The photo-based checks are not really enough for ensuring authentic customer onboarding. Comparatively, developing fake engineered video evidence is tougher but still fraudsters construct them efficiently due to revolutionary technologies and tools. The service of online video identification verifies the client with remarkable accuracy to minimize the ratio of errors in the KYC (Know Your Customer).
With time every firm has to make some alterations before its competitors, an upgraded IDV solution should be on top of the list. In the customer onboarding video, the concerned business authenticates a client by integrating an experienced agent with automated systems, eliminating all sorts of violations before they emerge.
Process of Online Video Identification
- In the video KYC, the business schedules a meeting call where the client appears with the identity documents. A professional or trained expert interacts with the client and a conventional Q&A session takes place
- In the process of online video identification, the client displays the identity records where the same process is repeated, documents are checked from global registers but this time the face on ID is compared with the one in a live video call
- By the time, automated verification solution derives and generates results of face recognition and document authentication, the KYC agent confirms the client on his/her behalf by collecting data in online video identification by studying the non-verbal actions and body language of the customer
Working Models of Video KYC
The global IDV solution providers offer different plans customizable according to the demand and need of a business or financial institution. The process of online video identification can be conducted in the following ways:
- Regional KYC Agent
- In-House KYC Expert
- AI-Driven KYC Agent
Regional KYC Agent
The customer onboarding video with local agents covers a wide audience for the business; clients belonging from different geographic areas. Online video identification with an expert of the same territory as of a client, makes the verification part more accurate and reliable. Plus the customer experience is also a point to consider as the client gets more relaxed in the interview.
In-House KYC Expert
Other than selecting and training a bunch of experts for the e-KYC process. A concerned business or financial institute can also perform online video identification with in-house agents. It increases reliability and reduces the fear of data breaches. The solution is extremely convenient to operate and install so outsourcing the verification job isn’t really necessary unless there is no other option.
AI-Driven KYC Agent
Online video identification through digital solutions without a human verification expert is also a plan that is widely availed. Although the fraction of human contribution in the process is not that much, the error due to it is even less but still, businesses prefer automated verification. AI-driven solutions deliver maximum precision in a brief period and generate more accurate output.
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Key Benefits of Online Video Identification
Global Coverage
AI-based verification solutions with data from several global registers including substantial information of clients and the facial biometric ID deliver close to perfect results in a small period of time. Many household firms and financial institutes are optimizing the service of online video identification to combat frauds and outcomes of not complying with regulatory authorities.
AI Branch Network
The enormous group of thousands of AI models joined together supports the global IDV solutions. The automated system therefore can conveniently learn and point out the use of 2D/3D facial masks or create a video using deep fake or similar smart techniques. The algorithm of online video identification keeps performing accurately after every scan, making the KYC check more reliable.
Other than skin texture analysis, the liveliness detector, and the minor expression analysis confirms the authenticity of the client’s facial dynamics.
Use cases of the Video KYC
Car Rentals
Since the practice of online video identification is getting common in banking and other financial corporations, scammers have opted for different industries. Car rentals can utilize services for authenticating the originality of their customers. Often clients hire cars and use them in a crime scene or sell some spare parts of the automobile. Online video identification of clients before handing over the vehicle can reduce problems for the original owner and rental business.
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Cryptocurrency and Banks
Money laundering was never an unheard phenomenon and it will never be. Financial crimes like these can be easily tackled with online video identification. The comparison between the facial state of the client in video chat and iD document with an AI-based system reduces uncertainty and creates a high level of security.
Conclusion
AI-driven solutions for online video KYC is something that no one will be unfamiliar with as it has a consistently growing need in the market of multiple industries and sure in the future new industrial applications will be discovered. The automated systems for online video identification are globally praised and are getting accepted in new regions as well.
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