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. 

Intelligent & Smart Automation Solution for KYC Validation

 Businesses and many other financial institutions have to deal with heaps of data and documents on an everyday basis while operating. Most importantly, considering the regulatory compliance at bay signifies there is no room and acceptance of any errors.  

However, there are many systems that businesses have been integrating into their business processes already, even though a maximum of them are a bit time-taking. According to one survey, it’s been estimated that it takes 25 to 26 days on average for financial institutions to onboard a new customer. Businesses have already been taking this as a major concern and working on it to cut all the extra time. 

Ever wondered if there’s a way out to cope up with such challenges? 

Intelligent KYC Solution 

Even though there has been robotic process automation there, many new systems and solutions are now mainstreaming the working processes in the banking as well as the financial sector. That’s where the need for an intelligent solution (which is the perfect blend of artificial intelligence along with automation) for smart KYC onboarding comes in. 

Technologies that’s been embedded in smart systems usually include – 

OCR 

Neural network 

AI and ML 

Today, there are innumerable reliable businesses that can outsource you the right solutions, keeping all your business needs at consideration; all you need to do is finding a competent and effective service provider. 

No wonder it is indeed going to be very hard for you. But if carried with adequate care and consideration, it can work in the right way. 

Some more perks of KYC Onboarding solutions  

Accuracy – technology-driven algorithms in the system leaves no room for any error in working processes 

Speed – it gives a faster turnaround. Of course, much more than those manual processes itself and solves innumerable challenges in the meantime. 

Resource management – whenever there are repetitive tasks, they get automated via the intelligent system. What’s more, enterprises can practice their human resources into the working processes for more value-added outcomes.  

Efficiency – all the tasks are done adequately, according to the standard norms of the business as well as the government, with minimum or no need for manual work. For example, an intelligent solution cuts the manual work by or more than 70%. 

Indeed, effective and quality solutions have got tremendous perks to serve. 

Are you, too, someone who is considering getting the solution for your own business? If yes, it’s a great decision.   

At Signzy, we can render you with amazing and intelligent solutions to make your business processes streamlined and simpler.  

Have you got any concerns or feeling like sharing your business needs with us? Feel free to talk with our top-notch professionals at Signzy. 

No matter what your needs are, we have got you covered under one roof.  

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.

Easy Steps to a Fully Compliant KYC Onboarding Process

The customer onboarding process can be complex, but thanks to digital KYC onboarding, it has become simple, safe, and secure. It is vital to verify the identities of new and old clients. Doing KYC at regular intervals helps you to ensure that nothing has changed, like the address, phone number, etc., of your customers.

Do you know you can make the Onboarding process simple by opting for the video KYC process?

As we know, manual KYC is not as effective; there are frauds taking place. Every organization wishes to accurately verify customers and that too in a timely manner to allow its business function properly.

With the usage of digital technology for automating the ID verification process, businesses can provide a smooth experience to their staff and customers. With the digital ID verification, businesses can help onboard new customers as well as employees remotely in the time of the coronavirus pandemic. Digital KYC reduces risk by providing higher safety and facilitates compliance with regulations such as Anti-Money Laundering (AML).

How Digital Onboarding is Done?

Digital onboarding is a simple process, which doesn’t take much time. The user has to video chat with the video ID verification expert, and the expert ensures that the video call is not a pre-recorded one; it’s live. The expert records the video call, but the user is not allowed to do so. The expert asks the user to share his location coordinates; it’s done to ensure that the user is in the same country as the expert. The expert asks few questions to the user, and after that, the user is asked to show government-issued identity cards. He may show them into the camera, or he can upload them by clicking pictures. Artificial intelligence, facial recognition technique, document reader are used to ensure that the documents are not fake and the person on the video call is the same as on documents.

Many businesses are using digital technology or customer onboarding process as it is convenient. The person can complete the process from the comfort of his home. There is no need to visit the bank for the ID verification process. Also, bank employees had to spend a significant amount of time to complete the KYC process manually. Thanks to the video identification process, the process takes just minutes.

Final Words

KYC onboarding is a process in which the identity of the user is verified digitally. The user interacts with the KYC identification expert and shows or uploads documents. The process is a highly sophisticated one and follows security measures. It saves time and money for businesses as well as users. Users can complete the process from the comfort of their homes as they don’t need to be physically present in the bank or financial institute to complete the KYC process.

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.