The rising threat of money laundering and cybercrimes are terrifying businesses across the globe. The cybersecurity departments of all states are developing strategies to combat the rising criminal activities. But what can organizations do to stay safe from fraudsters? Adding know your customer verification and backing it with video verification can secure businesses.
Video verification allows businesses to detect the liveness of the users before getting them onboard. Today’s digital corporate world needs something unique and easy-to-use for all the customers; be it B2B or B2C companies. Using videos for verifying your clients has numerous benefits that firms need more than ever now. Here are some of the highly persuasive benefits of video KYC that all businesses must know.
Get Legitimate Customers Onboard
Businesses are eager to onboard the legitimate customers and filter any fraudsters at stage one of the onboarding process. However, it is a challenge to verify someone with forged documents or prevent identity theft. With a video KYC solution, you can cross-check whether the documents provided are forged or not. In simpler words, you can get the right customers for the future.
Improve Customer Experience
Customer experience must be exceptional no matter what. This is the motto of every firm, but traditional methods of identity verification can become a hurdle in implementing the motto. The old verification tricks are time-consuming and repel customers from completing any transaction. Digital verification with video KYC, on the other hand, makes it simpler to verify. Hence, customers feel happy with the faster processes and are motivated to get in touch with the business in the future too.
Video verification for Cost-efficiency
Video verification is a cost-effective solution, and all businesses search for cost efficiency. Companies can enjoy robust verification services and save infrastructure costs by digitizing the KYC verification. Along with saving time, you can also save extra dollars on client verification.
Reduce Human Errors
The chances of human error significantly increase in manual verification. Filtering fraudsters gets complicated and the chances of identifying them are lower as well. Video verification is a more secure and straightforward method that eliminates human errors.
Comply with KYC Compliance
Almost all states have set certain rules and regulations to operate in an industry. Industries like finance, alcohol, gambling, and dating sites have KYC compliance. Complying with the regulations is among the biggest challenges if one follows traditional methods. Video verification is a faster and more convenient method for everyone. Clients can stay at home and get verified, whereas businesses need a few seconds or minutes to cross-check the legitimacy. Complying with KYC compliance is not a problem anymore.
Time-Effective Solution for Businesses
Verification is a time-consuming and drains the employees’ energy as well. Employees can easily become less productive which is not a good sign for firms in the long-run. Any organization cannot drop the idea of client verification, but using artificial intelligence and machine learning solutions can result in a win-win situation.
Summing It Up
Today’s digitized and highly competitive world has solutions for everyone’s easy survival. Businesses, on the other hand, have some serious issues, especially after the COVID-19 crisis. There has been an exponential rise in cybercrimes and organizations are in danger. Furthermore, money laundering issues are increasing every day. Fraudsters do not let go of any new trends in the digital world and they are also using artificial intelligence to fulfill their job needs. Know your customer verification supported with the video verification process can ensure the onboarding of legitimate customers. Moreover, organizations can stay safe from money laundering scams and money mules. All in all, verifying customers with videos is a convenient strategy that can help organizations in various dimensions.