Video identification is a secure and cost-effective method to curb the growing identity fraud issue. Security is one of the key concerns of any organization/ nation in this digital era and Video KYC solutions are quite efficient to combat fraudulent tricks. However, you must do your homework regarding the features and functionalities of the solution beforehand to ensure your selected solution is beneficial for your business. You can utilize these indicators to make your investments in a video KYC solution that gives maximum ROI.
To reduce the possibility of any fraudulent activity, the video KYC service provider must use both:
- A photo identity, and
- A real-time video session, to make the authentication safe and secure.
The video KYC benefits lie in the fact that they present a customised solution as per business needs:
- The video KYC service provider must have updated and upgraded technology to detect and eliminate static photographs/pre-recorded videos. The video KYC process involves handling valuable/ personal data of customers that need to be secured according to international standards of data handling. Video KYC service providers need a solution provider that offers top-notch encryption standards to prevent any kind of data theft and maintain consumers’ privacy.
- The video KYC service provider must also use a speech test which has a selection of random words voiced by the speaker with the audio recording on the live stream.
- The video KYC service provider must have connections and training in video forensics to detect tampering or misuse of any nature.
- The software should be compatible with an API, SDK, and a webcam for video KYC.
- The verification process must be smooth, quick and reliable.
- The video KYC solution must provide an option to make it a completely automated process, to avoid the hassle.
- The video KYC service provider must be 100% compliant with the local regulations.
- The video KYC service provider can reduce overheads and backlogs in operations by up to 70%.
- The video KYC service provider should make sure the installation and usage are user friendly as the platforms follow a Plug-n-Play approach.
- A video KYC solution with a seamless interface provides a superior customer experience. Customer satisfaction is the major factor that contributes to the growth of any business. A video KYC solution adds to enhanced user experience.
- A vibrant and engaging video KYC service provider can reduce customer drop-offs by up to 50%.
- If you are looking for a video KYC service provider for business, you must look for a video KYC solution that offers global coverage with proper language and document support.
Video KYC solutions are eco-friendly, as they reduce the number of papers wasted in the whole identification process. With the world turning more and more digitised and the current situation at hand with regards to the pandemic, people are looking for alternatives that do not require face to face communication with a stranger. We offer a variety of services and features of video verification in easy, simple steps that you can follow. Contact us today!