Despite the use of AI-powered systems, live interaction between a specific company and a potential customer can increase trust in a transaction. Companies that use KYC services can check a customer’s identity through video verification. The solution ensures customer legitimacy and ensures a quick onboarding process.
In the customer verification program, the responsible business or platform sets up a digital formal meeting. The customer shows up with a set of their identity documents. The system pre-screens them during the early phases of the verification program and in a brief conversation in order to confirm individuality by video call. The automated verification method checks the authenticity of the customer quickly.
How Does Online Video Verification Work?
Once the customer has completed the required address verification, age verification, document verification, and 2FA authentication, the company will be ready to move on with the particular profile. The customer receives an email inviting them to a live video conversation with a KYC video identity verification specialist.
The client provides the KYC agent with their ID documents once more during the video call. The identity verification process asks the client a variety of questions. The technology confirms the ID card once more, exactly as it did during the initial scan.
The concerned firm receives the proof of client authentication when the facial data from the video chat compare to the image on the identity card. Moreover, it detects any put-on traits too. This is how the digital system verifies identity via video verification in real-time.
Models of Video Verification
Identity may be verified quickly in three different ways. The background of the clients will determine if a particular company enterprise uses just one or a blend of them.
- Regional KYC Agent
Global companies use a video call technique to verify information with KYC specialists of various nationalities. It confirms documentation in a variety of languages. Furthermore, it strengthens the firm with the presence of verification agents from various countries who amuse consumers of various nationalities.
- Automated Service for KYC Verification
A business can confirm identity through video identification, much like the other authentication checks in the AML/KYC processes for increased accuracy and speed. The automatic video confirmation systems gather significant data from the customer’s face shift patterns as well as other behaviours in a seamless manner. Not only this is the benefit of digital validation but the solution also would enhance the user’s body language and extract useful information from it.
- In-House KYC Agent
Every business can hire KYC experts from various countries to verify identity through video calls. But the organization’s internal personnel can also be easily educated for the task. The video KYC solution is relatively simple to use and provides training within a few minutes.
Industrial Use Cases of Online Video Identification
The rise of a certain industry combined with improved AI-driven technology has the potential to alter the financial future. For seamless client onboarding and to fight money laundering, digital money exchanges using systematic systems can verify identity using a video KYC process.
Real estate companies may benefit from the procedure of verifying identity with KYC video identification. Aside from banks and international gambling sites, money launderers frequently visit real estate. In 2009, about 1.6 trillion dollars were laundered, and the rate will continue to rise until smart changes are made to the authentication scheme.
The procedure of verifying identity via video meeting reduces the number of financial breaches by a significant amount. It isn’t a superb service for the banking sector but for the financial institutions too. The 6th AML directive was introduced for the same purpose. Now regulatory authorities are emphasizing video KYC to combat money laundering as well as terrorist financing.
Fundamental Characteristics of Video-based KYC
- The money spent on human KYC verification or extra costs incurred as a result of inaccurate or obsolete identity systems could be saved. The firms can use the money toward more important operations. Verifying identity via video chat saves a significant amount of money in terms of production, international marketing, etc.
- For consumer convenience, the technology may rapidly confirm given credentials and confirm the identity via video call.
- Every firm has various capabilities and performance factors. So, it can check identity via video call simply availing tailored services as per their situations and wants.
The video verification technique is commonly used in banks, digital currency exchanges, real estate, as well as other businesses. It has a high rate of accuracy and also aids in the development of stronger ties with overseas demographic groups. Moreover, the verification service helps in the expansion of a company’s or site’s serving share in the market.