How and Why is Video KYC Changing the Picture of the World?

Pandemic has disrupted the world, but the adoption speed of digital technology has accelerated like never before. It ultimately affects the way we live, study, shop, work, transact, travel, and dine. Every sector is tweaked the way they worked earlier. In traditional banking, if you want to open a bank account, you need to go to the bank, and it is messy and time-consuming work. However, the entire scenario has changed and became much smoother than earlier with the video KYC verification option in banks. It is a paperless remote account opening alternative to the traditional manual KYC procedure.

With the recent amendment in the Prevention of Money Laundering (PMLA) act 2002 by the ministry of the finance department, several modes for capturing the customers' details are allowed now. As a result, RBI has authorized visual KYC verification to verify customers, allowing onboarding through video-based KYC.   

  

What is Video KYC?  

It is a video-based and automated customer verification procedure for onboarding. With the help of a trained professional, businesses can use the online KYC via video method for document image capture, face-to-face interaction, and digital Id verification to expedite the onboarding procedure.   

The world welcomes the video-based KYC verification method wholeheartedly due to an increase in demand for digitization in harsh COVID conditions. It enables businesses to promote contact-less customer onboarding with reduced operational costs.   

Benefits of Visual KYC in India  

The demand for video-based KYC is already going beyond the sky due to its tremendous benefits. Some of them are mentioned below:  

 

Paperless, Anytime, and Anywhere Access  

This method provides a quick, convenient, easy, and paperless customer onboarding process. Nowadays, people are looking more towards the remote option, and it perfectly matches the customer's preference of anytime, anywhere access.  

  

Opens the Doors of Omnichannel Mode  

Its versatile feature lets us open an account, be it a demat account, bank account, insurance account, or trading account. It is easy to complete the procedure in minutes.  

  

Eliminating the Need for Personal Visit  

Undoubtedly, video KYC is genuinely a blessing for all of us during this difficult time. It eliminates the need to visit personally to complete the onboarding procedure. You can conveniently complete the onboarding while sitting in the comfort of your home.  

  

Reduced Operational Costs of Businesses  

With the elimination of paper and reduced manpower, the total operational cost of the businesses is now less, which eventually benefits the companies. In other words, we can call it cost-effective.  

  

Secure  

It confirms the security of the customer's data and ensures that the security protocol never gets compromised throughout the process.  

  

Positive Impacts of Visual KYC  

With the rise in the video-based KYC verification mode, we see various positive impacts.  

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• The rise in the number of account openings.  

• Increased ROI (Return on Investment).  

• Improved profit margin as ROI increases with a decrease in cost.  

• Much faster turnaround time.  

  

If you are looking for an online KYC via video onboarding software solution in India, Signzy offers its client the best-in-class and easy-to-use video KYC solution.   

Is Video KYC Verification Good Idea for a Banking Business?

Literally, there are many KYC onboarding solutions available in the market. With the technology upgradation, digitization has gathered special attention as it makes things easy up to a great extent. For most banking and financial institutions, Video KYC is the ultimate onboarding solution.   

Every bank must select the right KYC onboarding solution for their needs; in fact, any investment firm, a crypto exchange, or other company must use it. The rapid acceleration towards digital adoption leads the world towards an unpredictable future of social upheaval. This revolution has introduced Video KYC Verification to a wide range of organizations & financial infrastructures to protect them from fraud-related activities.    

Nowadays, frauds are increasing day by day. Many businesses are trying their level best and spending extra time to adopt the enhanced video-KYC services to avoid fraudulent activities in the future. The primary purpose of customer onboarding is to prevent illicit money transfers, money laundering, and it helps to ensure a transparent relationship between customers & businesses.   

Some advantages Of Video KYC Software Solutions   

Here we are going to talk about some of the benefits offered by Video KYC Software Solutions to businesses & organizations to limit fraudulent activities.   

It comes up with enhanced security features; thus, providing a better customer experience to the businesses to detect illicit money transfers.   

