Video Verification: The Ultimate Solution for User Onboarding

Coronavirus pandemic has had a great effect on digital user adoption, and as stated by Mckinsey Digital, “ the accelerated transformation to technological advancements driven by the COVID-19 will continue into the retrieval.” Companies have had to modify their customer onboarding procedures in order to transform their services completely online, meet know your customer and anti-money laundering laws, and deliver an enhanced online user experience. The COVID-19 pandemic will undeniably be automatic, but for financial institutions, the banking sector, and other regulatory authorities, digital onboarding is subjected to strict know your customer and anti-money laundering laws that differ widely relying on the geography of their users. America, India, and Germany are such countries that have implemented the use of video verification. Video verification requirements define the adoption of video check where two-way video discussion is done between the user and the company and important documents are captured as part of the online verification procedure. In other countries, where video verification has long been captured as a way of face detection online, and a selection of advancement is accessible, IDV based on a biometric selfie might be an enhanced option.

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.

Video verification also has drawbacks. The monetary institutions will have to form a plan to include video verification with physical authentications to reach the community. They will also be required to make sure that the video verification remains authorized with the DPL that will be released by the government. The RBI is still discovering the uncertainties related to this AI-based video verification procedure. The corporate sector is trying to get a grasp of the transformative power of automation, and therefore, the RBI is making continuous efforts to find out a solution with ongoing communication with IBA experts. Conclusion Video verification is the new normal in the authentication market. Security video solution, you can smoothly onboard users, and minimize the turnover rate of the know your customer procedure effectively. Holding all the above-listed characteristics, our video verification service along with online document authentication services can make sure identity theft-free user onboarding, Therefore, users can always choose from three distinct video verification algorithms, you can select one that suits exceptionally as per company needs.