The modern world is coming up with magnificent ways of conveniently spending lives. Technological betterments are assisting everyone, especially businesses. Software for different departments is streamlining processes making business operations efficient moreover, it is also enhancing the productivity of employees. From accounting to finance and the marketing department, it is the technology that has taken over the corporate world. On the contrary, criminals are also benefitting from the advent of technology. Artificial Intelligence algorithms are not only helping in streamlining business operations, but they are also helping fraudsters in their illegal activities. All businesses are struggling to prevent fraudsters from causing any issues for the sector, yet they haven’t been completely successful. Criminals are taking all the necessary steps in fulfilling their malicious intent. How to prevent criminals then? Video KYC is a new method for customer verification. It can help businesses in combating fraud in a better way. Amid fraud prevention, there are many other benefits of customer identification through a video call. Here’s what you must know.
Secure Customer Onboarding
Customer onboarding can be easily recked without robust security measures. Videofied KYC ensures that all the legitimate people are securely onboarded without any hassles. All it takes is a live video call that lasts for a few minutes and the customer is accurately verified and onboarded successfully.
Speedy KYC Process
Speeding up the process is the biggest issue many organizations face, but that can be resolved with the help of video identification. The know your customer verification (KYC) is a time-consuming process if the manual method is followed. However, the video KYC procedure only takes minutes for the KYC expert to verify documents, recognize a face, and verify the customer for secure and swift onboarding.
Fraud Prevention
Spoof attacks and deep fakes are now common ever since the regulatory authorities made KYC/AML checks mandatory for industries. Preventing fraud became a big problem, but firms can now benefit from video identity verification. A video KYC check ensures that any spoof attacks are identified and deep fakes cannot make it simpler for fraudsters to enter any company.
Cost Efficiency
Cost-efficient business processes are the goal and a challenge to fulfill for all companies. The majority of expenditure comes in verifying customers for onboarding but video KYC consumes less time, money, and effort, but ensures top-notch accuracy for all the verifications performed.
Enhanced Customer Experience
Want to improve the customer experience of your business? Do not follow the traditional methods for customer verification. It will take days to verify one client which means you are all set to annoy your potential audience. With video verification, you just need five minutes to verify and the customers will be happy since they will be onboarded remotely. The hassle of standing in long queues will be reduced.
Better Compliance with KYC/AML Requirements
The majority of businesses have reported that they find difficulty in complying with the stringent KYC/AML regulations of the state. Any inefficiency can result in hefty fines which is another big problem. Adding video identity verification is one solution to help your business in complying with the laws.
Improved Security Measures
All businesses seek enhanced security measures to make their business more credible for the customers. However, criminal activities are becoming a huge obstacle in achieving this goal. Using video identity verification for your customer onboarding process will not only enhance customer experience, but it will also increase the security of your business. Protecting the database will not be an issue.
Key Takeaways
Approximately 95 percent of the companies are using anti-fraud measures, but criminals are not sitting back and relaxing. With better technology, they are also developing strategies to terrify businesses. Advanced technology is not only for them, but businesses can enhance their customer verification process with better authenticity checks. Video KYC is an emerging technology that can help businesses in combating the rising number of fraudsters. Furthermore, it encourages remote customer onboarding which is a convenient option for end-users. Hence, video identity verification is a great way of verifying and onboarding customers in no time. Your business will have no trouble with the drop-off rate and complying with the robust know your customer and anti-money laundering verification will not be a problem.
Meta: Video verification can enhance security measures for businesses and improve customer experience. Read this blog to find out more about video KYC.