The businesses are now more advanced as compared to the past because they use the latest means in their operations. The companies can enhance their revenue, if their client retention rate is higher, their clients are satisfied and are safeguarded against fraudulent activities. The companies must have to comply with the video verification, as it is for the success of the businesses.
Introducing Video Verification
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Video KYC solution are used to onboard the client, the companies can increase their surveillance through these tools. As these solutions certify the authenticity of the user, by comparing the physical or physiological characteristics of the customer and then granting them access. They compare the data of the user, with the database of the government and ensure that both are the same. Other than this they also take the documents from the client, for further verification. This includes the identity card, residential address proof and utility bills. In this way, the organization gets the comprehensive data of the customer. This record saves the company from the expected future crime, when the company is aware of the source of income of the customer, then their risk rate is reduced.
Who are the Video KYC Vendors?
The video KYC is performed by the agent, who checks the validity of the user. This process is done online, and the latest technology is employed in this verification. They do not commit a wrong entry, they properly verify the identity of the client. These tools are completely reliable, they do not favor one person over another, and get access to only valid users. Companies can rely on these solutions because they are swift and less expensive. While in the conventional means, the companies have to pay salaries to their employees and also have to bear the other miscellaneous expenses.
Process of the Video KYC Process
The following steps are involved in the video call KYC:
- In the first step, the clients have to scan their papers, and after this, they have to upload them to the portal of the company.
- The system checks that the user has given the required papers, if any information is missing then they again have to submit the data. Other than this the scanner also checks that the pictures are clear and visible, they have proper lighting, and the record of the customer should be relevant. For example, the users have to submit the bank statement for March, but if they have given the April papers, then it will be rejected.
- The scanner extracts useful information from the papers and compares it to the database of the government If both match, this means that the client is authentic. Otherwise, they again have to submit further papers. The company takes measures against high-risk clients and makes policies for them accordingly.
Advantages of the Video Verification
The following are the benefits of the biometric solutions:
- Paperless Process
The best feature of the biometric solution is that the employee does not have to perform the paper process of the customer. It is a hectic thing to record the data of all the employees manually. The companies that are using these solutions have regulated their operations, as the operators do not have to experience all this process. The artificial intelligence tools register and verify the clients.
- Less Time Required
The verification is done in seconds, the user does not have to wait for weeks for the result of their authentication. The manual ways were time-consuming, as the client had to wait so long for their turn. These swift services are giving their services in almost every industry and they have regulated the operations of the offices.
- Convenience to Clients
As it is a digital process, it is very convenient for the users, their time and expenses are saved through it. If a person is busy in a meeting or present in any distant location, they do not have to come to the office, their verification can be done from anywhere.
- Less Costly
They are less costly as compared to traditional authentication because companies do not require staff for it. The advanced tools perform this function, they have lessened the tasks of the employees.
Final Words
Video verification is very crucial in the digital age, the growth of the company is impossible without these solutions. The businesses that are using these solutions in their daily operation can observe a remarkable increase in their profit rates. The government has made it regulatory for the companies, otherwise, they have to face theft fines. The organizations can hold their clients for an extended period by securing their credentials.
