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Video Identification-All in one Solution for Financial Institutions

 

Video Identification

Time is the most precious asset in this modern age. The world is in continuous search of more time-efficient ways of working and dealing. Businesses are adopting procedures that can cut their time and provide seamless services. Account opening in financial institutions like banks have a business procedure is an irritating and lingering task. Banks had to arrange multiple meetings for a single customer onboarding. Now they have made it possible to verify a customer’s identity without a physical meeting.

Video Identification

Video identification is also known as video KYC performs all the necessary checks for account opening through a video call. It conducts all know your customer verification in one video call. A KYC expert accompanies the video meeting with the customer.

KYC Expert

A person that identifies and verifies the customer’s identity. Generally, a KYC expert inspects and analyzes documents, performs screening, and classifies high-risk entities. In some organizations, a KYC expert is known as KYC Analyst.

 

Here is a brief description of how financial institutions verify a customer through video identification:

        The customer gets register on the website

        Provides all his personal and financial information

        Connects with a KYC expert on a video call

        Presents his documents

        KYC expert performs all the necessary verifications and checks

        Video verification results are shown to the user and stored in the database

 

All types of verifications are done in video verification for instance:

Face Detection Online

KYC expert confirms the identity of the customer through his id documents and life’s presence. The image on the id document is matched with the customer’s face. The name, DOB, and national identity number are confirmed through the data on the document. The address of the customer is verified through recently issued address documents. The address documents must be issued within three months from the day of KYC verification.

Document Verification

The documents are verified by KYC experts through AI and ML. The software examines the genuineness of the documents. Fraudsters try to verify themselves by using fake and photoshopped documents. In the video identification process, it is very difficult to do because the authenticity is marked by humans and software.

The verification of financial documents like bank statements and tax returns is also done in this process.

Liveness Detection

The liveness of the customer is verified through multiple checks to kill the chances of deep fakes, pre-recorded videos, 3d masks, and holograms. KYC experts analyze the facial feelings and body language of the customer for that. He also asks questions to interact with the customer for video identification.

There are cases where scammers try to deceive the video verification system through pre-recorded videos. But the extended technology can easily detect any type of fraud attempts.

Advantages of Video KYC

Faster Onboarding

As discussed earlier the traditional verification procedures were very slow. A single customer verification takes days but through video identification, a customer can be verified in minutes.

Remote Verification

The most disturbing task was to schedule multiple visits of the customer. The business has to arrange more than one meeting with the customer. It was a very unpleasant task for employees also, they have to manage their workload while verifying new customers. Video verification verifies a customer remotely. No need to visit the office or no time restriction in video KYC verification.

Resource Efficient

Traditional KYC verification was very costly. Employees have to manually check the documents and identity of the customer. Organizations were obliged to hire multiple employees as one employee can verify only one customer at a time. This takes huge resources of the businesses, with video KYC the rescues can be reduced greatly.

Proof of Verification

The customer verification video is recorded and can later be used as proof of verification. This helps both customers and businesses, before that they do not have any proof resulting in recurring verifications.

The video verification security is ensured by storing it in a secure database.

 

On a Final Note

Financial institutions have to conduct solid customer verification as required by global watchdogs. All businesses can comply with this requirement through video identification. The digital interface is user-friendly giving the best customer experience. The verification results delivered in real-time, making business faster. Businesses should go for video verification to streamline their procedures.

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