Video KYC Verification – Helping Firms in Risk-Free Client Onboarding

It is nearly impossible for a company, local or international, to regain its original status once it loses its image in the market. Due to identity fraud, some major international brands have destroyed their positions in recent years. Due to accusations of inadequate verification standards which encouraged money laundering, Standard Chartered as well as Westpac had to pay almost 1.1 billion dollars and 1.3 billion dollars, respectively.

Advanced tools must be incorporated into the video KYC verification process by investment and commercial businesses to prevent the onboarding of scammers and to boost client income without posing any danger. The AI-powered solutions guard both enterprises’ and their customers’ data and stop spoof and mask assaults with greater accuracy in a matter of seconds

What is a Verification Video? – The Process

To verify that the client is real and not utilizing a video clip via Deepfake technology or another method, the biometric authentication in the video KYC process does a microexpression analysis. The method measures the depth of the face and a few other characteristics, together with the matching data kept in top-secret databases and authorities.

Around the world, businesses of all sizes employ automated face verification technologies, mostly in banks and cryptocurrency’s KYC processes. Corporate and financial enterprises need effective video recognition solutions to ensure ID authenticity and prevent fake identity theft for legitimate client onboarding and internal/external risk assessment.

  • Once the person’s information, including name, age, location, and evidence of residency, has been initially verified. The business sets up a live video chat for KYC verification, during which a KYC specialist questions potential customers to confirm their identity.

 

  • The KYC agent uses the latest OCR (Optical Character Recognition) software. The AI-driven approach for video KYC vendors does a few inquiries and requires the person to produce the necessary credentials during the video conversation. The optical scanner collects the appropriate field of information and structures the data in real-time, ensuring that information maintained in private and government databases is accurate.

 

  • After using artificial intelligence to integrate digital identity validation, the KYC agent checks whether the video recognition for ID is live and quickly determines the outcome.

Models of Digital Video KYC Verification

Companies, banks, and certain financial organizations use a variety of approaches for genuine and authentic client enrollment.

Local/Regional KYC Specialists

The procedure’s goal is to instruct the user on verifying and using the platform’s functionality and working mechanisms. The verifying portal organization can hire a number of local KYC specialists to ensure the individual’s legitimacy to make the video recognition process more convenient and legitimate. It is ideal and prevalent in small firms that are now operating within national borders.

International KYC Agents

A corporation would eventually need KYC video identification specialists from several jurisdictions if it wanted to grow and obtain global clients. The nationalities of the professionals in video recognition are determined by the origin of the bulk of the target market as it enhances customers’ perceptions of the company, its offerings, and services, this aids in attracting clients from abroad. 

KYC Experts Within the Organisation

Outsourcing the task of KYC through video calls sounds pricey for freshly established companies and local entrepreneurs. Businesses can choose KYC verification specialists from within the corporation using the cost-effective technique to guarantee the onboarding of genuine consumers. It demonstrates the procedure’s transparency as well. Additionally, the programming interface of video authentication solutions is simple to utilize. There is no requirement to establish a formal training course.

AI-Based Video KYC Verification 

The machine learning algorithms used in the model can instantly verify and detect suspicion in the video chat when using video-based KYC. The automatic functional model extracts useful information from the person’s background and even their body language in the video verification, which aids in decision-making. Numerous elements that are invisible to human intellect, like facial depth and minute expressions, contribute to the outcomes.

Final Thoughts

Every human being with a smartphone today is a potential client in the age of interconnected commerce and creative technologies. Businesses including healthcare, banks, and financial firms need AI-based systems for video recognition in order to seize and facilitate huge markets. The systems guarantee risk-free onboarding and uphold compliance with pertinent legal requirements. The OCR software used in the video authentication solution confirms the client information with local databases and watchlists. It stops mask and spoof attacks quickly and accurately and offers an excellent user experience to clients. The great user experience automatically builds a greater brand image and helps the company reach greater heights. Thus,  video KYC verification is a great solution to keep scammers away in this modern era.