Technology

Top 5 Benefits of Video KYC Solutions for Modern-Day Enterprises

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In the age of the fourth industrial revolution, corporations are facing challenges while dealing with identity fraud, money laundering, and other crimes. In this case, companies want to use innovative digital solutions that can help fight fraud while facilitating compliance with the latest regulations. The application of video KYC services can help businesses with the objective while maintaining market credibility. This way, businesses can strengthen relationships with customers and boost sales. 

The following points look closely at the significance of video KYC systems and how businesses can benefit from the services and achieve milestones timely. 

Video KYC Services: A Quick Insight

The need to utilize customer identification solutions continues to grow even today. As client services happen online, the demand for video KYC solutions has also increased manifold. 

This is especially helpful for companies in the financial sector, who face serious consequences for non-compliance. 

Video KYC is actually face-to-face validation during which a validation expert helps the customer go through the whole process. The specialist asks for user records during the meeting and authenticates the identity of clients. This way, companies can provide unbeatable security around customers’ data. 

The application of video-based KYC services can help companies to be familiar with the needs of their customers and collect data from them. This way, all parties can work together without fear and discourage bad actors from exploiting the system. 

According to Report Linker, the global KYC market size will reach 8.62 billion by 2030, showing a CAGR of 16.97% from 2020 to 2030. 

The demand for video-based KYC is growing because it decreases the cost of onboarding procedures and modernizes the authentication process. AI-driven features to support the identification of scams and malicious activities. Therefore, employees can easily concentrate on high-priority tasks and contribute to the success of the company. Finally, the rising demand from end-users can streamline the process of KYC which as result is growing the demand for video-based KYC. 

Preventing scams effectively

 

Active fraud prevention is an interesting advantage of video KYC systems. Through face-to-face meetings and support from AI & ML models, companies can easily deal with identity fraud and streamline business operations. 

 

The application of video KYC solutions offers unbeatable security as compared to other validation approaches. Video-based approaches are more secure than image-based checks. The reason behind this is that videos are extremely difficult to fake, specifically where there are certain conditions to be met. For instance, professionals ask the client to say certain phrases or perform certain actions. Ultimately, the innovative approach empowers compliance team members with high confidence that the authentication procedure is reliable. 

Fighting Money Laundering 

Onboarding of genuine customers results in safeguarding the business from money launderers. Through video KYC interviews, experts can perform in-depth background checks. This way, the implementation of video-based KYC services is a robust defence mechanism against financial crimes. 

 

Video-based KYC is a powerful security measure as it offers additional layers of safety to streamline the onboarding procedure and fight crime. The combination of video KYC and other AI-driven validation solutions can offer unbeatable protection against risks for modern-day businesses. 

Reducing Paperwork 

With the help of modern-day technologies, companies can perform the whole procedure digitally. This way, companies can perform the procedure without hefty paperwork. In this way, corporations can forgo manual work and achieve desired results. 

Eliminating Errors in the Output

With the support from innovative technologies such as AI and liveness detection features, the chances of human error in the output greatly reduce. 

 

Retaining Customers

With a quick and easy user validation procedure, video KYC can help experts retain customers and boost sales. 

 

KYC with the help of video calls can easily get rid of big struggles such as drop-off rates, and multiple steps of the validation procedure. The reason is that a lengthy onboarding procedure can frustrate potential customers which end up abandoning the process. Moreover, customer verification with a video KYC approach can easily replace onsite visits of clients to benefit from services. Consequently, through remote validation, the whole gets completed faster. 

The Bottom Line

The application of video KYC solutions can easily streamline the onboarding procedure for customers. This way, banks, and financial firms can easily fulfill their requirements. With innovative approaches, modern-day firms must opt for AI-driven solutions to fight fraud and financial crimes. 

Teaming up with a third-party vendor can help corporations streamline business operations and maintain a strong relationship with clients. Hence, the significance of video KYC systems becomes obvious. 

Author Bio

I Am Lucy Jack, And I Have Been Working As Content Writer At Rananjay Exports For Past 2 Years. My Expertise Lies In Researching And Writing Both Technical And Fashion Content. I Have Written Multiple Articles On Gemstone Jewelry Like Tourmaline Jewelry And Other Stones Over The Past Years And Would Love To Explore More On The Same In Future.

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