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How Video Identification helps in Remote Customer Verification

Mar 20, 2021
How Video Identification helps in Remote Customer Verification

Video Identification

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:

Verification by Software

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.

Verification by Expert

A Know Your Customer (KYC) expert verifies the identity of a customer. He also uses AI-empowered software for document verification and data extraction.

Video Identification: Complete Walkthrough

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:

  • The user joins the online banking platform (web or mobile app)
  • Here he fills the bio-info form by giving all his personal information.
  • When the data collection is complete, the user is connected with the KYC expert through a video call.
  • The expert guides the customer about the verification process.
  • Liveness detection of the customer is carried to confirm the physical presence in front of the camera.
  • KYC expert asks the customer to give his consent for later data collection. The process initiates if the customer agrees with the terms.
  • A customer shows the front and backside of identity document to the camera like an id card or passport.
  • Authenticity checks are performed on the document against fake or forged documents.
  • The data is extracted and matched with the previously given information.
  • KYC expert analyses the body language and behaviour of customer to kill the chances of pre-recorded videos and 2D/3Dmasks.
  • To get more accurate software does the facial verification of the customer with the image on document.
  • After verification is complete, results are shown to the customer as well as stored in the database.

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.

Benefits of Video Identification

  • The most significant benefit of video identification is remote verification. Before that businesses must schedule visits to the offices for verification. A single bank account opening takes two to three visits.
  • It takes minimum time for verifying a customer, now customers are verified in minutes.
  • Normal verification has high drop-off rates because of the irritating processes. Customers leave the verification process in the middle because it is not quite user-friendly. But video chat interviews give the user a simple and interactive GUI. Customers feel more relaxed in interlinkage.
  • Businesses do not have to set verification departments, hire employees, or install heavy software. Video verification solution is a simple service that cuts cost spending on the above practices.
  • It also verifies the live presence of the customer along with a future verification proof.

Summing it Up

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.

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