The monetary institutions around the world require due-diligence procedures in-store to assess businesses or users they are having onboard or finishing business with. This gives a start to boost your client. Enhanced know your customer or KYC transforms the issues that the manual Know Your Customer procedures faced originally. It essentially assists industries to collect data in order to authenticate the identity of users to make sure that they follow anti-money laundering laws. Meaning the people and companies are not included in money laundering or any other monetary crimes.
Hence, know your customer is increasingly becoming vital for companies that include online payments. Since technological advancement in technology is necessary, this growth towards automation has developed video verification. No matter how fascinating the services imply, they will not give any exceptions if the user onboarding isn’t performed accurately. Hence, video verification provides simple and instant authorization access to monetary institutions while securing your company from online scams, altogether.
What are Video Verification and its process?
The online service provider authenticates the user through live video call along with video verified and biometric verification. Artificial intelligence-based solutions such as facial recognition and microexpression analysis technology make sure the physical presence of the person as well. It hits the tiresome old procedure of physically authenticating documents, making the onboarding procedure more effective and decreasing costly onboarding expenses altogether. This amounts to be beneficial not only for the monetary institutions but consumers too.
Listed below are how video verification boosts user experience in monetary institutions.
Online onboarding experience in monetary institutions:
There is no business that doesn’t need to perform the onboarding method of clients easier and smoother. All the initial stages included in how clients begin his journey as a user is what accurately defines digital onboarding. It’s all about forming their journey as smoothly as possible. Fail to comply with that, and users will disappear and might never return. Today’s world is driven by its policies.
Online Insurance Customer Onboarding:
Video verification reduces the trouble of physically authenticating insurance policyholders and therefore, users can easily follow the onboarding processes to finish the policy acquisitions without having to get out of their houses. The IRDA has allowed insurance industries to approve insurance systems on the ground of video verification. Several monetary institutions and insurance companies in India are complying with video KYC to authenticate and onboard users for the main reason of policy issuance.
Giving Enhanced User Experience:
Understanding user’s wants are vital no matter the industry. As several companies are moving towards advancements, connecting with consumers is essentially becoming more significant. As stated by the studies, thirty-eight percent of users examine customer experience as one of the most significant criteria when opting for a digital banking platform. So video verification makes it simpler for the consumers as they’re assisted by know your customer expert through a video call. This not only increases faith but makes them view your company as secured and safe.
“Lower know your customer expenses” and high safety:
Surprisingly, video verification is cost-efficient. It is thought of as a flexible choice with no extra charges. Hence, it brings down the complete user experience costs by ninety percent that know your customer procedures otherwise consume.
Along with this, video verification is effective. Meaning, Know Your Customer authorities can develop over several know your customers in a day during video verification. Conventional Know Your Customer processes are cumbersome, prone to mistake, and exposed to drop-offs whereas video verification takes only a few seconds to complete. More particularly, it obstructs online scams and mistakes.
Video verification is the future- Key Points:
During COVID-19 and quarantining procedure, more and more users are shifting towards digital services which give businesses the latest opportunities to expand and fascinate new users. For monetary institutions, online banking rose up to fifteen percent when quarantine procedures were implemented. ID video reduces physical interaction and many problems during the manual account opening procedure. In another study, seventy-three percent of individuals in the united states are more inclined to use online banking for payments, making online IDV the only fool-proof software in onboarding genuine consumers.