Last Updated on December 23, 2022 by Hammad Hassan
Before the advent of COVID-19, every industrial sector was working in a steady manner. Nonetheless, the arrival of global pandemic transformed everything, and organizations had to transfer to online business sites to carry out their work operations. This was also a golden opportunity for hackers to exploit the shortcomings in the security protocols of corporations. This perplexed the businesses a lot and owners wanted a powerful system that could protect their database from cyberheists. A customer onboarding video system is a progressive solution that can support industries in their client onboarding process. It makes the procedure positive by employing the latest features like 3D depth perception.
The Procedure behind Customer Onboarding Video System
Whenever a client registers for a verification process, users get linked with a KYC professional. The expert instructs the consumer throughout the authentication session while fulfilling the verification interview requirements. The KYC expert decodes the body language of the user in the course of the private meeting which facilitates professionals in authenticating their credentials. If experts see any signs of deception, they investigate to remove any doubts.
Principles of Video Identification for ID
There are certain standards that every industry must abide by while implementing the customer onboarding video system.
- They must record the private meeting and take multiple photos of the user
- The technology must capture photos of the ID documents
- Professionals must cross-evaluate the data on records with the information acquired within the meeting
- An organization must always upgrade its AI technology and customer onboarding video services
- All the information must be saved with accurate date and time stamps
- Output of the video-based KYC system must be without errors
Implementation of Customer Onboarding Video System to Support the Financial Institutions
As per the founder of TERNIO, the application of the KYC video authentication system guarantees enhanced security to other verification technologies in the market. The video-based customer onboarding checks are powerful. The security standards in the video-oriented technique remove any uncertainties because the user easily interacts with and performs the guidelines. For example, showing ID authentication records. In this situation, it makes the expert team more confident in their method during the verification procedure.
Perks & Benefits of Customer Onboarding Video System
Moreover, as per a CEO, the video security identity system is a robust security protocol that presents various security layers in the course of the consumer onboarding process. It also works effectively against other financial fraud. If industries implement customer onboarding video systems along with other authentication approaches, it will create an invincible security mechanism against cyberheists.
- Improved fraud prevention is one of the huge benefits of video authentication services. The live video meetings use AI software and a powerful facial verification system to fight fraud and protect the industry from cyber criminals
- An effective reduction in money laundering incidences means that the monetary resources of the customers are safe and the customer onboarding video system of the industry is invincible. The video information from the interview meeting also facilitates organizations in cross-evaluating the information in various global sanction lists. It conveniently highlights any highly risky customers in the course of the onboarding procedure. In this situation, the customer onboarding video software is extremely advantageous against cyberheists and money laundering incidences
- The application of the video-based verification technique removes the use of documentation and traditional verification approaches. Old techniques were time-consuming yet the output had multiple errors. Additionally, the application of AI & ML technologies has minimized errors in the final verification results. It has also guaranteed a positive client experience that has balanced the conversion rates of the companies
- The execution of customer onboarding video service has allowed customers to verify their identities or records from anywhere in the world. It means that clients no longer have to visit the industry for their verification needs. Undoubtedly, it is another way to make sure a positive customer experience and win their trust
Multiple Plan Types of Customer Onboarding Video systems:
There is a total of three kinds of KYC verification plans for financial organizations. Clients can select any plan based on their company’s needs. All the plans are below:
- The industry must be aware of the nationality of their customers to guarantee a seamless client experience
- Organizations can have their own KYC professionals for conducting a secure customer onboarding video procedure
- Industries can also employ AI-based digital solutions without recruiting a KYC professional
In online platforms, it is crucial for every organization to execute a client identity authentication process while onboarding their consumers. It is necessary for industries so that top management can show an active fight against fraud and money laundering incidences across the world.
The application of a customer onboarding video system keeps the organization’s database safe from hackers. It does not allow criminals to attack the industry because of AI & ML integration and certain special characteristics such as liveness detection and micro-expression analysis. The implementation of the latest customer onboarding video allows companies to show adherence to the latest AML/KYC standards. It is crucial for the sake of avoiding financial repercussions from global regulatory agencies.
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