Video Identification-All in one Solution for Financial Institutions


    Time is the most precious asset in this
    modern age. The world is in continuous search of more time-efficient ways of
    working and dealing. Businesses are adopting procedures that can cut their time
    and provide seamless services. Account opening in financial institutions like
    banks have a business procedure is an irritating and lingering task. Banks had
    to arrange multiple meetings for a single customer onboarding. Now they have
    made it possible to verify a customer’s identity without a physical meeting.

    Video Identification

    Video identification is also known as video
    performs all the necessary checks for account
    opening through a video call. It conducts all know your customer verification
    in one video call. A KYC expert accompanies the video meeting with the

    KYC Expert

    A person that identifies and verifies the
    customer’s identity. Generally, a KYC expert inspects and analyzes documents,
    performs screening, and classifies high-risk entities. In some organizations, a
    KYC expert is known as KYC Analyst.


    Here is a brief description of how
    financial institutions verify a customer through video identification:

    The customer gets register on the website

    Provides all his personal and financial

    Connects with a KYC expert on a video call

    Presents his documents

    KYC expert performs all the necessary
    verifications and checks

    Video verification results are shown to the
    user and stored in the database


    All types of verifications are done in
    video verification for instance:

    Face Detection Online

    KYC expert confirms the identity of the
    customer through his id documents and life’s presence. The image on the id
    document is matched with the customer’s face. The name, DOB, and national
    identity number are confirmed through the data on the document. The address of
    the customer is verified through recently issued address documents. The address
    documents must be issued within three months from the day of KYC verification.

    Document Verification

    The documents are verified by KYC experts
    through AI and ML. The software examines the genuineness of the documents.
    Fraudsters try to verify themselves by using fake and photoshopped documents.
    In the video identification process, it is very difficult to do because the authenticity
    is marked by humans and software.

    The verification of financial documents
    like bank statements and tax returns is also done in this process.

    Liveness Detection

    The liveness of the customer is verified
    through multiple checks to kill the chances of deep fakes, pre-recorded videos,
    3d masks, and holograms. KYC experts analyze the facial feelings and body
    language of the customer for that. He also asks questions to interact with the
    customer for video identification.

    There are cases where scammers try to
    deceive the video verification system through pre-recorded videos. But the
    extended technology can easily detect any type of fraud attempts.

    Advantages of Video KYC

    Faster Onboarding

    As discussed earlier the traditional
    verification procedures were very slow. A single customer verification takes
    days but through video identification, a customer can be verified in minutes.

    Remote Verification

    The most disturbing task was to schedule
    multiple visits of the customer. The business has to arrange more than one
    meeting with the customer. It was a very unpleasant task for employees also,
    they have to manage their workload while verifying new customers. Video
    verification verifies a customer remotely. No need to visit the office or no
    time restriction in video KYC verification.

    Resource Efficient

    Traditional KYC verification was very
    costly. Employees have to manually check the documents and identity of the
    customer. Organizations were obliged to hire multiple employees as one employee
    can verify only one customer at a time. This takes huge resources of the
    businesses, with video KYC the rescues can be reduced greatly.

    Proof of Verification

    The customer verification video is recorded
    and can later be used as proof of verification. This helps both customers and
    businesses, before that they do not have any proof resulting in recurring

    The video
    verification security
    is ensured by storing it in a secure


    On a Final Note

    Financial institutions have to conduct
    solid customer verification as required by global watchdogs. All businesses can
    comply with this requirement through video identification. The digital
    interface is user-friendly giving the best customer experience. The
    verification results delivered in real-time, making business faster. Businesses
    should go for video verification to streamline their procedures.

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