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. 

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.