streamlining customer onboarding and security is required to be up to date. Let us see how video KYC is an important instrument in onboarding for businesses and institutes.

1. Streamlining Customer Onboarding &
Security: A Deep Dive Into Video KYC

2. Customer onboarding is a crucial point for firms in the modern digital era. It is essential to
building trust and loyalty with customers and sets the tone for the entire customer
relationship. Nevertheless, the requirement for thorough Know Your Customer (KYC)
verification frequently causes issues throughout the onboarding procedure, which can
irritate customers and perhaps result in their turnover. Here's where video KYC steps in to
change the game by providing a safe and easy way to verify and enroll new customers.
Recognizing Video KYC and Its Difficulties
Financial institutions and other regulated businesses are required by law to follow a set of
guidelines known as "Know Your Customer," or KYC, in order to identify and validate their
clientele. In the past, obtaining photocopies of identification documents, meeting with the
customer in person, and manually confirming their legitimacy were all part of the KYC
process. Although this method provides a high degree of security, it can be labor-intensive,
inconvenient for clients, and prone to mistakes made by humans.
Growing Adoption of Video KYC Verification
Video conferencing technology is used in video KYC verification to expedite the KYC
procedure. Here's how it functions:
● Client Starts Onboarding Process: The client starts the onboarding process online
and is led through a video conversation with a KYC representative.

3. ● Live Document Verification: Throughout the video chat, the client shows the agent
their authentic identity documents. Real-time visual verification of the document's
validity and authenticity is done by the agent.
● Biometric Verification: To fortify the verification procedure even more, sophisticated
video KYC systems include biometric verification, such as facial recognition. The
system provides an additional degree of security by matching the customer's live
image with the photo on their ID.
● Liveness Detection: These methods make sure the client is legitimate and isn't
displaying a picture or a video that has been pre-recorded. For example, they could
just turn their head or blink.
● Real-Time Verification: To confirm the customer's identity and address, the KYC
agent can carry out real-time checks by accessing databases.
The Advantages of Video KYC Systems
There are several advantages that video KYC provides to both clients and companies:
● Enhanced Security: By instantly confirming the legitimacy of the customer's
documents and their actual presence, video KYC dramatically lowers the possibility of
fraudulent behavior.
● Simplified Onboarding: Customers will benefit from a quicker and more convenient
onboarding process as a consequence of the video conference format's elimination
of the requirement for in-person meetings and document submission. Increased
customer satisfaction and better conversion rates may result from this.
● Decreased Operational Costs: Video KYC systems may drastically cut operating costs
for firms by doing away with manual document verification and expediting the
onboarding procedure.
● Enhanced Scalability: Video KYC enables companies to enroll clients from any
location in the globe. This makes reaching new markets and expanding globally
easier.
● Regulatory Compliance: Businesses can efficiently and successfully comply with KYC
standards with the aid of video KYC solutions.
Things to Think About When Selecting a Video KYC Solution
There are a few things to think about while selecting a video KYC solution:
● Security: Data security should be given top priority in the solution, and user
authentication and strong encryption should be included.
● Compliance Coverage: Make sure the solution complies with the particular KYC laws
that apply to your company and sector. This is known as compliance coverage.
● Scalability: Select a system that can expand your business to accommodate both
present and future demands.

4. ● Simple Integration: Your current onboarding and customer relationship management
(CRM) systems should be able to easily integrate with the video KYC solution.
● User Experience: Give top priority to solutions that provide an interface that is easy
to use for both clients and KYC agents.
Future Prospective Client Onboarding Strategies
Customer onboarding is being drastically changed by video KYC, which provides
organizations of all sizes with a safe and effective option. We may anticipate more
developments in video KYC as technology advances, including:
● Integration with Artificial Intelligence (AI): By automating processes like liveness
detection and document verification, AI can further streamline the KYC procedure.
● Enhanced Biometric Verification: By combining cutting-edge biometric technology
like iris scanning and speech recognition, security measures can be strengthened
even further.
● Enhanced Automation: With less human participation needed, the KYC process can
become even more automated.
In conclusion
Businesses looking to expedite customer onboarding while upholding strict security
protocols may find video KYC to be a tempting solution. It is an important instrument in
today's competitive market because of its capacity to save costs, increase security, and
improve user experience. With the continuous advancement of technology, video KYC has
the potential to become the fundamental element of a safe and effective digital onboarding
process for companies worldwide.
One of the most reliable platforms aiding businesses in online customer onboarding is
Veri5digital. Visit them to learn more about their services.
FAQs
Does video KYC adhere to the law?
Indeed, video KYC complies with legal requirements and is accepted by regulatory bodies in
numerous jurisdictions. It guarantees compliance with regulatory standards by adhering to
the same strict know-your-customer (KYC) and anti-money laundering (AML) criteria as
traditional verification techniques. To protect client data and uphold regulatory compliance,
organizations that provide video KYC solutions usually put strong security measures and
encryption methods in place.

5. Is it possible to integrate video KYC with the current systems and procedures?
Yes, financial institutions may easily integrate video KYC solutions into their onboarding
operations because they are made to function seamlessly with current systems and
procedures. Customer relationship management (CRM) platforms, core banking systems,
and other pertinent applications are frequently integrated with the help of APIs and SDKs to
ensure compatibility and interoperability.
Is it possible to conduct video KYC from anywhere?
Indeed, any place with an internet connection may perform video KYC. Through the
institution's mobile application or designated platform, customers can start a Video KYC
session, allowing them to undergo remote onboarding from the comfort of their own
homes.
How long does it take to complete the video KYC procedure, and when can users
anticipate having their accounts approved?
The number of customers and the complexity of the verification process are two variables
that may affect how long the video KYC process takes. Nonetheless, the procedure is
generally intended to be quick, with accounts being accepted soon after the video KYC
session is successfully concluded
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