Video KYC is the new form of customer authentic verification that businesses are using to onboard global clients as well as to comply with the regulations.
Businesses can not leave KYC compliance. However, it has transformed but has it only evolved? If critically seen, reports, stats, and complaints highlight that the criminals have become sophisticated. Their main attraction is identity and by exploiting it, they can avail numerous not-so-legit benefits. As per Statista, 29% of the respondent said they have experienced an increase in identity theft. Therefore, businesses have shifted their processes online. But is it the ultimate solution?
Probably not because criminals have followed them along the way. It has become crucial for companies to maintain a balance between privacy, security, and customer experience. To adhere to the KYC regulations, businesses need robust identity verification solutions like video KYC services. It not only allows platforms to verify clients in real-time but also ensures seamless remote onboarding.
How can the AI-backed Video KYC Solution Help?
Video identification is a touchless type of verification in which customers’ face is scanned through the camera in real-time. They don’t need to physically visit the verifiers and present them with the sets of documents. Also, customers can sit in their lounge and verify their identity. On the other side is a video KYC expert at the back end that verifies the documents by using AI-based services. This way, businesses can save time as well as their resources. Video KYC not only benefits the businesses but also customers. It allows them to verify their identities without having to visit the physical offices. Some of the benefits that video KYC provides are:
Speed Up the KYC Process
like banking and finance, e-commerce, cryptocurrency, and others industries are obliged to follow the regulatory standards. The financial unit of Spain; SEPBLAC makes it mandatory for the businesses to verify customers’ identities. Video KYC services complete the verification process in seconds whereas the manal verification take days. Therefore, by using digital solutions, businesses can verify a large number of customers seamlessly. This will benefit both the industries and the clients they onboard.
Touchless Customer Onboarding
When the pandemic hit the world it put global processing under lockdown. The current situation is still confusing either the world come back to its normal pace or will the pandemic reign? And how will the businesses function while abiding by the health-related rules? Here, Video-based customer verification is offering massive help to the global industries. The customers can verify their identities by simply facing the camera. This solution has lessened the need for human intervention. Customers can schedule their live call and the KYC expert will do the rest. This way businesses can onboard remote customers within less time.
Reduction in Dropoff Rate
Video KYC verification has enabled businesses to reduce the customers’ dropoff rate. The reason why they left the platforms before is that the verification process was lengthy and time-taking. Hence, AI-based solutions fetch results from databases in minutes. The plus point for the businesses is that they won’t need high-paid verifiers who take days to complete the process. All these points have resulted in a massive increase in the video KYC market value. As per MarketWatch, it will surpass $862.83 million as of 2030.
With the technological advancements, businesses can now use digital solutions. They can onboard customers remotely without the need to hire verifiers who charge huge fees. Furthermore, businesses can remote customers in some steps. In this way, privacy will be restored and there will be zero bargains on security. KYC video identification does not need designated devices, customers can use their personal ones. On the contrary, manual verifications are cumbersome and more exposed to risks.
Enhanced Customer Experience
As businesses are starting to use KYC video verification, customers won’t have to face the hassle. The process is simple, easy, and less time-taking. It has become pivotal for companies to bridge with global customers. Video KYC solution has made this possible through live sessions. Long and lengthy processing questions the reliability of the industry and customers, in no way, would want to connect with such a company. Every industry of the present world is using digital solutions to verify their customers and reap the benefits. After the pandemic, customers have reduced patience level and do not bear attacks on their data. To ensure the safety and privacy of the customers, digital video verification is the best hold-on to solution for businesses.
Video KYC verification is among the technological trends nowadays. It won’t be wrong if it is referred to as the changing force. It has transformed the verification process. Businesses can onboard authentic customers through video KYC. Adding to this, digital video authentication is simple, easy, safe, seamless, and less time taking. So much so, this very solution can combat the criminal activities that companies face. Moving on, video verification eliminates the need for paperwork and submission of identity documents. Customers won’t have to physically visit the offices for the verification process. Through video KYC verification, from onboarding to identification, everything is done remotely.