KYC, know your customer/client is a requirement, especially in the financial sector, that obligates the professionals to verify the identity of the potential clients and analyze the risks related before developing any business relationship with them. This is a necessary step taken to ensure the decrease in criminal activities like identity theft and money laundering. Since the issue of identity theft is so colossal, the measures taken against it should be stringent. A reliable solution for this complication is the video KYC process of video ID verification.
Video ID verification with Video KYC solution
The Video KYC process is the same as the manual KYC process that verifies the customer’s identity but it is done through a video call with a KYC expert. This process uses both human intelligence and artificial intelligence to carry out the verification process in real-time which makes it more accurate than the manual KYC process.
In the video KYC process, the customer is asked to fil a registration form on the website or the app. Once that is done the customer is connected to a KYC expert through a video call and the video ID verification process starts. The customer is asked to do small facial moments and answers a few questions. This is done to ensure that the customer is physically present for the process. Identity thieves can use an old video to fool the video verification process. The face of the person is also verified through 3D depth detection. With the consent of the customer, the video ID verification process is recorded. The customer is asked to show their ID document in the camera from all sides to make sure that the edges are visible and no picture of the ID document is being used. The authenticity of the ID document is also verified. Once the process is carried out, the data is safely secured in the back office and the call is disconnected.
It takes only a few minutes to do this process. The KYC agents are highly trained professionals that are also taught to observe and analyze the behavior of the user that AI-based software cannot catch and if there is anything that a human eye skips, then the AI software is there to double-check it.
Uses of E-KYC Video verification
● Covid-19
Covid-19 has forced the world into hiding. Every industry in the world has to use online means to function. In this situation, the video ID verification process has been a key help. The customers could get their ID verified from the safety of their homes and still maintain social distancing.
● Customer onboarding
The hassle of verifying customer identity during the onboarding process is such frustration that the majority of the customers change their minds instead of going through the whole process. This results in a decrease in customer rate. This E-KYC solution has made the customer onboarding process easy and user-friendly which in turn has increased the customer onboarding rate.
● Cost-Effective
Usually, the verification processes cost a lot to the companies. They have to hire the staff to carry out this process. Then securing the data is another issue. If the data is breached, the business can be sued or fined for not carrying out a proper procedure. The video KYC process is more efficient in securing the data and it can halve the cost of the manual KYC process.
The video ID verification system has helped a lot of industries including banks, e-commerce, financial institutions, etc. This is the next big thing in the tech industry and the other methods of KYC have become outdated now.