How to digitize your KYC verification process by using a video call software solution to deliver an effortless customer experience

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In times of crisis, digital onboarding is an important step towards maintaining normal workflows in many organisations. The current pandemic illustrates completely, how digital onboarding will also be integrated into normal organisation processes: home offices, video conferencing and other digital processes are increasingly becoming part of everyday life of employees today.

According to a 2020 Research and Markets report: Global video conferencing market insights & forecast with the potential impact of COVID-19 (2020-2024), the global video conferencing market is expected to reach US$9.55 billion in 2024. The market is anticipated to witness growth at a CAGR of 9.93%, during the period spanning 2020-2024.

Also, factors such as the rising trend of connected IoT devices, the surging adoption of cloud-based solutions, the expanding urbanization and growing penetration of consumer electronics are expected to drive the market.

Will digital onboarding become the new norm?

At this moment we do not know for sure how things will evolve but what it is certain is the fact that when you create a customer onboarding process that is comprehensive and clear, you put your customers at ease and allow them to trust from the start that they have chosen the right financial services provider.

You are also setting the tone for professional, clear communication from the outset and this encourages customers to respond with that same level of professionalism. More than that, it can give your client a closer look at how you work and what they can expect when working with you.

Customers success should be the central focus of every organisation. A vision for customer centricity and persistent dedication to its results can improve revenues, enable collaborative innovation, increase employee happiness and drive greater overall customer satisfaction.

But like any truly transformative change, success requires a clear vision, exceptional strategy, and continuing execution.

The New Way of Customer Authentication – Video KYC software solution

About what is Know Your Customer or KYC and how can it help you in the Onboarding process we’ve discussed earlier in one of the previous articles that you can find here but now let’s see what video call means for the KYC process and how can it help.

Video-based KYC refers to using the video call as a software solution to conduct the KYC verification process. Essentially it means that you can do remote KYC from your home via a video call. Unlike traditional ways, everything is done on a video call, the verifier authenticates the documents, does a liveness check along with establishing the location of the person. Video-based customer identification process doesn’t allow recording and uploading of videos so instead, the customer authentication is done over a live video call. However, the upload of officially valid documents is supported.

The real value of a video identification service for financial institutions

The digitalization of your KYC verification process by using video into your onboarding process can save you significant amounts of time and money. It can help you deliver an end-to-end customer engagement for a seamless onboarding experience while ensuring quicker KYC completion at a lower cost and higher customer satisfaction. Another benefit of using video in the KYC verification process is that it can help to detect fraud or any malicious activity.

The video-based customer identification process has gained a lot of attention majorly from banking and other financial institutions. Among other benefits like providing an optimized customer journey, they experience an increase in productivity and speeding up the process due to minimal intervention of humans.

You might have encountered a KYC form or the bank official asking you to complete your KYC for account opening or SMS alerts or to avail of other banking services. These formalities are a mandatory compliance requirement for the banks to prevent money laundering and identity theft. A video KYC solution not only allows the bank customers to do their KYC from their homes but also makes the job of the front desk a lot easier too while saving time.

With a video-based customer identification process, you can make presence-less and paperless banking a reality. It enables the regulated entities to do the remote onboarding while reducing the KYC process to minutes rather than days.

How can a video call feature helps in the Onboarding process?

One-to-one personal consultations are great for introducing new users to your product but can be used both before and after a user becomes a customer, helping in both the sales and retention processes.

The video-based customer identification process, an efficient solution in finalizing KYC

The essentials of a video KYC software solution | Softelligence.net

Source: thalesgroup.com

Considering all the validations and checks run so far, you can complete the onboarding flow within a live video call. Therefore, you will be directed to the video call and engage with a call centre operator. You can be informed before the call begins, that you:

Can start the call immediately or postpone for later by resuming the process via an e-mail link within 30 days, from the step you gave up.

Will be taken over by an operator in the next minutes, depending on the availability of the call centre operators who can be engaged in other calls

During the video call, you will be in a dialogue with the call centre operator and may be asked to confirm of the information you provided, answer some randomly generated queries or to do some generic actions so that bank ensures that it is not a pre-recorded call.

The call centre agents and administrators will be able to manage and supervise the onboarding flow within a digital portal to track performance, measure your feedback and interactions.

If the additional checks and validations are passed and the operator validates the KYC process the call closes and the necessary documents are being generated for you to sign them. All about electronic signature technology and how can it help you in the onboarding process you can find in our previous article. Read the post here.

How can Softelligence help you?

Understanding where you are in your digital transformation process is the starting point of the journey.

From there, we can help you deliver the best user experience in the era of digital transformation in banking and finance.

We can build tailored video-based customer identification process solutions for customer onboarding that balance ease of use with the highest levels of security and compliance. Our omnichannel software solutions enable digital onboarding and KYC workflows in compliance with biometric authentication, electronic signature, data protection, and AML regulations.

Get in touch »

Further reading:

How electronic signature technology enhances business processes »

Biometric Authentication with Facial Recognition Technology »

Digital identity solutions – Know Your Customer (KYC) in the digital age »

Getting to know Optical Character Recognition (OCR) solutions for digitizing information »

Explore our solutions and services:

Digital Onboarding Software Solutions · Loan Origination Software Solutions · Machine Learning Services · Who We Are

Resources:

  • https://www.researchandmarkets.com/reports/5100760/global-video-conferencing-market-by-component?utm_source=dynamic&utm_medium=BW&utm_code=vbt78p&utm_campaign=1404326+-+Global+Video+Conferencing+Market+to+2024+-+Insights+%26+Forecast+with+Potential+Impact+of+COVID-19&utm_exec=jamu273bwd
  • https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2019/03/28/transforming-your-business-through-customer-centricity/#65dcdfcd1638

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