Covid-19 pandemic has transformed businesses to deliver online services to consumers. They are shifting their services online to capture the consumer market and gain various benefits. Financial and banking institutions are the first that are making a big move among all other organizations for customer verification and onboarding. While providing services online the businesses need to ensure Financial and Banking Institutions better security and customer experience.
What is E-KYC Video Verification?
KYC video verification is an online face-to-face identity authentication process through which businesses perform customer verification. The KYC expert interviews the customer during the video call to observe his body language and to ensure that he is not an impersonator.
Use Cases of Video Call KYC Verification
Businesses need to incorporate cutting-edge digital solutions to meet the constantly changing demands of end-users. Various industries are using video KYC solutions for remote customer onboarding and authentication.
Video Call KYC Solution For Banks
Regulatory bodies have initiated strict AML and KYC requirements for banking firms. During the onboarding process, the verification of the end user’s identity is compulsory for all financial firms. Manual verification is time-consuming and inefficient. Banking firms require a digital solution to onboard their customers. KYC video verification is a robust solution to verify legitimate customers in real-time and fulfill Know Your Customer and Anti Money laundering compliance.
Video Call KYC Solution For Remote Businesses
While working from home in the Covid-19 pandemic, employee fraud and cybersecurity threats are increasing rapidly. Fraudsters are making use of this situation to gain unauthorized access to corporation’s sensitive information and assets. With the help of a video KYC solution, businesses can ensure that legitimate employees are being hired.
Video Call KYC Solution For Insurance Agencies
Fraudsters are targeting insurance platforms to carry out scams on a large scale. They are using stolen identities and false documents to exploit insurance companies for their illicit activities. Through Video-based KYC solutions, insurance agencies can authorize legitimate customers to use their services and prevent the usage of illegitimate documents.
Video Call KYC Solution For Cryptocurrency Platforms
With the popular demand for digital payment services, cryptocurrency platforms have gained importance for virtual currency exchange. Criminals are using sophisticated ways to exploit the vulnerabilities of this decentralized platform for illegitimate activities. Cryptocurrency platforms must make sure that verified users are engaging with their trading platforms. The state-of-the-art Video KYC verification is a better solution to verify the end user’s identity effectively. Which include validation of the end user’s ID documents, a facial image, and his provided information.
The robust KYC video verification solution has multiple benefits for various organizations:
Efficient Fraud Elimination
Effective fraud mitigation is the essential benefit of Video-based KYC service. Video KYC utilizes artificial intelligence and facial recognition technology to verify the customer during the live video call. With this mechanism, businesses can minimize identity scams and secure their system from unauthorized access.
Eradicate Money Laundering
Onboarding authentic customers will help businesses to secure their systems from money launderers. With these checks, businesses can ensure that their customers are not present on blacklists and sanction lists.
With the integration of Online video KYC verification, businesses can get rid of lengthy manual verification procedures and hefty paperwork.
Better Customer ExperienceVideo KYC verification service helps businesses to prevent drop-offs.Video-Based KYC solution performs remote verification of end user’s identity.