The process of identity verification is improving with time. The number of checks is increasing with more effective methods. As the world is progressing, organizations are shifting towards digital means of verification. The virtual verification processes are much faster and more responsive as compared to the previous techniques. Traditional methods are losing their worth as the digital era is taking over. During the pandemic, the lockdown was imposed all over the world. The remote working strategies picked pace. Now, these procedures are being implemented worldwide. The process of identity verification also adopted the new advancements of the time. Each of the policies of the KYC (Know Your Customer) compliance is programmed for efficient online verification. Video Verification is one of those ways to verify the user online.
What Is KYC Video Identification?
KYC Video identity verification is the way of evaluating user identity via video proof. This activity involves the client and the verification agent of the company. It is mostly conducted with video calls between the customer and the agent. This method of identification works in real-time and minimizes the risks of bypassing verification checks. Communication between these two entities helps in ensuring customer and organizational credibility. The operation of video-based KYC has strengthened the process of online identity verification.
How Does Video KYC Process work?
The new adaptation of e-KYC video verification is being implemented by most organizations. As online platforms increase in number, this method works well in providing a fast and secure way of verification checks.
At the first step, the user is onboarded with all the information gathered via the online form. The data is evaluated and the customer’s contact links are extracted from the form. These contact handles are mostly cell numbers or email id of the person.
The number and email are verified automatically and the client receives an invite link. The URL redirects the user to a video conferencing platform. Most organizations use pre-built video calling services. Critical firms such as Financial Institutions tend to use their own platform, these platforms are end-to-end encrypted and provide a secure conferencing experience.
Live Video Call Connection
The video call is connected when at the specified time of the meeting. Both the client and the agent can interact and communicate with each other. This method of communication is more commonly known as video conferencing.
The agent of the organization verifies the user with a number of identification checks as per KYC laws. At the first step of verification, the face of the user is checked and compared with the image provided by the customer at the time of initial registration. This step of facial verification is further backed up by facial recognition technology on critical systems. The AI-based face identification solution verifies the customer’s face in real-time by mapping out the nodes from the image and the live video.
The documents are also verified in this process. Video KYC solution works with the complete document verification cycle. The whole assessment is made on the live video call. The customer provides their legal documentation to the agent via a camera device. In return, the document data is compared with the information from the registration form of the user. The OCR platforms also assist in this check by efficiently extracting the data from the documents of the user by performing scans on the images provided via the video call.
Address verification is an integral part of Know Your Customer compliance. The video KYC solution also aims to verify the address of the user. It geo-locates the exact location of the person by tracing the calling IP address.
Completion Of Verification Process
The process is completed when all the KYC checks are evaluated correctly. The user is prompted with a failure or success message.
How Video KYC Is Better Than Traditional KYC
- Video KYC solution helps in real-time verification of the customer while the traditional methods can take up to days to verify the user.
- The number of steps is increased in the Video KYC method which strengthens the security protocols.
- Video verification also helps in effective identification of the user, the traditional methods still contain loopholes and the unauthorized people bypass them easily.
- The involvement of AI and OCR technology in the video conferencing process also ensures the correctness of the person. It biometrically evaluates the client and completely eradicates the chances of errors and mistakes.
Most users experience video verification checks at different instances. Almost every business and organization have adopted the technique of video identification. It helps in verifying the user virtually by connecting them with the business agent directly. As discussed, the video KYC evaluation is a lot faster as compared to the traditional methods of client verification. Using modern-day technologies also provides extra layers of security and makes sure that unauthorized customers are restricted.