In today’s digital world, organizations are faced with the challenge of verifying the identity of their customers. With the increasing number of frauds and scams, it’s become crucial for businesses to have a secure and efficient way of verifying their customers’ identities. Let’s take a deep dive into the world of video identification and how it’s transforming the way organizations verify their customers’ identities.
Video Identification Solution?
A video identification solution is a technology-driven approach to customer identification and verification. It provides organizations with a secure method to confirm the identity of their customers. The process involves capturing the customer’s image and voice and verifying it against their government-issued ID. This customer identification method is fast, secure, and convenient, and it’s becoming increasingly popular among businesses of all sizes.
Benefits of Video Identification Solution
Convenience
Video identification solution eliminates the need for customers to visit a physical location to verify their identity. With Video Identification Solution, customers have the ability to undergo the identification process from a place of their choice, offering a high level of flexibility and convenience, particularly in light of current events.
Faster Processing Time
With video identification, the verification process is much faster than traditional methods, as it eliminates the need for manual checks and document submissions. This leads to faster onboarding times for customers and improved customer experience.
Increased Security
Video identification solution eliminates the risk of identity theft and fraud. It also reduces the risk of fake IDs as the solution uses government-issued IDs to verify the customer’s identity.
Cost-effective
Video identification solution is cost-effective compared to traditional methods of customer identification and verification. It eliminates the need for physical infrastructure, paper-based processes, and manual checks, leading to cost savings for organizations.
The rise of AI-powered video identification
Artificial intelligence (AI) is transforming the way organizations approach customer identification and verification. AI-powered video identification solutions use advanced algorithms to analyze and verify the customer’s identity in real time, making the process even faster and more secure.
Integration with mobile devices
Video identification solutions are now integrated with mobile devices, making it easier for customers to complete the identification process on the go. This has led to an increase in mobile-based customer onboarding, improving customer experience.
Increased use of video identification in financial services
Financial services companies are adopting video identification solutions to improve their customer onboarding process and reduce the risk of fraud. The solution has proven to be especially useful in the banking industry, where the verification process is critical.
Leading Video KYC Services Provider
Jumio is a leading provider of video identification solutions for businesses of all sizes. Their solution uses AI and machine learning to verify the customer’s identity in real-time.
Onfido is a fast-growing video identification solution provider, offering a range of identity verification services to businesses across multiple industries. Their solution uses AI to analyze the customer’s image and voice to verify their identity.
Veriff is a video identification solution provider that specializes in providing identity verification services for businesses in the financial services industry. Their solution uses AI and machine learning to analyze the customer’s image, voice, and ID to verify their identity.
Conclusion
Video identification solutions are the future of customer identification and verification. With the rise of AI-powered video identification, businesses can now process customer onboarding faster and with greater accuracy. The integration of video identification with mobile devices has also improved customer experience, making it easier for customers to complete the identification process on the go. The increasing use of video identification in the financial services industry is a testament to its effectiveness in reducing the risk of fraud and improving customer onboarding.
As a comprehensive guide, we have covered the basics of video identification solutions, their benefits, the latest trends in the industry, and some of the leading video KYC vendors in the market. We hope that this article has provided valuable information and insights into the world of video identification and how it’s transforming the way organizations approach customer identification and verification.
You may want to read more,
- Online Address Verification – Securing The Financial Industry from Rising Frauds
- How Banks execute KYC strategy?
