By 2024, video KYC (Know Your Customer) services are expected to change the way we check someone’s identity. Video KYC helps make things safer by using face checking and live detection. It makes the online joining process easier, and ensures that rules always stay up to date. Video KYC (Know Your Customer) is great. It’s quick and not expensive because it doesn’t need paperwork or people checking by hand. Video KYC, which gives instant checking and many more benefits like size and being able to use it anywhere, is needed by companies that want to make customers happy. Video KYC has its perks and is needed to make a future secure for checking identity in our digital time. Reputation and trust matter now more than ever.
In this blog post, we will talk about some benefits of using KYC check services in 2024.
What is Video KYC?
A way to check people’s IDs online using video calls is called video KYC. It helps us make sure who they are without meeting in person. It’s a safe choice for regular KYC steps, which often need going in person and handing over papers. In Video KYC, several identity verification checks are carried out in real-time via a live video session between a user or customer and a verification agent or system.
Features of Video KYC
The user’s face features are taken to ensure it’s the right person and prevent someone from stealing their identity. Then these are compared to their ID papers.
Real time detection tech checks the live movements of the user. It makes sure they are really there and not faking it with a still photo or video.
On the video call, people usually need to display their official papers given by the government, like passports or driver’s licenses. The system checks if these papers are real.
Some video ID checks have extra safety measures like voice checks and finger scanning to boost security.
Who Needs Video KYC Check Services?
Many businesses like banks, phone services, online shopping and insurance companies use video checks to know their customers. Other groups like real estate agencies and educational institutions also depend on these identity verification services. They make it quick for customers to join, give secure identification checks that work well and follow the rules of law. While e-commerce platforms uphold the marketplace’s integrity, telecommunications verify customers’ identities during SIM card activations. Real estate facilitates safe property transactions and tenant verifications, while insurance companies expedite policy procedures and claims handling. Organizations prioritizing safe and legal identity verification in digital or remote contacts might benefit greatly from video KYC.
Benefits of Using a Video KYC Verification Service in 2024
Know Your Customer (KYC) procedures have transformed, with video KYC verification becoming a major participant. As we step into 2024, the benefits of using video KYC services for companies in a variety of industries are becoming essential. In this section, we will learn about some benefits of using a video KYC verification service in 2024.
1. Enhanced Security
When compared to conventional techniques, video KYC provides an increased level of security. When used in combination with liveness detection, facial recognition technology guarantees the physical presence of the individual being verified and guards against the use of unapproved photos. This strong security barrier reduces the possibility of fraud and identity theft.
2. Remote Onboarding Simplified
The ability of video KYC to expedite remote onboarding procedures is one of its main benefits. In this globalized and digital economy, where businesses frequently engage with clients and customers remotely, this is especially important. By doing away with the requirement for physical presence, video KYC allows businesses to onboard clients without difficulty, no matter where they are in the world.
3. Compliance with Regulatory Standards
Businesses are always concerned about obeying regulations, and video KYC offers a solution that complies with changing regulations. Organizations may guarantee devotion to strict regulations and prevent costly fines by automating the KYC process through video verification. This is especially important in industries like finance, where following rules regarding counterterrorism financing (CTF) and anti-money laundering (AML) is crucial.
4. Time and Cost Efficiency
Time and money are wasted on extensive paperwork and manual verification that characterizes traditional KYC procedures. With video KYC, identity verification is completed much faster and in a more effective manner. Additionally, since video KYC eliminates the need for a large amount of labor, businesses can save money thanks to its inherent automation.
5. Improved Customer Experience
Customers expect easy and convenient interactions with businesses in the digital age. With video KYC, there is no need for in-person meetings or laborious paperwork, which improves the customer experience. Faster service delivery as a result of the optimized onboarding process strengthens bonds between companies and their customers.
6. Scalability and Flexibility
The great scalability of video KYC services allows them to be tailored to the different requirements of companies. Video KYC is easily scalable to meet demand, regardless of a company’s rapid growth or seasonal fluctuations in customer onboarding. Because of its scalability, businesses can continue to operate efficiently without sacrificing the accuracy of their identity verification.
7. Accessibility by Location
Geographic accessibility of Video KYC is revolutionary, especially for companies that operate in areas with a diverse population. By reaching and verifying clients in remote or underserved areas, this technology promotes financial inclusion and broadens the organization’s market reach. Individuals can access the KYC process from their own location, provided they have a stable internet connection and a camera-equipped device.
8. Integration Capabilities
Video KYC is a flexible solution for businesses because it easily integrates with current systems and apps. Through integration with compliance databases, customer relationship management (CRM) tools, and other software, video KYC fits into an organization’s technological ecosystem and improves overall operational efficiency.
9. Real-time Verification
One significant benefit of video KYC verification is its instantaneous nature. In addition to speeding up the onboarding process, real-time verification enables companies to quickly spot and handle any inconsistencies or possible hazards. An operating environment that is more secure is facilitated by this proactive approach.
The numerous benefits that video KYC verification service provides to businesses are obvious in 2024. Video KYC is a key component of the identity verification process’ digital transition, offering benefits such as regulatory compliance, onboarding process simplification, and security reinforcement. Adaptability and efficiency are critical in today’s world, and companies who use video KYC will be successful in the ever-changing terrain ahead.