With the rapid advancement of technology and the growth of online and mobile financial transactions, there has been an increase in financial fraud. Financial institutions, especially fintechs, are constantly seeking ways to ensure that their customers are protected from fraudulent activities. Know Your Customer (KYC) is the essential process used to verify their customers’ identities and mitigate financial fraud. However, traditional KYC is cumbersome and time-consuming, making it an inefficient process, while adding inconvenience to customers
Fortunately, e-KYC, and more specifically, Video KYC is now becoming increasingly popular as it provides a more convenient and efficient way to verify customers’ identities. Video KYC is an innovative solution that enables financial businesses to verify their customers’ identities making it easy for customers to complete the KYC process from anywhere, at any time. Financial businesses can seamlessly integrate video KYC into their onboarding process.
The Rise of Financial Fraud
Financial fraud is an ever-increasing problem, especially on online and mobile platforms. Fraudsters have become more sophisticated in their approach, and financial institutions must stay ahead of the game by implementing innovative solutions that can detect and prevent fraudulent activities.
Traditional KYC is Document-Heavy and Unsustainable
Traditional KYC is a document-heavy process that involves a lot of paperwork and can take a significant amount of time to complete. Customers are required to provide various physical documents such as ID proof, address proof, and other supporting documents. Customers may have to physically visit a branch to submit their documents, which is not only time-consuming but also inconvenient.
Video KYC Can Be Done Anywhere, By Anyone
Video KYC is a game-changer as it can be done anywhere, by anyone, making it more convenient for customers. Customers can complete the KYC process from the comfort of their homes or offices, saving time and effort.
What’s more, Video KYC can be a part of an e-KYC solution with an impersonation detection tool powered by AI and can provide up to 99% authentic match of the genuineness of the customer/user (using face, voice, audio/video) and validate the customer’s ID and other credentials using government issued ID, audio and video.
Integrate with existing customer onboarding, banking & fintech systems or applications.
VIDEO KYC solutions can be integrated with existing onboarding systems and provide real-time detection and raise red flags or terminate the call to prevent fraud. Integrating video KYC into existing onboarding systems is easy and straightforward with APIs. This integration is also beneficial for customers as it enables them to complete the KYC process seamlessly, without physically visiting a branch, submitting hard copies of documents, or the need for any additional software or applications.
The solution can work seamlessly across platforms like e-commerce, fintech, banking, and other vendor management. The verifications can be used for interviewing and onboarding employees, agents, advisors, franchisees, and more.
AI-Powered Video KYC – Up to 99% Accuracy
AI-powered video KYC solutions use advanced algorithms to detect anomalies during the KYC process. The solution uses 3-point authentication using face, voice, and government ID to detect any impersonation. These solutions can detect anomalies with up to 99% accuracy, making it easier for financial institutions to identify and prevent fraudulent activities.
Faster, More Reliable, and More Cost-Efficient
Integrating video KYC into the onboarding process makes it faster, more reliable, and more cost-efficient. It eliminates the need for customers to physically visit a branch to complete the KYC process, saving them time and effort. Financial institutions can verify their customers’ identities in real-time, reducing the risk of fraudulent activities. Additionally, video KYC is a more cost-efficient solution compared to traditional KYC as it eliminates the need for physical infrastructure and reduces the operational cost of verifying customers’ identities.
Video KYC is an innovative solution that financial businesses can use to seamlessly integrate the KYC process into their onboarding process in an efficient way that benefits the customer as well as the company.