As digital transformation is at its peak, businesses are adopting more automated ways. The motive is to streamline the existing complex procedures to give seamless services to the customer. E-commerce is an example of digitization, where consumers can buy their aspired commodities online. Before that customers have to shop physically which takes more time and resources.
The customer identification process has also transformed likewise. From physical verification to online verification, id verification has updated drastically. Now customers are being verified through biometrics and video also. Video identification or video KYC is the procedure of identifying a person through a video call.
There are two modes of video identification:
Artificially intelligent online software conducts all the verification. The software is well-trained in the verifying process. It chats with the customer in real-time to securely verify a customer.
A Know Your Customer (KYC) expert verifies the identity of a customer. He also uses AI-empowered software for document verification and data extraction.
The process of video-based KYC verification is as simple as ABC. Let’s discuss an example of a bank account opening with KYC expert mode:
In both cases (verified or not verified), the data is very helpful. This helps in making a better risk-based approach. The failed verification assists in creating a more suitable future fraud mitigation program. If the software mode has opted, all the verification will be done by AI-enabled software instead of a human. There is zero human intrusion in software verification. OCR is used to extract information from the document. AI-empowered OCR can extract data from all types, scripts, and fonts of documents. There is no restriction on the language of the document, ocr is capable to read all possible languages.
There was a problem with video KYC, in which the KYC expert and customer do not understand their language. This was solved by the Regional KYC expert option where a business can choose a native expert according to the customer.
Video identification solutions are not very expensive and very easy to implement. All the businesses that have the obligation of conducting KYC verification should go for video identification. It gives safer and reliable verification results while increasing the customer satisfaction level.