Onboarding Video Verification: Banking Sector Use Case
Customers are frequently obliging for better online experiences that can save their time and resources. Digitization and visualization are compiling with the customers’ demand in the modern era. Covid has forced businesses to conduct virtual conferences, seminars, and meetings due to social distancing protocols. Identity verification has provided a similar solution for customer verification by customer onboarding video verification. Businesses can verify their customers in real-time just through a video. This will save the time of business as well as customers, also providing the ease of remote video verification.
Onboarding Video Walkthrough
This process is also known as Video-based Customer Identification or Video KYC in Know Your Customer industry. A KYC expert leads the onboarding video verification on a live video call.
Registration
End-user is registered on an online platform by giving all his identity information like name, age, and address.
Linking with the KYC expert
KYC expert and end-user get on a live video call. This call can be recorded but with the consent of the user.
Liveness Detection
The user is interviewed by the KYC expert with a series of questions to check the liveness against previously recorded videos or holograms. The question may include personal information and KYC experts also check the facial gestures and body language of the user.
Document Verification
Documents are shown to the camera for verification, documents should be authentic and issued by the government like ID card, passport, and driving license. The system takes the screenshot of the document and verifies that image with enhanced AI against tempered or fake documents. Document information is matched with previously provided information for identity verification. The image on the document is matched with the live selfie.
Dispatching Results
KYC experts send the results (approved or not approved) to that online platform and show them to the customer.
Video Verification for Banks
Financial institutions like banks need solid verification of the customers because they are a potential threat to accounts takeover and identity frauds since the involvement of cash in it. The amount of workload in the banking sector is heavy like daily onboarding of new customers, transaction verification, and cash flows. Banks can verify digital and physical signatures on cheques more accurately through video verification. Customer verification helps banks to comply with Know Your Customer and Anti Money Laundering regulations to reduce any chance of money laundering, terror financing, or illicit finance flows.
Benefits for Banks adopting video verification are explained in the below section
Remote Onboarding
Now banks can verify and authenticate their customers remotely eradicating the barrier of visiting banks physically. Remote onboarding gets more attention due to covid prevention and social distancing protocols.
Time and Cost-Efficient verification
Manual customer verification takes several days of processing from document verification to personal identification. The customer has to physically visit the bank that takes time and waiting in queues but in customer onboarding video verification the customer is verified in just minutes. Manual verification takes more resources from the banks but this service verifies a customer by using few resources.
More Accuracy
The visual verification process is more secure and accurate. The results through customer onboarding video verification are more accurate than traditional methods due to the involvement of AI in it. AI checks the authenticity of the documents more precisely and quickly.
Better Customer Experience
Customers will have the convenience of scheduling the verification according to their ease, It will save time and resources. The recorded video is proof of verification that can be used in the future for cross verification. Customers didn’t have these facilities in traditional verification procedures. They can get them verified only using their phones or laptops. There is no requirement for any specific tools for that.
To sum it up, Financial institutions and other businesses should avail this customer onboarding video verification services for a better customer experience and defeat the growing risk of frauds and scams. It will help banks to streamline the banking and transaction process. Customer onboarding video verification services are provided by KYC solution providers at good prices.
