curb fraud and secure their operations significantly. 

Prevent money laundering

Money laundering is a huge problem for financial entities. When you board legitimate customers, the risk of money laundering reduces significantly. With Video KYC Verification for American audience, it is now possible to perform background checks on your clients to ensure they are not on any watch lists. Video KYC is an exceptional tool that helps banks to onboard “clean” customers. 

Reduced paperwork

Video KYC takes off the stress from the employees of financial institutes. Since the video KYC process is performed digitally, employees don’t need to perform hefty paperwork. Employees have time to perform other critical functions that help in the growth of the organization.

Eliminate human errors

Humans make errors, but machines don’t. Advanced technologies such as artificial intelligence and liveness detection eliminate the scope of error. One can expect almost 100% correct results.

Reduction in Drop-off 

The traditional way of performing background checks involved customers be present physically at the facility. They have to present certain documents and come several times to the facility. Many customers don’t have that much time; they just drop-off. Video KYC provides a smooth and error-free customer verification process that helps in reducing the drop-offs. It’s a favorable thing for all financial institutions.  

Enhanced customer experience

Customers want a smooth and hassle-free experience. They don’t want to visit the premises physically. Video KYC eliminates the need to physically visit the financial body. Customers can perform the video KYC from anywhere and enjoy a trouble-free onboarding experience.

Final Words

Video KYC for Customer Verification is beneficial for both customers and businesses. Customers get the best experience, and businesses save money, time, and resources.

 

 

Everything You Need To Know About Aadhaar-Based Video-KYC Process To Establish Identity In Banks

It was 9th January 2020, when the RBI (Reserve Bank of India) approved Aadhar based video authentication process as an alternative to the e-KYC process. Supreme Court’s judgment on this method and its use by financial and other non-financial institutions has now pushed the manual verification process at the bay.

According to one recent report, it’s been noted that there is an upturn of 40% in the new customer acquisition since this KYC process has come to play.

RBI (Reserve Bank Of India) has updated its rules and regulations for e-KYC under the prevention of money laundering act, 2005. Did you know video KYC is recommended with Apple FaceTime or Google Duo? Yes, it is true! In fact, India and America is now the official first few countries to roll out the video KYC (Know Your Customer) process for financial and other non-financial institutions.

Lately, after realizing the whole COVID-19 situations, many banks have even launched their own video KYC facility, to make a sign up new customers with ease and efficiency.

Since now there is approval on the use of video KYC process, businesses irrespective of its domain and size, can now use the digital modes of identification and can use these technologically advances to onboard their new customers and to ensure they are being completely compliant with government rules and regulation.

In this write-up, we will outline the less-known yet important things you must know before implementing this smart and agile video id KYC process.

Video KYC Process

Well, this video KYC process has come up as an alternative to a full in-person KYC process. This is the process that customers are required to complete before they avail the services of banking institutions, such as getting loans and new account openings. Bur, in this video id KYC process, customers are still required to submit their identity plus address process to avail continued and uninterrupted services. 

The best part about this addition is – the newly permitted KYC process has now replaced the conventional KYC (Know Your Customer) process completely, with customers no longer need to follow and go to the official buildings to submit their documents in-person.

As almost each one of us is aware of the fact that identity theft is on the steep rise today, across the globe. At these impulsive times, video id KYC is extensively used to eliminate and cut all money laundering related and other prohibited activities. Earlier, KYC was a bit costly affair to businesses as they have to put up with the traveling expenses of the agents for the purpose of getting verified.

With the online KYC (Know Your Customer) process at disposal, businesses and people can’t just save bucks on costs but can also fasten the complete on-boarding process, saving them time and reducing the customer drop-outs by almost 30%.

Digital Video KYC Identification Process

Typically, the digital video-based KYC identification process has the below-mentioned steps included in it –

1. A customer has to visit the organization’s website and submit the application to get KYC done online.
2. Via a client portal, a customer has to enter his personal information like contact number, email address, residential information.
3.   A mobile number verification is done then by sending an OTP to the email address submitted by the person.
4. Once the email address and mobile number is verified, the customer has to submit his or her Aadhar number.
5. An online video call can be initiated anytime, via a link, or can be scheduled by a person itself, based on his time slot preference.
6.  An IP address of the person is checked to ensure there’s nothing wrong till now.
7. An assigned agent is then going to cross-check all the details submitted by an applicant and verify it for further decision making.
8. The agent can ask a person to show his proofs at any given time, and an OCR recognition match is done to ensure everything is moving in the right direction.
9. At any given point of time, the photograph of a person will be captured to match it with photos on ID proofs further.
10. Based on the overall online video call thing, the agent is going to decide whether he will accept the application or reject it.

      Well, this is how the whole video id KYC process takes place. It is just a matter of a few minutes, and the person will get verified from the comfort of their homes only. So, it won’t be wrong at all to say that this KYC process has come up as a great addition to society.