COVID-19 has brought about the rapid migration towards digital technologies. Organizations have utilized the means of technology to carry on their customer on boarding procedures. The law requires business organizations and money service businesses to onboard only legitimate customers. The verification process became somewhat of an inconvenience due to remote operations.
The requirement for a technological-based verification process rose. Video-based identity verification through the means of artificial intelligence and human intelligence has become the solution for this need of an hour. Now know the business organizations can get customers’ video verified amid the pandemic. This has further made the process of customer on boarding easier. Read this blog more to find out the process of video verification and its importance.
What is Video Verified?
The technology integrated with artificial intelligence to make the process of remote customer on boarding verification seem like a physical verification process through the means of video-based identification. Following are the two ways the customers can get video verified.
● Facial Recognition
This is the technology that can verify the identity of an individual through their face Recognition. AI-models are trained to verify the face of the person by analyzing their facial features, skin texture, and facial points. What the customer has to do is just take a video of their face and submit it on the platform.
The facial recognition technology will analyze the face of the person to ensure the physical presence of the end-user. Liveness detection test will ensure that no spoof attack is occurring. If a fraudster tries to steal the identity of an individual by using a face mask or old video, AI-technology will detect the fraud and will deny the verification.
● Video KYC
Video KYC is another process that utilizes the means of video and facial recognition technology to verify the identity of the customer for a smooth customer on boarding procedure. What video KYC does is that it allows a video-based identification interview through a live webcam-based video call with a human KYC expert guiding through the entire interview call. What makes the video KYC process more accurate and efficient is the fact that it utilizes both artificial intelligence as well as human intelligence.
Listed below is the process of video KYC discussed in steps:
- The end-user filled the registration form online through the website.
- The end-user and the KYC expert are then connected through a video call.
- KYC experts take the consent of the end-user to record the whole identification process. The process only continues if the end-user assents to the procedure.
- The end-user is asked to talk and move their face to guarantee that no spoof attack is being performed. Facial recognition ensures the physical presence of the end-user.
- Then the document verification process occurs as the end-user is asked to display their identity card in the webcam. A detailed analysis of the identity document along with its format is done to ensure its legitimacy.
- The customer is then verified by matching the photo on his identity card with his face.
- The data of the customer’s video-based identity verification is stored in the back office after the process.
Importance of Video Verification
Video verification has revamped the online identity verification process. The video verified customers ensure a decrease in fraudulent activities. Not only that, the customers can have an excellent experience while on boarding. They no longer have to wait in the dreaded lines and weeks to only onboard for a service or a product. The simplified customer on boarding means more customers and better business growth.
The least amount of funds are spent on such an online boarding process. This may have been pushed by the requirement of SOPs and social distancing protocols for the COVID-19 pandemic but this process has made the business operation easier and more secure than most businesses have permanently embraced the method of video-based customer verification while on boarding a customer.
To Sum it Up
Video verified customer is the new way of verifying the identity of the customer through the involvement of video in the online identity verification process. Face recognition is utilized to authenticate the face of the person. Video KYC uses both AI and AI for a smooth process. This method has simplified customer on boarding.