Video KYC Software - Advantages in The Finance firms

Video KYC Software - Advantages in The Finance firms

In the fast-growing world, various industries are looking for the best verification online software to prevent frauds and spammers in the finance industry. The high demands of the Know your customer and AML verification system make it difficult for fraudsters to pursue their evil intentions.

Thus, advanced technologies not only help industries to get rid of fraudsters but also help criminals to develop effective methods for their operations. Recently, various parts of the world have brought a video solution to promote visual effects.

The best video KYC solution is the latest digital human identity verification solution that automates consumer KYC outreach. It uses a sophisticated video-based customer identification verification technology to digitize the whole KYC and account opening procedure.

It improves client experience by using modern digital technologies to provide contactless, paperless, and branchless video on boarding operations. Banks, NBFCs, asset and wealth management services, and other financial institutions may digitally on board and authenticate their consumers in a short amount of time.

Our software streamlines the time-consuming KYC verification process and significantly lowers the total compliance of operating system software cost. It aids financial services in building solid client connections by improving due diligence and on boarding.

What is Video KYC Verification?

Real-time face recognition is a new way to complete the user identification process. Financial firms have used this method and financial institutions appear to be working significantly. It offers a lot of advantages and the process is much simpler than might be expected. A KYC video online software provides end-users to perform real-time verification anywhere and anytime.

The end-user has to present him/herself in front of a real-time camera with some identity documents like ID-card or license or other residential documents to authenticate the identity.

The Advantages of Video Verification in The Financial Sectors

The financial industry requires an authentic verification system to gain the trust of its users or clients. Otherwise, fraudsters and spammers have the opportunity to perform spam activities like, account fraud, money laundering, etc. will continue to grow. With the help of Artificial Intelligence-Based technology, financial firms can use KYC video verification that has a lot of benefits. Some of the major advantages are as mentioned below that have a visible impact on the financial industry.

  • Time and Cost-Efficient

In the past, organizations found it difficult to verify their customers because customer verification practices were done by humans and because it is a manual process so it consumes a lot of time to verify a customer. It took a few days to show the client, but now it has changed. It takes a few minutes to watch video calls in the digital world. For comparison, the system is not only simple but also time-efficient.

Banks and other financial institutions, on the other hand, have invested heavily in recruiting staff, and technology is expensive. Video KYC software just needs a noisy internet gadget, and the work is done.

  • Real-Time eliminates the possibility of phishing attacks

The number of attacks and spams is increasing in online businesses and finance firms, but video verification allows customer authentication in real-time, so there is no chance of hiding the real identity. During the video call, the KYC expert not only examines the documents of the offense but also makes a face-to-face alert. So there is no chance for fraudsters to pretend to be someone else and perform spam activities.

  • Video Proof of verification

It is very important for a financial company to have all the proof of verification of their customers for later verifications and to prevent fraudsters and other malicious activities, like threats, money laundering, consumers can give them a hard time failing. At the time of the call, the results were immediate, and the customer knew why the check was not completed. In addition, there in the backend database is evidence for the case.

  • Improving experience with Video Verification

Providing an excellent customer experience is the goal of all financial companies. It is impossible to achieve the goal through traditional or manual verification. It takes a lot of time and requires a lot of effort from employees and customers. Eventually, the rate of decline increases significantly. Through video confirmation, banks can confirm that every customer - in seconds - improves the customer experience. With the video verification customers, no longer need to wait in queue for their turn to get verified themselves.

  • Verification solutions Compliance with state KYC Regulations

Trustworthy KYC and AML compliant sites are hard to respect, but video recognition can help. Video KYC requires a video call to issue a certificate and verify documents. This means compliance is a viable option for financial institutions.

  • Importance of Video KYC technology

In the customer’s authentication process, artificial intelligence is also maintained with clients' face recognition. The vitality detection feature in this biometric technology ensures the client's physical presence during authentication. Checks employed in technology search for duplicate elements in a document. When both the face and the document are confirmed and the results are sent to the back office after being verified.

Spoofing attacks are very common today and come in many forms. Insurance companies, gambling sites, and more are having difficulties with the manual verification of their clients. The documents presented are falsified or altered to meet the requirements. The main purpose of video call verification is the real-time presence of customers and in a live video call, the KYC specialist uploads the documents for the customer. The security specialist can request the same document for a live inspection or another document to verify the information entered.

Summary

In today's digital world, companies need to check all customers before boarding. With strong authentication, companies can come together and stop frauds such as identity theft and money laundering. Catching the fraudsters and spammers should be the top priority of any finance firm as they are damaging this industry badly and without showing their identity which makes it much harder to verify them. Video KYC is an AI-based process that can easily detect spammers through its various verification checks and every financial company should integrate video KYC into their customer’s verification process.

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