Video KYC Solution
Video KYC Solution – Due to the growing number of fraud instances in FinTech and other industries throughout the world, end-user authentication has become an absolute necessity. The global productivity of banking and other enterprises is expected to be negatively impacted by the percentage of fraud in the financial sector, which is predicted to increase in the coming years.
Money laundering, data breaches, terrorism funding, and other such crimes are increasing. These types of crimes increase the likelihood of unlawful trade, bribery, market manipulation, massive corruption, and other grave criminalities. In order to resist all these, a video recognition system was developed for improvised customer authentication, which eliminated the risk of theft in all organizations. A digital video KYC solution is indeed a better solution than the traditional one, validating clients remotely and helping firms stay compliant with global regulations.
What is a Video KYC Solution?
There are many ways to conduct remote validation of the customers, but they may have drawbacks, take more time, or result in unintended errors. However, a KYC video solution, which is increasingly popular for remote verification and used in all business settings for rapid recognition in real-time, is one great alternative. Additionally, the video verification system makes it very easy for all enterprises to enroll only reliable customers by digitally validating them through video call and document authentication. It is the most straightforward and important method of verification, and real-time client onboarding is made possible by KYC verification. The most secure method for assisting Fintech institutions in building a legitimate clientele is video identification.
Additionally, it further implements manageable KYC/AML compliance whenever it comes to screening customers in a digital firm. The video KYC process involves performing live KYC to ascertain the individual’s documentation. In addition to verifying customers’ identities in person, the KYC expert also asks them a number of questions while monitoring their behavior to check their authenticity.
How Does Video KYC Solution Differ From Conventional One?
Individuals can employ a variety of methods to complete their KYC procedure for money transfers and other purposes. As was previously mentioned, the Know Your Customer (KYC) approach verifies clients through a video chat in accordance with regulatory bodies’ guidelines, but in the typical KYC process, consumers just submit a selfie that was taken at the time, in addition to the entry of other information.
Why is Video KYC Solution Beneficial For FinTech Companies?
By ensuring consistency between customer satisfaction and digital assurance, the KYC video solution ensures regulatory compliance for the financial industry. The video-based KYC has notable benefits for financial technology businesses, including the following;
Save Time And Money
Fintech companies use video KYC verification as a quick and economical method to check their customers’ individuality digitally.
Revamp Digital Security
A video recognition system reduces the risk of fraudulent activity and also bad actors who use forged identity information or documents to enter the digital financial system. To stop digital intrusions, this video authentication system checks an individual’s body language and analyzes the details in real-time.
Follow KYC Regulations
Fintech platforms comply with the obligations of regulatory authorities to prevent financial losses by using live video identification.
Boost Customer Experience
By displaying identification documents in front of the camera and responding to a few of the KYC authority’s queries, the video-based KYC technique can verify the identity of an individual. The customers’ details can be validated on-the-fly using facial recognition and document validation.
Final Thoughts
Every financial and banking firm must carry out an authentication process and customer assessment before getting them onboard. Such institutions must use technologically sophisticated verification solutions to combat the rising possibility of money laundering and fraudulent transactions as a result of the emergence of new online services being provided to clients.
For enrolling remote consumers, a strong video KYC solution allows a strict identity verification method. Financial and banking companies can both buy video KYC solutions to smoothly onboard clients. Powerful video KYC services use face recognition as well as liveness detection to effectively authenticate customers and to guarantee the clients’ live appearance during the meeting. It can assist them in keeping both their activities safe and the clients satisfied. A robust verification system that is compliant with regulations and provides better security to firms whether it is a bank, healthcare, or ecommerce sector is exactly where the video KYC solution came as a hope.
