TECHNOLOGY

Video KYC – Fascinating Business Entities

Everyone at some point in their life has heard the particular quote “First impression is the last impression”. Back then it was not considered true and now especially in this digital age, the statement does not hold any ground but surely the service of video KYC does. After onboarding clients, a series of unexpected events take place without following the KYC compliance mandates.

The first impression a client makes on a business enterprise or a financial institution does not guarantee anything, the concerned firm always has to monitor the clients at repeated intervals of time. Video KYC in customer identification compliance is considered one of the most effective services due to the combination of accurate AI-powered verification systems. The level of accuracy in the mechanism of video KYC is substantial, the global automated system verifies customers from numerous geographic segments and delivers end results definitely above average.  

Complete Assurance

As everyone knows, the debate on religion and on the pros and cons of artificial intelligence can go on forever, and possibly no clear conclusion will ever be made. The service of video KYC includes both human analysis and AI-based verification checks so the client onboarding process does not contain any sort of loophole. 

Besides, complete automated service of video identification itself can authenticate clients as the digital system of video KYC is supported with a matrix of AI models in the number of thousands other than that the video verification delivers results that are confirmed from updated global data registers of customers. The vendors of video KYC facilitate financial entities and business organizations in customer due diligence, the facility is greatly used by recruitment panelists of different enterprises.

Every passing moment is an opportunity to turn things around, the scammers are doing that then why not legitimate businesses? Video KYC is an ultimate defense of companies in this age of digitization.

The sophistication of Cyber Criminals

Way back, in earlier ages criminals and scammers used to hide and take shelter in empty places in nearby areas then with the entrance of trains and then airplanes, how the fraudsters could easily escape, they had an increased space to run and hide with better mediums. Video KYC here comes to save particular business entities and financial institutes. 

Now fraud clients and impersonators with fake IDs have this wide virtual space where they reside and operate. They really do not need to take shelter anywhere as the digital environment is their place. Especially during the global corona pandemic, the cybercriminals had a greater number of opportunities to bypass client verification gates and they did. Video KYC being practiced in all corporate firms and financial institutes reject and block fraud clients in no time to protect the clients of businesses and more than that their integrity. 

Crime Risks and KYC/AML Compliance in Covid 

There can not be really a comparison about who got most affected during the global crisis? It would be rather unfair. Some people lost their beloved ones, many business enterprises got shut down, but the intensity of tension in the financial sector was substantial. Here video KYC lends great support to concerned institutions with global automated systems performing AI-powered verification checks with utmost precision.

The sudden increase in online payments, interbank transfers, and onboarding of new customers in the particular phase definitely were adding strain to a particular financial institution. However, the service of video KYC shared the burden of financial institutions and their compliance officers or team members. The only way institutions could manage and excel in such a drastic state was if the compliance mandates of client identification and AML were met with great authenticity and it happened. The robust mechanism of video KYC eliminates the possibility of unfortunate events like money laundering or terrorist financing since the customers are verified to the core and allocated appropriate risk ratings. 

Why, E-KYC Video Verification?

As said earlier, the integration of human intelligence along with global automated systems in video KYC adds more credibility to the mechanism and becomes an unbeatable duo. Global IDV SaaS providers offer customized service portfolios to needy business enterprises and financial institutions. There are a number of different working models of video KYC including authentication with regional and foreign human agents, also absolute automated confirmation as well. 

With an appropriate service plan of video KYC, entities perform face recognition of clients along with the document and residential location validation during the live video interview. Face verification solution in video KYC with 3D sensing techniques and micro-movements verification analyze the facial properties authenticity while the system practices ID documents authentication with universal coverage and global multilingual support.

Wrapping Up 

The service of video KYC is impossible to pass on. To maintain compliance with the customer verification and AML policies, the IDV vendors have provided businesses with global automated systems that can combat scammers frictionlessly. The integration of video KYC in customer onboarding is fated.

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