Several advantages for modern businesses have resulted from technical advancements. However, digitalization has also facilitated the experimentation of fraudsters with novel methods of bypassing detection. Organizations still utilizing antiquated practices invite fraudsters looking to profit by exploiting essential credentials.
Businesses should implement a modern video KYC solution to boost onboarding while keeping fraudsters at bay. The proliferation of smart gadgets has made innovative concepts easier to implement in the modern era. In addition, companies can safeguard themselves from cyber criminals by adhering to AML and KYC regulations.
Digging Deeper Into Video KYC Solution
Banks and other financial institutions can benefit from using a video KYC solution. Taking a photo of a person’s face and confirming it in real time helps banks prevent cases of fraud and identity theft. As an added bonus, businesses may utilize this technology to get a more holistic perspective of their customers by comparing how they seem in videos to photos.
In order to solve client difficulties, secure onboarding, and improve customer service, the video KYC process is crucial to online payment transfer systems. In addition, criminals can influence security systems through spoof attacks and deepfakes employing cutting-edge technology. Therefore, video KYC services that include anti-spoofing solutions can give their clients a leg up in the market.
To prevent hackers from gaining access to sensitive client data, businesses need to install cutting-edge know-your-customer solutions. Therefore, businesses can restrict their services to verified customers. As a result, the company will be able to advance its operations with the help of cutting-edge technology.
How Video KYC Solution can help Banks and Businesses?
Banks can verify identity and other crucial information through video chats for Know Your Customer (KYC) purposes. Banks use video know your customer checks to assess risk when conducting business with a new client. Money laundering and other forms of cybercrime are only two of the many financial crimes that a video KYC procedure is used to avoid.
Researchers predict that as banks implement a video KYC solution, their bottom lines will improve by the millions. The following mechanism achieves this:
- When it comes to onboarding distant consumers, the Video KYC solution emerges. In addition, it’s the safest way to verify users’ identities before accepting them as new customers.
- Companies can save time and money by eliminating the need to visit several locations when using the video KYC solution.
How Does Video KYC Solution Work?
Banks and other financial institutions employ KYC procedures to avoid dealing with illegitimate customers. Video verification, however, makes the process quicker and more reliable. Businesses increasingly use video KYC services since the results are more reliable than current methods. There are obvious benefits for financial institutions like banks when using the best video KYC solution, which includes being quicker, simpler, and safer.
Video technology also allows them to use biometrics like facial recognition and eye scanning to authenticate customers. Let’s quickly review how businesses employ it.
Customers need to register for services like bank accounts, loans, and insurance before they may utilize them. Therefore, verifying a customer’s identity and security is increasingly important before signing them up. The video KYC solution not only facilitates quicker onboarding but also has the potential to increase client satisfaction significantly.
- Profile Feedback
Banks must acquire the client’s name, security code, contact details, and address for secure and smoother processes. Therefore, video KYC solution is the most secure verification method because of its speed, accuracy, efficiency, and usage in modern payment solutions.
- Live Video Call
Rather than relying solely on a photograph, they can verify their identity using a video KYC. Furthermore, it has become the standard method of identity verification employed by many financial institutions. Therefore, organizations should adopt KYC video identification systems to avoid any potential for company funds or personal information theft.
The company representatives can confirm clients on the spot by inspecting an actual document. In addition, the client’s verification is incomplete until they have their full name, address, and identification documents. Protecting private client data is easy with a video KYC process. However, it is necessary to do all required actions to keep clients’ verification and trust.
With the help of a video KYC solution, businesses may enhance client onboarding and growth. In addition, it offers reliable user authentication by analysis of their primary credentials. To join, many customers utilize false identities. To prevent the onboarding of false users, it also supports user verification through identification techniques such as biometrics and face recognition.