KYC is an essential part of the customer onboarding process and it has evolved a lot with time with new technologies being invented. Do you know video kyc is now the latest way to conduct the KYC process in real-time?
Video KYC is the process of authenticating customers remotely through video calls. The verifier authenticates the documents , proceeds a liveness detection and everything is done on a video call unlike the traditional ways.
How do video KYC works
- Agents can select a time for a video call and send the invitation to the customer via mobile or email. Alternatively agent can schedule the
- Once the invitation is received, customers can click the link in the invitation to join the video call at specified time.
- When both customer and agent join the call, the agent verifies the customers identity by asking a predefined set of questions. This call can be recorded with customer’s consent.
- Agent can also ask customer to show his/her signature to the screen so the agent can capture it for later comparisons
- Additionally agent can ask customer to show one or more of his/her documents such as billing proof or address proof and capture those documents for later validations
- Finally the agent can finish the call by submitting whether the call was successful or not.
As you can see, video KYC is one of the most convenient ways for the identification of the customers. With video KYC you can digitise your KYC verification process to deliver an effortless customer experience while ensuring quicker KYC completion at a lower cost and higher customer satisfaction. And because it’s equipped with Artificial intelligence and machine learning you can always rely on it for accuracy.
Some interesting facts about video KYC
1.Faster turnaround times
Organisations which use video KYC report significantly faster onboarding times as well as savings in compliance costs. Executives will be able to focus on their core business activities instead of spending time on verifying documents, copying and filing them. Statistics have proven that customer onboarding time decreases by up to 90%, from days or weeks to just a few minutes.
2.Data analytics capabilities
The initial step in preventing financial crimes is the thorough collection of customer data through KYC processes. Artificial Intelligence and Machine Learning solutions that support analytical capabilities and give the process a competitive edge are included in Video KYC. For instance, users can examine extensive customer information based on many variables using SKYC’s video KYC service.
Traditional KYC relies on gathering, physically filing, and preserving customer information. But when the customer base of the organization expands with time, it gets difficult to store all of these files physically . Video KYC enables businesses to digitally save KYC files, allowing for easy information retrieval. This then makes it possible to modify customer data faster and with more accuracy.
Protecting the identification of all kinds of customers assumes significant importance. Traditional KYC documents are prone to theft and misplacement. Video KYC uses the most recent data security measures and end-to-end encryption tools to guarantee that customer data is secured from miscreants.
Due to the extensive paperwork required, traditional methods are plagued with frictional inefficiencies. Poor customer experience due to confusing language used in application forms that is difficult to understand, a large amount of information, and the requirement to visit a physical location can be minimised with video KYC. Video KYC enhances the customer experience because customers can share the necessary information during video calls. The only thing required is a phone with an internet connection. Due to the standardised business processes that video KYC ensures, businesses also benefit from improved workflow efficiencies. As procedures are now implemented on a streamlined platform, it also increases compliance.
And this is why you should level up your KYC process with Smartest KYC’s video KYC. It’s not too late to grab this chance to make your KYC the best KYC experience your customer’s can ever have.