Verification Video – Streamlining Customer Onboarding For the Banking Sector

video verification

Digitization in the world has benefited numerous organizations, but the risk of fraud attempts has risen as well. To protect clients’ data, the implementation of intelligent solutions has become significant. In this regard, the latest verification video system is highly facilitative for banks and their consumers. It helps in opening bank accounts without on-premise visits. Moreover, it can facilitate financial service providers in ensuring compliance with AML/KYC standards. The following article discusses the significance and application of video-oriented verification systems. 

Verification Video – A Quick Glance into the Smart Technology

e-KYC video verification is quick and accurate as compared to traditional authentication systems. There is a video call component to it for powerful fraud prevention. The expert conducts a short interview to remove doubts about scam attempts and ensure the presence of genuine clients. The KYC specialist guides the consumer to display their government-issued documentation and perform specific actions for liveness detection.

Working Mechanism of Verification Video System

The procedure of video verification of identity is highly convenient and efficient as compared to the outdated approaches. The whole process is below:

 

  1. The system guides the clients to sign up on the digital platform
  2. A KYC professional gets in touch with the consumer to ensure 3D liveness detection and the genuine identity of the client.
  3. Next, the expert instructs consumers to display their government-issued documentation for real-time verification video.
  4. The system cross-checks the information and provides final verification results quickly.

Types of Video KYC Verification Services

There are two types of video KYC verification solutions, which are the following:

 

  • Assisted Video KYC: In this type of ID validation, an expert guides the consumer throughout the verification process. There is a short interview where the specialist examines the ID documentation for any manipulation. The user also submits a selfie and performs simple actions for liveness detection.
  • Unassisted Video KYC: In such a kind of ID attestation, the user finishes the procedures by himself without the support of an agent. The consumer submits documents for screening, uploads the selfie, and receives results at the end.

Top 3 Perks of Verification Video System

Banking service providers are always under the supervision of international regulatory bodies. In the context of stringent KYC and AML standards in place, financial institutions must opt for the latest consumer onboarding to ensure compliance with the standards. In this way, digital registration options have become mandatory to cater to the needs of consumers and achieve business goals. Following are some of the benefits of the verification video procedure.

  • Better Remote Consumer Onboarding

Video verification for KYC has helped financial firms in providing modernized client registration. The smart technology uses 3D depth perception, microexpression analysis, and ant-spoofing to discourage crime. Moreover, Geo-tagging helps in authenticating the location data of consumers. Integrating AI and ML with intelligent service has ensured a positive experience for users worldwide.

  • Unbeatable Security

Video verification services are a foolproof method in modern times for ID validation. Countries such as Germany demand video-based ID validation for streamlining the business workflow of financial firms. Without question, other corporations in various jurisdictions will also adopt the trend of providing high security to their users.

  • More Client Satisfaction

With the implementation of video-based attestation, end-users can benefit from the service and receive results in the comfort of their home. It means there is no requirement to visit the premises for the whole process. With the help of trusted KYC vendors, modern-day firms can easily offer the service at the lowest internet bandwidths for hassle-free service.

Understanding Differences Between Old and the Latest Verification Video Approaches

Compared to the traditional KYC systems, the video attestation process gives results in real-time. This ensures better customer satisfaction and desired conversion rates. Implementing video validation with the support of smart features removes human error and fights sophisticated crime attempts. Consequently, applying the latest verification video approach is feasible and profitable for present-day corporations.

 

In Summation

Financial firms worldwide must adopt a verification video system to achieve their goals. For a competitive advantage, banking service providers must opt for the latest authentication systems and strengthen client relationships. The support of liveness detection, background checks, and AI mapping features powerfully discourages deceptive approaches from cyber criminals. In this way, corporations can detect and deter deepfake attacks. Hence, the application of smart verification video solution is highly recommended for all firms worldwide.

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