From manual to digitally evaluating facial features from biometrics, the task of verifying identities has evolved in recent times. New technological advancements have been make in the digital world, which has open unique opportunities for video identification. This can play a huge part in causing an increased customer satisfaction rate, retaining their loyalty for a longer period, and for upsurging a business’s growth. Due to the recent pandemic, businesses have paved the way to operate their tasks by using digital platforms. This has greatly impacted the expectations of customers as they want to attain quick results cost-effectively. This has all been made possible by enabling the end-to-end video identity verification service for verifying real clients and eliminating any risks of fraud associated with them.
Has the Way of Verification Changed During Covid-19?
Several transformations have occurred around the globe due to the Covid-19 crisis. Multiple companies have faced financial losses as they were unable to cope with the digital methods of verification. With the competition increasing, video-base customer identification has gained popularity as companies have sought it as an effective solution for dealing with investors, vendors, and clients online, especially while they were restrict to staying indoors. To not put a halt on the previously generate profits, this method has been implement immensely by many companies now. It is a quick way of identifying clients’ identities and checking them against the regulatory compliance of AML rules.
How is Video-Base KYC better than The Traditional KYC?
The traditional method of Know Your Customer has its constraints. Which have make it ineffective as compare to the video-base KYC authentication method. The major differences are list below:
- KYC-base identification can present results in a less time-consuming way as compare to the manual KYC method. Which may take up to weeks for generating results about a single entity.
- The user has to physically visit an office to submit the documents need for identification. Whereas, in the case of the video verification process documents are upload digitally saving. Their time and cost for doing an in-branch visit.
- Any chance of error can be reduce by verifying clients through KYC video identification in contrast to the manual checking of information done by humans who are at a greater risk of making mistakes.
- The hassle of dealing with piles of paperwork gets minimized by executing. The video identification solution while saving. The proof of verification digitally on the database as compared to the traditional method of KYC. Which presents no proof of verification to be saved.
How Does The Video-Based KYC Identification Method Work?
The beneficial procedure of the video verification is based on 4 primary steps which are as follows:
Connecting through a link
The user is initially send a link to connect on the video platform, where either they can be ask to show. Their documents individually or are join by a KYC expert who guides them along the whole process of verification. To start the process. The customer has to verify their phone number through a two-factor authentication process.
The user is ask to show their full face through which their facial features are detect even capturing the minor details. The interviewer on the other end takes up the photograph of the individual. While authenticating the live presence. The image take would be further use to compare with the picture post on the identity document.
Address and Document Verification
Now the user is require to present the official documents consisting of the basic information about the name, address, date of birth, etc by holding them against the camera. Details are extracted by using the software of OCR. The front and backside of the document are analyse properly to perform the authenticity checks to confirm any errors for Document verification.
Verification Results are Deliver
Once the verification has been make by checking all concerning factors, the results are dispatch immediately and the final results are store in the back office which can be assesse by the client by going through the details section as proof of evidence.
Wrapping it Up
Video-based customer identification has made the verification process more secure and simple for businesses to onboard authentic customers. It has numerous benefits as compared to the traditional KYC. Implying the end-to-end video identification service will help companies to combat fraudsters more exclusively. Meetings are being held on video calls internationally while giving firms a chance of expanding their businesses while sitting anywhere in the world. Moreover, this will enhance the customer onboarding experience by virtually connecting with a client and giving them guidelines about the process and improve the brand’s reputation in the competitive market.