How to Choose the Right Video KYC Solution for Your Organization – Guide
The financial and banking sector is becoming increasingly digitized and globally accessible, which is resulting in an increase in demand for remote identification services. The purpose of KYC video identification services is to make life easier for banks and their customers, by reducing the amount of friction caused by compliance processes such as KYC. India’s financial institutions face several problems, such as the difficulty in selling products to customers who are not physically present. KYC and other compliance processes are some of them. Currently, there are several fintech solutions for digital transformation in the market, which are stable and secure enough for financial companies to adopt right away. However, due to the increased demand for these services, there is a shortage of qualified professionals who can provide them. This has led to a rise in costs associated with providing these services, such as wages and hiring costs. ..
Your customers are required to provide additional information and documentation in order to do business with you. The right KYC software can streamline the process, but it is important to find a solution that makes things easier for your employees and customers. For example, working from home has become the new normal, and companies have also adapted to digital platforms. Everything that used to happen in person is now happening online. From connecting with your customers to onboarding and the best customer service, digital tools are essential for success. ..
How to Choose the right KYC video solution for your organization
data security
Banks and financial institutions are using videoconferencing for customer onboarding. They need to ensure that security measures are in place, such as a secure videoconferencing platform, data storage, and adherence to regulatory requirements. With the rise of fraud like video manipulation, the entire responsibility of customer identification lies with the banks.
fraud detection
Customers now have the option to provide a pre-recorded video if the liveness check is not done correctly. There needs to be a sequence and type of questions that eliminates the chances of spoofing and fraud or false identification. RE employees need to ask several questions to establish that the process is seamless and end-to-end encrypted. ..
High dropout rates
A video call may be disconnected due to various reasons, such as system error, internet fluctuation, manual crash up, or more. This can lead to a poor customer experience and can take longer for KYC to complete.
Adherence to RBI Video KYC standards
The RBI guidelines require that all Video KYC processes be conducted by an RE employee and an auditor who would need video-based KYC training. The Video KYC process will be handled by trained staff and your activity record must be preserved for future records.
Monitoring KYC Accuracy
Banks and financial institutions are struggling to complete the verification process without managing the productivity of their ER staff and auditors. There is a constant need to monitor key metrics like KYC completion rate, dropout rate, and accuracy rate to make a data-driven decision.
How to choose the right KYC video provider and overcome these challenges
-A secure and video-based customer identification process -Efficient and simple application process -No need for paper forms or surveys
safe and compatible
-Only employees who need to see the document should be able to view it -Only employees who need to sign the document should be able to sign it -No one else can see or sign the document without your permission
The company uses a liveness check to rule out the possibilities of using pre-recorded video and the customer’s location is verified using geo-tagging to maximize the accuracy of customer authentication.
The ER employee can ask a set of questions like hand movements, pet’s name, year of schooling, etc. to reduce human error.
Cloud storage of customer data is a way to ensure that there is no tampering by any internal or official agents. ..
Reduce dropouts by 20%
If you have poor customer experience with video calls, you may lose customers to your competitors. Ameyo’s Video KYC solution can help you avoid this by providing an amazing customer experience even when the video call is disconnected due to poor internet connectivity or there is a system error. You can also contact customers via SMS or chat to resend the video link, so they always have the best possible experience. ..
measure what matters
Supervisors can quickly see customizable dashboards that can help make informed decisions. This would allow them to track employee performance, identify potential problems, and make better decisions.
They can get a periodic report of abandoned KYC video and check the officer’s SLA, auditor’s SLA, total rejected KYC, accuracy rate to analyze campaign performance.
KYC requests can be automated to speed up the process by aligning it with the most suitable agents. This will help to reduce the number of KYC requests and improve the quality of service.
The police officer’s detailed productivity report can be used to review the officer’s performance on specific business parameters. For example, the accuracy rate, CSAT score, and number of KYCs completed can be reviewed.
Cost reduction by 90%
Now you can onboard a client in minutes with minimal cost using our new verification process. ..
RE employees can board up to 18 customers in an hour. ..
Reduce travel and paperwork costs by using online tools to book flights, hotels, and other activities.
Customers who are located remotely through online services can now order food and drinks from the restaurant. This new feature is available on the restaurant’s website and in the app.
Accept your customer experience
Customers find it very easy to open a bank account or apply for a SIM card online. And, COVID-19 has made it very obvious that customers are not willing to visit stores or banks physically. With Video KYC, you can deliver the customer experience they are looking for:
Customers can apply for a credit card online and will be available to complete their KYC online.
KYC will start once customers have their tickets. Customers can check the status of their ticket while seated at home.
Customers can be reminded of upcoming KYC appointments through their preferred channels, such as SMS, call, email, chat, etc. Voice Bot reminders can also be automatically sent to remind customers of upcoming appointments. ..
After completing the verification process, you can send the credit card, SIM card and related documents to the address provided by the customer. ..
KYC video completion accuracy
Ameyo’s solution uses AI-backed facial recognition technology to ensure maximum accuracy.
Second, the video call is not live and does not include any audio. Third, the KYC officer verifies the identity of both parties in the video call.
OVD automatically extracts customer details such as date of birth, address, Aadhaar card details, PAN card details, etc. via optical character recognition. ..
KYC Officer: Liveliness check and accuracy check. OVD: OVD is accurate. Passed for further verification.
Final note
This guide will help you choose the right video KYC solution for your organization. If you have any questions about this article, please do not hesitate to ask us. Additionally, please share this guide with your friends and colleagues so that they may also benefit from it.
