Home Technology Online Video Identity Verification -A Great Innovation in the Digital Era

Online Video Identity Verification -A Great Innovation in the Digital Era

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More businesses started onboarding consumers and conducting customer verifications using digital methods. Since social distance became necessary during the coronavirus outbreak. And it is anticipated that this practice will last for a long time. With the launch of the video-based authentication approach. This momentum towards digitalization is anticipated to continue rising in the banking and other financial industries. As the world begins to recover from COVID-19.

Companies in the finance industry are offering their clients innovative new digital offerings. By combining the technologies with an advanced authentication method like online video identity verification. The requirement for online identity validation can be effectively satisfied.

A KYC specialist or financial firm representative verifies a user’s identity through real-time video identification. Additionally, he or she checks the documents that were shown in the live video session. After confirming their credentials, a client is asked to show their government-issued identification documents to the representative of the company during the video conference. Major financial institutions and other mobile wallet providers have begun putting the necessary infrastructure in place for this enhanced verification scheme.

Benefits of Online Video Identity Verification system

There are many advantages for firms to using video-based client identification methods;

Effective Fraud Prevention

Among the most significant advantages that video verification offers is real-time fraud protection. Companies may drastically lower the number of identity theft cases and increase the security of their operations by using live video conversations, AI, and face detection.

Prevent Money Laundering

Getting trustworthy clients will shield the company from money-launderers. One may thoroughly investigate the backgrounds of their clients using online video identity verification to make sure individuals were never on the watch or sanction lists. In order to combat money laundering, video verification could be a useful tool.

Reduced Paperwork

The businesses can bid farewell to the copious paperwork and drawn-out manual data entry now that the entire process of video verification of identity is carried out online.

Eliminate Human Errors

The likelihood of human errors is greatly decreased by cutting-edge technologies that use artificial intelligence such as liveness detection. 

Drop-off Reduction

Video-chat verification aids in lowering drop-off rates by facilitating a quick and easy client verification process, which is different from the traditional authentication techniques they often have to use.

Enhanced Customer Experience

The main challenge of the validation process, such as the drop-offs which happen at various stages of the manual verification procedure, is eliminated by video call. As seen by the statistics below, a lengthy onboarding procedure might irritate new clients, who then give up.

These figures demonstrate the urgent need for speedy internet verification methods. Customers can quickly confirm their identity using a video verification solution by presenting their identification documents to the camera and responding to a few pertinent questions posed by the KYC professional conducting the interview. The person’s information will be validated when it has been collected.

Faster Identity Verification

The video identification solutions replace in-person customer visits for identification. Therefore, remote verifications enable the procedure to be performed more quickly even without delays.

Checklist for Efficient Online Video Identity Verification

How can businesses make sure the video authentication solution they chose is the best? It is crucial to perform thorough research on the features and capabilities of the program before using it. Only then a firm can be certain that the approach it has chosen is good for the company. The checklist for the greatest e-KYC video verification is listed below.

  • Because clients can come from anywhere in the country due to digitization. Selecting a system that delivers appropriate language and documentation support together with worldwide coverage is essential.
  • An efficient video identification system enables companies to lower their KYC operational costs without diminishing customer satisfaction. The finest solution is that gives the “pay as you go” option to any organization.
  • Every firm has unique KPIs and operating procedures, which is a fact. It’s not like every business requires every function that the video verification system has to offer in terms of capabilities. The greatest service company would be the one that comes up with a solution that would be tailored to the needs of the organization.
  • The Video identification process entails processing sensitive client data that must be protected in accordance with global data handling guidelines. To stop any form of data theft and safeguard customer privacy, businesses need a service provider that delivers strong encryption methods.
  • The central component influencing the expansion of the company is customer happiness. A video authentication solution that offers multichannel for consumer engagement and confirmation contributes to an improved customer experience since the user would not have to change channels to complete the verification.

Final Thoughts

Each financial and banking entity must carry out identity authentication when onboarding clients. These firms must use technologically sophisticated verification methods to combat the rising risk of financial fraud as a result of the emergence of new online services being provided to clients. In this situation, a robust online video identity verification can assist them in keeping both their business secure and the clients satisfied. The video verification solution provides improved security with an efficient verification process that is suitable for their onboarding procedures.

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