What Is KYC Video Verification:
Customer identification is becoming increasingly important, and in times of epidemic, it has already been a requirement for many institutions to migrate their operations online. With the rise of online customer care, the need for video KYC verifications has risen as well. This is especially true for businesses in the financial sector, where non-compliance with rules carries hefty penalties and there are dangers of money laundering and fraud.
Importance Of Video Kyc Verification:
KYC on video entails face-to-face verification, in which a verification specialist verifies the customer’s identification using the papers used to identify them. As a result, the organization may improve its security while also getting to know future consumers.
Institutions may learn more about their consumers and obtain important information about them by implementing a video KYC service. As a consequence, they may collaborate without the worry of consumers turning out to be con artists, so enhancing their security. Companies that use video KYC may also choose who they want to collaborate with or who they want to pay more attention to in the future
What is the procedure for video KYC verification?
The video KYC procedure is similar to the standard KYC method. It refers to video calls as a method of carrying out the KYC verification process. During the video conference, individuals are asked to verify their identities by showing appropriate identity document evidence.
Google Duo for Android users and Facetime for iOS users use to conduct online video KYC. After validating his credentials, a customer require to provide his original documents – proof of residence and identity – to the company’s representative during the conversation.
After then, the tape uploads for final review by the company’s personnel. The infrastructure for this new KYC system has already begun to be built by major financial and mobile wallet providers.
How to Conduct a Video KYC in Your Business:
A video KYC use by anybody in the financial industry, from banks to NBFCs, insurance firms to stockbrokers, and e-commerce to payment gateways. Following is the use case of Kyc video Verification:
Gateway For Payments:
In another digital world, enrolling organizations and enterprises are now a time-consuming process for payment gateways. Payment gateways can now enroll small and medium businesses in a matter of hours or even minutes, rather than days, thanks to video KYC, which makes the process seamless.
Advantages Of Using Video Kyc Verification:
The following are some of the advantages of adopting the Video KYC process:
It cuts down on paperwork: It would also aid with the elimination of human mistakes, which are inefficient.
It is a cost-effective solution: The video KYC procedure decreases revenue loss owing to delays in the process, which begins with the customer application and ends with verification.
It saves a lot of time: because it may be completed at any time and from any location. It does not requires customer’s actual presence. He or she will require a gadget with a camera as well as a stable internet connection.
It reduced the likelihood of identity theft and the submission of forged documents:
With an online secure digital system, all of the customer’s information may be safely saved. It would also allow businesses to utilize the same Video KYC system for many items.
The most significant benefit of video KYC verification is that it improves client satisfaction. The wave of convenience and comfort that this technology may bring can encourage your clients to remain longer with you. Millennials, the present generation’s grownups, expect everything to happen quickly. As a result, in current competitive times, it may be a critical distinction for a company.
Customers will have a more pleasant experience with video-based authentication. It promotes distant participation, tailored interactions at a rapid speed, targeted marketing, and opens the door to new possibilities. For the service agent, on the other hand, it’s a piece of cake: all of these tasks may be accomplishes remotely. Customers and agents regard it as extremely useful, ensuring business success. Drop rates readily reduces by employing appropriate technological solutions. It is, without a doubt, past time to enter the digital race.