This tutorial explains how to choose the right KYC video solution for your organization. We will do our best for you to understand this guide. I hope you will like this blog How to choose the right video KYC solution for your organization. If your answer is yes, please share after reading this.
Check how to choose the right video KYC solution for your organization
The financial and banking sector is increasingly digitized and accessible on a global scale. Hence, we are witnessing a surge in demand for remote identification services. The goal of KYC video identification services is to make life easier for banks and their customers. Indian financial institutions face a number of problems. KYC and other compliance processes are part of it. There are currently a number of fintech solutions for digital transformation on the market. These are stable and secure enough for financial firms to adopt immediately. Know Your Customer (KYC) regulations create friction in the financial institutions’ sales process.
Your employees must 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. As working from home has become the new normal, businesses 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 providing the best customer service.
How to choose the right video KYC solution for your organization
data security
Banks and financial institutions, when adopting video conferencing for customer onboarding, should monitor security measures such as a secure video conferencing platform, data and video storage, and compliance with regulatory requirements. . With the increase in fraud such as video tampering, all responsibility for customer identification falls on banks to ensure there is no data leakage or tampering.
Fraud detection
Customers can now provide pre-recorded video if life verification fails. There must be a sequence and type of questions that eliminates the risk of phishing and fraud or misidentification. ROE managers should ask several questions to establish that the process is transparent 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 hangup, etc. Once the call is dropped, it becomes difficult to contact customers to re-register and complete KYC. This can lead to a bad customer experience and it can take longer to complete the KYC.
RBI Video KYC Compliance
According to the RBI Video KYC Guidelines, Video KYCs should be conducted by an RE Agent and Auditor who would need training for Video KYC. The Video KYC process will be handled by trained agents and your activity log should be retained for future records.
KYC Accuracy Monitoring
Now, banks and FIs cannot complete the verification process without monitoring and managing the productivity of RE agents and auditors. There is a constant need to monitor key metrics such as KYC completion rate, dropout rate, and accuracy rate to make a data-driven decision.
How to Choose the Right Video KYC Provider and Overcome These Challenges
Banks and financial institutions have long sought a seamless, presence-less, and paperless customer identification process, and the Video Customer Identification Process (V-CIP) has provided the hassle-free model for 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 compliant
Ameyo’s video-based KYC is 100% RBI video KYC compliant, ensuring end-to-end encryption and reducing the risk of fraud. It is also ISO 27001 certified with enterprise-grade security like AES 256 encryption, ensuring banks, financial institutions, and lenders enjoy the utmost security. Along with this, video-based KYC allows companies to set identity verification rules such as:
- There is a life check to rule out the chances of using pre-recorded video and the location of the customer is verified using geo-location to maximize the accuracy of customer authentication.
- The RE agent can ask a series of questions such as hand movements, pet’s name, school year, etc., to eliminate human error.
- Store customer data on the cloud server, so there is no data manipulation by internal agent or official.
Reduce returns by 20%
Now you don’t want your customers to turn to your competitors because of a bad customer experience. If the video call is disconnected due to poor internet connectivity, the call is dropped in ACD, or there is a system error, you can always reschedule the call immediately to deliver an amazing experience with the Video solution Ameyo KYC. With an omnichannel customer engagement platform, you can easily communicate with customers via text or chat to forward the video link.
measure what matters
Let supervisors take a look at customizable dashboards that can help make informed decisions.
- They can get regular dropped KYC video report and monitor officer SLA, auditor SLA, total rejected KYC and accuracy rate to analyze campaign performance.
- They can then prioritize KYC requests and automate the workflow by aligning you with the most appropriate agents.
- They can analyze the detailed agent productivity report on company-specific metrics such as accuracy rate, CSAT score, and number of KYCs completed.
90% cost reduction
Eliminate the need for a field agent to travel to different locations to complete the customer verification process. Now you can onboard a client in less than 3 minutes with minimal cost.
- Let RE agents handle 18-20 customers in an hour.
- Reduce travel and documentation costs.
- Onboard customers from a remote location online.
Master 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 evident that customers are unwilling to physically go to stores or banks. With Video KYC, you can deliver the customer experience your customers are looking for:
- Customers can submit an application to apply for a credit card and they will be happy to complete their KYC online.
- Once KYC is launched, let customers check their ticket status while sitting at home.
- Timely reminders can be sent to customers to complete KYC through their preferred channels such as SMS, calls, email, chat, etc. Voice Bot reminders can also be sent automatically to remind clients of scheduled KYC appointments.
- After completing the verification process, you can send the credit card, SIM card and related documents to the address provided by the customer.
Accuracy of KYC video completion
Ameyo’s solution uses AI-based facial recognition technology to ensure maximum accuracy.
- First, the KYC agent performs OSV (Original Seen and Verified) verification using OVD (Officially Valid Documents) during the video call.
- OVD automatically extracts customer details such as date of birth, address, Aadhar card details, PAN card details, etc. via OCR (Optical Character Recognition).
- The KYC agent then performs a life check and verifies the customer’s OVD to perform the correctness check and approve it for further verification.
Final Words: How to Choose the Right Video KYC Solution for Your Organization
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