How to Choose the Right Video KYC Solution for Your Organization – Guide
The financial and banking sector is becoming increasingly digitized and globally accessible. Consequently, we are witnessing a sharp increase in demand for remote identification services. The purpose of KYC video identification services is to make life easier for banks and their customers. India’s financial institutions face several problems. KYC and other compliance processes are some of them. Currently, there are several fintech solutions for digital transformation in the market. These are stable and secure enough for financial companies to adopt right away. Know-Your-Customer (KYC) regulations create friction in the sales process of financial institutions. Your employees are required to perform customer due diligence (CDD), which means your customers must provide additional information and documentation. The right KYC software can streamline the process, but it’s important to find a solution that makes things easier for your employees and customers. like working from home has become the new normal, companies have also adapted to digital platforms and everything that used to happen in person is now happening online. From connecting with your customers to onboarding and the best customer service.
How to Choose the right KYC video solution for your organization
data security
Banks and FIs, as they adopt videoconferencing for customer onboarding, need to verify security measures, such as a secure videoconferencing platform, data and video storage, and adherence to regulatory requirements. With the rise of fraud like video manipulation, the entire responsibility of customer identification lies with the banks to ensure that there is no data leakage and data tampering.
fraud detection
Customers can now provide a pre-recorded video if the liveness check is not done correctly. There has to be a sequence and type of questions that eliminate 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
Although the process takes no more than 3 minutes, the video call may be disconnected due to various reasons such as system error, internet fluctuation, manual crash up, and more. Once the call is closed, it becomes difficult to contact customers for re-enrollment and KYC completion. This can lead to a poor customer experience and can take longer for KYC to complete.
Adherence to RBI Video KYC standards
Per Video KYC RBI guidelines, Video KYCs must 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
Now banks and FIs cannot complete the verification process without monitoring and managing the productivity of 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
Banks and FIs have been looking for a paperless and presenceless customer identification process for a long time and the video customer identification process (V-CIP) has provided the hassle-free model for money lenders. Now a customer can apply to open their savings account online and it will only take a few minutes to complete the customer onboarding verification. For this hassle-free process, you need a system that has the following features:
safe and compatible
Ameyo’s video-based KYC is 100% compatible with Video KYC RBI, ensuring end-to-end encryption and reducing the chances of fraud. It is also ISO 27001 certified with enterprise-grade security like AES 256 Encryption, ensuring banks, FIs and loan sharks get maximum security. Along with that, video-based KYC allows companies to set rules for identity verification such as:
Reduce dropouts by 20%
Now, you don’t want your customers to switch to your competitors because of poor customer experience. If the video call is disconnected due to poor internet connectivity, the call is abandoned in the ACD, or there is a system error, you can always reschedule the call immediately to give you an amazing experience with Ameyo’s Video KYC solution. With an omnichannel customer engagement platform, you can easily contact customers via SMS or chat to resend the video link.
measure what matters
Let supervisors quickly see customizable dashboards that can help make informed decisions.
Cost reduction by 90%
Eliminate the need for a field agent who would travel to different locations to complete the customer verification process. Now, you can onboard a client in less than 3 minutes with minimal cost.
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:
KYC video completion accuracy
Ameyo’s solution uses AI-backed facial recognition technology to ensure maximum accuracy.
Final note
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