Customer onboarding – a process that is loved and hated by businesses at the same time. On the positive side, it is a process that, when done correctly, helps build long-term customer relationships and loyalty.
However, it can be time-consuming, cumbersome, and often prone to security risks. Hence, in most cases, businesses tend to consider customer onboarding as just a chore that they need to get through.
What if there was a better way?
What if customer onboarding could be secure, efficient, and seamless?
It would be even better if it becomes a major source of value addition to your business.
That is where Video KYC (Know Your Customer) solutions come into play. Video KYC is an innovative and secure way of verification that combines the best of technology with the convenience of video calling to provide a powerful customer onboarding experience.
Let’s dive deeper into the features of Video KYC.
What Are Video KYC Solutions?
Video KYC solutions are an authentication process that uses video calling as a means of verification. Businesses can capture customer information, identification documents, and biometrics data in real time and online.
Video KYC solutions reduce the time and cost of onboarding. They ensure the accuracy, security, and industry compliance of the data.
Businesses can also extend the use of online video kyc to other aspects, like account management, remote customer service, and support if they so desire.
How Do Video KYC Solutions Work?
The technology behind Video KYC is simple yet powerful. Video KYC solution captures images of identity documents, facial biometrics, and other data for authentication purposes.
It then securely sends the captured data to the backend server, where it is matched against available records and analyzed using AI and machine learning technology.
Finally, the solution produces an onboarding score that reflects the accuracy of the information provided. This enables quick and easy customer evaluation.
What Are The Benefits Of Video KYC Solutions?
Here are a few key benefits of Video KYC solutions:
Enhanced Security
Video KYC adds an extra layer of security by verifying customers in real time through advanced solutions like AI and ML. This deters identity fraud and ensures that only genuine customers are onboarded.
Cost Savings
Video KYC solutions significantly reduce operational costs associated with traditional in-person verification methods, because there is minimal need for physical infrastructure, travel, or manual paperwork.
Efficiency and Speed
The real-time nature of video KYC accelerates the onboarding process. Applicants can complete the verification within minutes, reducing the time and effort required for traditional in-person methods.
Scalability and Accessibility
With video KYC, businesses can onboard a larger customer base without being constrained by physical locations. This scalability is particularly beneficial for startups and companies aiming to expand their reach quickly and efficiently.
Additionally, it accommodates customers who might have mobility challenges or limited access to physical offices.
Compliance and Auditing
Video KYC solutions often come with built-in compliance measures. These solutions maintain a digital trail of interactions, facilitating easy auditing and ensuring regulatory adherence.
Video KYC Solution
It offers a powerful video KYC solution with which you can onboard customers remotely. The solution is designed to ensure that customers have a smooth onboarding experience without compromising on security.
It helps businesses comply with KYC/AML regulations. Moreover, its AI-powered facial biometrics technology enables high-accuracy identity verification.
video KYC also offers advanced liveness detection, enabling businesses to spot fraudulent attempts. Additionally, it has features such as document extraction and integration with analytics platforms that make the process more efficient.
Businesses can choose between two modes—self-verification and agent-assisted verification—to suit their specific needs. Both these modes are secure and reliable, making video KYC an excellent choice for online operations.
Parting Thoughts
In a world where online customer onboarding is gaining ground, Video KYC solutions emerge as a game-changer. They seamlessly combine technology, convenience, and compliance.
advanced offering exemplifies the advantages offered by video KYC solutions, ensuring a smooth and secure customer onboarding experience.
If you are interested in learning more about how the power of Video KYC can benefit your business, get in touch with us today!
FAQs
- Are video KYC solutions legal?
Yes, video KYC solutions are completely legal. In fact, the RBI approved video KYC for ID verification for banks and other NBFCs in May 2021.
- Is video KYC secure?
Yes, video KYC is highly secure. Video KYC solution leverages AI and facial recognition to securely authenticate customers in real time, making it a reliable means of customer onboarding.
- What are the challenges of video KYC?
One common challenge with Video KYC is that it requires a stable internet connection. If the customer’s internet connection drops, then the process will need to be restarted. Additionally, if there are poor lighting conditions or if the camera is not working properly, then the authentication process may fail.
