What is Video Verification?Video verification is the procedure of digitally verifying the users and overcoming the problem of physically analyzing the documents. Video verification includes checking all the documents presented by the users and the lack of advancement made it a tiresome and ominous task for humans. Vide verification has overcome this obstacle, bringing effectiveness to the Know Your Customer procedures and limiting the expensive user onboarding task. This is determined to be mutually useful to the banking sector also for users. Video verification has gained a lot of recognition majorly from the monetary institutions and banking sector. They encountered a rise in productivity and increasing procedures due to less intervention of humans. Video verification chooses the face detection online technology in onboarding the user through a security video system which has shown to be the most significant advancement in the field of know your customer. It is an easy, smooth, and scalable procedure by which the companies can use consumer information and documents before onboarding them. This is a reliable software that adopts artificial intelligence technology that assists in the prevention of identity theft and reducing errors. The advantages of adopting this technology are listed below:
- It is cost-efficient. It minimizes the loss of cost due to friction in the procedure that initiates from the time of user enrollment till authentication.
- It saves an immense amount of energy as it can be done digitally. Users must have authorization to a device with a front-camera and a solid internet connection.
- It reduced the problem of identity theft and the submission of forged and tampered documents. All the data associated with the user can be stored safely with an online safe digital system.
- It minimizes paperwork. It would also assist in eliminating the ineffectiveness of human mistakes.
- It would also assist businesses to use the same know your customer procedure for various products, such as opening saving accounts and loan forms.