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. 

Digital ID Verification is the main Key Weapon in the War on Identity Crime

Due to the outbreak of the coronavirus, it has caused a dramatic change in the way we live our daily life. Nowadays, everything is revolving around technology. So, with the sudden evolution of trendy technologies, it is better to adopt the digital trend of the world. In this pandemic, it is necessary to maintain the social distancing; therefore, most of the banking processes or any other financial institutional processes are performed remotely via digitally. Online ID verification has always been the main focus for businesses which need to comply with KYC regulations. This has gained popularity as it reduces the risk of application fraud during customer onboarding. 

Nowadays, it is better to access financial services online. This will not only keep you protected from the coronavirus, but this is also useful in terms of saving time, makes things easy, saves cost, etc. In this modern era, most of things are performed online. As per the present scenario, it is better to do the banking process online rather than an ‘in-person’ visit to any bank or financial institution. 

It is true that the remote banking processes need a great level of trust between banks & consumers. Banks interacting with new customers online need to know the true identity of the customer. The bank must ensure that the new customer is not a fraud; this can only be possible via carrying out Know-Your-Customer (KYC) processes. With the acceptance of the digital world, online id verification seems amazing. But the ability to verify the identity of an individual online during the customer onboarding process using digital identity verification is somewhat crucial. Nowadays, there are many ways by using which you can easily verify the customer’s actual identity.  

Importance of ID verification online 

Without the presence of trust in their customers & citizens, organizations or any governments won’t be able to proceed with the digital transformations. In the same manner, with the absence of trust, consumers do not feel comfortable using any online tools. This means that they miss out on access to important services.   

The digital identities are basically designed to resolve all challenges which people face with the in-person presence of the individuals. ID verification online providing security via fingerprints and facial recognition. This is a frictionless experience for consumers & it is ensuring compliance for businesses.  Here are some important points which clearly shows the ID verification online benefits:

• Online id verification helps to build a sense of trust from all sides. 

• Provides best user experience 

• Saves traveling cost up to a great extent. 

• It also helps to prevent frauds 

• The quick online identity verification process 

About Signzy: 

So, are you interested in an organization that helps to provide the digital identities for the online onboarding customer journey? If yes, then choose Signzy. This is the first-class award-winning platform that provides a high-end ID verification system that helps identify and eliminate fraud attempts. Signzy uses facial recognition technology, which allows secure Online KYC. Moreover, we also offer the best Video KYC, which makes your online onboarding process easier. 

Signzy is one of the leading platforms which provides the best services to its customers. Do you want to experience the best Online id verification process? You can freely go with Signzy to enjoy its excellent services. They have perfect interactive digital onboarding systems that will surely make your journeys hassle-free. If you want to eliminate your customers' form filling and physical visits, then reach us right away. We will be highly thrilled to serve you. 

What is Merchant Onboarding Process and How to Make it Simple?

Getting maximum new, quality and genuine customers boarded as early as possible is something every business desires. After all, it is a key metric of growth for financial enterprises. 

Many payment facilitators plus independent agents are often aligned to get as many merchants to sign up as feasible and generate process volume in their respective portfolios. 

Nonetheless, many of the merchants happen to be hesitant to get initiated with new payment processing methods - maybe the reason being a lack of understanding on how to proceed ahead once the signed-up process functions. As a result, they ended up visiting third-party providers and were left with unnecessarily high fees. 

To deal better and work efficiently, it calls for an adequate understanding of the merchant onboarding process. It is as vital as any other thing in the working that further goes a long way in ensuring the best possible and quality experience ahead to every single merchant during recruitment. 

Managing merchant onboarding effectively 

Providing new merchants access to your payment gateway via which they can comfortably get onboarded, and their payment gets processed with ease is commonly known as the merchant onboarding process. There’re innumerable reasons why the federal government calls for software firms to conduct smooth onboarding on their platforms. 

In order to ensure that you remain competent all through this while, businesses ought to follow this process and must ensure that every single business process is handled following all the important KYC norms onto their software platform. What’s more, in order to stay on the same page and ensure all the requirements of businesses are met, many are required to follow below-mentioned things beforehand, such as – 

• Prescreening 

• KYC (Know Your Customer) process 

• Merchant history checking

• Proper business analysis 

• Information security check 

For all the businesses considering making the transition must embed smart payment methods and facilitate proper adherence. 

Getting professional assistance 

So till yet, if you have had decided to do the same and seeking for professional assistance, then you will be overwhelmed by the number of choices available. However, you must be somewhat cautious and patient over here. There are innumerable things to consider beforehand to come up with the right choice. in addition, being patient while locating the provider and always going with your gut feeling is the key to locate the ideal one. 

Merchant onboarding solutions with Signzy 

While we are here for years and years, helping businesses get custom and bespoke systems and solutions – we can assist you with the best and guide you throughout to making the onboarding merchant journey as simple as possible. 

No matter what your needs and expectation are, we are here to assist you with the best, following the best practices. 

Got any concerns regarding payment solutions? Feel free to visit us at Signzy.

Working of Online ID verification Process

Identity verification has become a familiar and everyday practice in our humans' life. We’re required to fulfill these norms again and again in a day, be it while punching a password at some counter or giving our ID proofs to get something done and proceed ahead. However, in case of high-value and other sensitive agreements like getting a new account opened in the bank or applying for credit card stuff, an extra thorough ID verification online is required to be done in order to ensure safety and give a safe environment. 

Since it’s already been a tech-savvy world where frauds are happening more and more, digitization of the verification processes are of utmost importance to ensure the safety and security of customers online. Even though many modernized processes have been implemented, manual ID verifications processes are prone to error and extremely slow. 

Unfortunately, it is serving lost of cons to businesses these days, resulting in ineffective and poor customer experience and frauds happening in big numbers. However, that needs to be managed adequately to comply with the regulatory compliance. 

That’s where using digital technology to automate ID verification; businesses get the ability to give a consistent, smoother experience to users and customers. This makes financial institutions adopt automated solutions. Probably, the best part is this technology makes it possible to onboard new customers online by carrying out the verification process digitally. 

Considerably, the best part is, it decreases the risk of getting fooled online or of getting your identity used by some other person, using ID verification methods. 

The best part is, it minimizes risk by giving higher assurance that facilitates compliance, such as anti-money laundering, as well as know your customer process. 

ID Verification Online Process 

That’s a process where people are required to showcase government-issued ID proofs and verify their identity if they are the actual ones in person or not. For firms rendering services to users or financial institutions rendering banking services, there are innumerable occasions where this ID verification process is required like – 

A telecommunication provider seeking for a new service agreement 

While opening a new bank account or changing any account information 

Estate agent finalizing an agreement 

While having a new insurance policy 

Even though these processes are done in person earlier, online ID verification makes it feasible to be done digitally. This amazing verification process makes it possible to save time while creating more efficient processes. What’s more, another great feature is that it saves paper by heaps, which is the best part. This complete process is done by analyzing alpha data, facial recognition features, and other technologies. As a matter of fact, this complete process ensures that the specific person can view and sign the agreement, and there’s no wrongful happened in the meantime. 

To get your business equipped with the right solution, reach our Signzy team today. 

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.