KYC identification solutions are cost-effective methods that are highly beneficial for any banking business; they will save time and money.   

Video KYC for Customer Verification provides necessary peace of mind to business merchants as well as customers by giving them satisfactory services.    

It helps to enhance the data gathering processes for future reference with the help of KYC- video verification solutions.   

The video identification process is speedy, reliable, accurate, and easy to carry out; therefore, it offers various advantages to its customers.  

Video KYC for customer verification plays a crucial role in protecting the banks from fraudulent activities, which is rising parallelly with technological advancements. This all-new Video identification process does not involve any physical contact with customers. Thus, the verification process with this method can be carried out with high accuracy, efficiency, & convenience.   

During the video onboarding process, the interview is conducted between the banking representative & its client. The banking official will ask you about your personal information and identity proof. They also keep the recording for future convenience and safety purposes. It will make it difficult for people to commit fraud activities.    

Compared to the traditional in-person verification process, this video KYC verification is quite useful. The fusion of artificial intelligence (AI) and machine learning (ML) technology helps detect criminals easily. The video calling method is also helpful in reducing onboarding customer costs. It helps build excellent standards of trust & compliance, which cannot be expected from other KYC verification methods.    

End Note  

Explore the significance of Video KYC Solution for the banking and financial industry. Get the best onboarding solutions by performing Video KYC. If you want to upgrade your onboarding process, reach the official website of Signzy to grab the best solutions.    

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. 

Video KYC For Full Fledged Paperless Journey

Do you want to make online banking personal? 

With the help of world-class video banking experiences, one can build special relationships with video banking.  

Most of the banks have already started adopting the latest strategies to handle the banking processes. Nowadays, people love to handle everything digitally. In order to reduce the common concerns of financial institutions and their customer, digitalization is doing wonders. It contributes to making the whole banking or any financial journey paperless. 

Let us discuss the power of Video KYC! 

The initiatives taken by the American government to handle the KYC online is the superior choice. Nowadays, it has become trendy as most people work remotely, so they want to handle everything online rather than physically visit the banks. KYC is one of the most important and useful parts of the banking process, which helps to keep the safety of the customer and bank as well.  

Guidelines to do the Video KYC compliance seem in the right direction.  helps to enhance customer service, reduce operational costs, & also helps to maintain compliance. It makes the process easier for customers & financial institutions with a smoother onboarding alongside it also help them remain compliant, especially during remote & digital services. 

For all the banking & financial institutions, video KYC remarkably reduces the costs. It also enables many customers to be onboarded quickly, wherever they are present. Video KYC provides a great flexibility option meanwhile reducing the onboarding process cost. Many customers are happy with the video KYC as they can get more work done without even leaving their homes or offices.  

In America, most of the people handle everything online. So, Video KYC is something more than a blessing for them. 

Learn about the benefits of video banking! 

Some important benefits of video banking 

1. Video banking leads to the superior banking experience 

The introduction of video banking helps to create an effortless live-video experience for your customers anytime, anywhere, & even on smartphones. There are options of personal chat, screen- and document-sharing, all the agents of the financial institutions are well-equipped to explain the highly complicated topics like mortgage loans or interest rates. 

2. Allow teams to scale successfully 

Financial institutions are empowering teams to be successful in video calling with their customers via expert services. The banks guide their clients at every step of the way, from the initial stage to the end.  

3. It leads to higher sales & helps to build solid customer relationships 

Video KYC is a fantastic process as it helps agents to focus on what actually matters. It helps to build customer relationships which can be beneficial to convert to higher sales. American banks adopt automation features to handle multiple banking tasks. Thus, video banking is quite useful to increase sales conversions and also helps to gain trust over their customers. 

In this digital world, the paperless banking process grabs the attention of many people. Many FIs are still not aware of the modern automation system, and you can take the help of Signzy. You can accelerate digital transformation via artificial intelligence. Make your onboarding process easy with Video KYC verification. For more details, about the Signzy software, you may visit the our website. 

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.