Organizations are rising going digital and becoming universal open. As a result, the desire for remote verification is growing quicker than ever. The aim of remote identification is to make life simpler for you and your clients. Therefore, while it is considered to open up your organization to the wider world, with increment reach comes a rising risk of being a victim to fraudsters. There are fraudsters out there who are willing to attack their upcoming victim and willing to take edge if they mark even the tiniest vulnerability in your software. On top of that, regulation authorities are in a persistent search for the organization who are willingly or unwillingly aiding money laundering and terrorist financing.
Rather than, in video ID, all of these manual procedures are switched with easy and quick verification procedures where clients can submit their ID along with bank statements for proof of identity and address and an image of their face. The procedures sometimes are called IDV.
Video know your customer procedure of digitally verifying the client by controlling the risks of physically investigating the documents. Employee onboarding video procedure involves verifying all the data submitted by the clients and the absence of automation made it a tiresome activity for staff. The video knows your customer aid to overcome this difficulty by enabling efficiency in the know your customer procedure and diminishing the expensive client onboarding activity.
How is video know your customer differently from traditional video verification?
Video interviews know your customer is the advanced method of client identification. In easy words know your customer means that individuals can do remotely know your customer from their residential area through a video call. They know your customer expert verifies the document, perform a face match online, and authenticate the area of the client. All of this is done on a video call, unlike conventional ways. There are fraudsters out there who are willing to attack their upcoming victim and willing to take edge if they mark even the tiniest vulnerability in your software.
The process of video know your customer
The client is requested to fill in the enrollment form that is available on an organization website. After the enrollment procedure, the know your customer expert connects with the client for liveness detection authentication. Video verification expert takes permission from the client to gather information for verification purposes and to move forward. The client is then requested to show each side of the identity document that could be an identity document, driving license, utility bills, or credit cards. The artificial intelligence-based identity authentication solution authenticates the identity document which performs video ID.
Utilizing a video-based client authentication process has several advantages for businesses
1. Efficient prevention of fraud
It is one of the most advantages that video knows your customers offer.
2. Reduction money laundering
Onboarding legal clients will also safeguard your organization from money
launderers. With video know your customer interviews through background screening can be performed on your clients to make sure they are not present in a global watchlist or is a politically exposed person. A mixture of video know your customer and other artificial intelligence-based authentication can prove to be unmeasurable danger cover for financial institutions and organizations.
3. Reducing paper-centric
With the advanced authentication procedures being performed automatically, the organization can say goodbye to a large amount of paperwork and large manual procedures. The video KYC (knows your customer) aid to overcome this difficulty by enabling efficiency in the know your customer procedure and diminishing the expensive client onboarding activity.
4. Reduction in human errors
With the aid of advanced automation like AI and liveness detection, the chance of undesired errors is significantly reduced.CEO of shufti pro believes that video knows your customer is a robust security measure, an extra layer of protection to protect onboarding procedures to reduce financial crimes especially money laundering.
5. Drop-off reduction
With fast and seamless client authentication procedures, video knows your customer aid in reducing the drop-offs which they normally have to see with the conventional verification characteristics.
6. Advanced client exprience
Know your customer through video calls reduces the major struggle of the authentication procedures that can annoy new clients, who then abandon the onboarding procedure.