Modern companies use entirely new techniques with automation and technological innovation to complete their daily tasks. Moreover, online marketplaces have updated their outdated business algorithms. The traders’ decision to incorporate a digital platform for their brand consequences in more online traffic. Businesses now offer online services to their clients globally as these are more accessible at any point and time. Furthermore, industries are scaling all over the world, and ignoring the rising trends can be dangerous for businesses in future. Thus, Companies must add robust security and reduce exposure to fraudulent activities with the help of a verification video.
Verification Video – A Quick Overview
Financial and non-financial institutions are trying to improve productivity by adopting innovative technologies, However, they are not the only ones. People can now rent a place, make online purchases, and apply for loans from anywhere. Verification of customers is the sole requirement for all businesses nowadays. The clients get quickly verified within minutes. KYC verification video is a modern way of helping firms authenticate consumers.
Digital Verification – A New Norm in the Digital Era
Technology development is one thing, but COVID-19 is also a key driver of organisations’ reliance on digital technology in this age. These times, working offline means actively contributing to the company’s decline in market share.
Most people of today have access to the internet and a mobile phone. In this circumstance, expecting them to walk customers through face-to-face procedures is nothing short of a foolish effort. Businesses that operate ethically and give their customers the services they prefer are those who envision a bright future for themselves.
Non-financial Sectors Ensuring KYC through Verification Video
Regardless of their operations, non-banking institutions are deploying online video identification for several reasons. Let’s explore those institutions and their reasons for having a video KYC solution:
- Rental Accommodations
The shortage of private housing resulted from the expanding urbanisation that people adopted, which gave to the co-living concept. The time-consuming procedure of document verification is frustrating. Businesses are looking for an alternative reliable option to identify people. In the near future, the video KYC process will be the ideal solution to reduce the likelihood of fraud to an absolute minimum.
- Co-Working Spaces
In recent years, co-working places have become popular. The management authorities conduct a quick verification method to ensure everyone who works is safe. Automated solutions shorten the time it takes for employees to go through the verification process.
- E-Gaming
The gaming sector is one of the fastest-growing in the digital world. Due to the participation of thousands of players in online gambling, there’s a surge in identity fraud and money laundering.
Cybersecurity and forgery are two major concerns for online gambling platforms. KYC video verification stops internet fraud, closes bogus accounts, and prosecutes criminals. It is indeed a great bet in the digital era.
- Educational Platforms
The reality that educational institutions are using KYC video verification significantly less slowly than any other industry is beyond discussion. Homeschooling was every other institution’s strategy to safeguard children’s future while not denying the damage that the covid outbreak has caused them. Video chat ID verification also helps to onboard genuine customers. The platform avoids exam cheating with this system by ensuring only a legitimate person takes the test.
Non-Banking Institutes
The non-bank institutions listed below ensure video call KYC:
- Asset Management Businesses
These businesses onboard real customers using KYC video verification. It is a helpful method for adhering to AML/CFT requirements while lowering the expense of the procedure. Like SEMs, asset management companies register non-individual consumers through customer onboarding videos.
- Insurance Companies
The customer experience is being improved by advanced technologies such as fraud detection and liveness checks. The best way for businesses to confirm their consumers is through a video call that uses the user’s content. After gaining the customer’s permission, the KYC specialist will lead the client to the video and verify them.
Final Thoughts
Traditional face-to-face validation methods pose a threat to organisations and clients as the usage of technology grows over time. KYC verification video can enhance user experience and reduce ID fraud. Customers are identified during a video chat with the aid of a KYC specialist. Read more
