KYC Video Check: Optimum Solution to Streamline the Onboarding Process
Making time for bank processes is among the most hated activities for any working individual. The most time-consuming but necessary task is amending the bank profiles. In fact, submitting the KYC (Know Your Customer) information anyplace is a small effort, yet it is necessary for our lives to progress.
Every organization is bound to keep the legal information of the consumer for a shared comfort in a transaction. Whenever a customer gathers the inspiration to finish the KYC process, they go to the bank or the relative department. Nevertheless, they found a long waiting line that put their patience to the test.
Traditional KYC Verification
Businesses have always attempted to streamline operations within their legal limitations. Insurance businesses and other comparable industries frequently dispatched agents to the user’s home to finish the documentation. In either case, both sides were wasting time, and organizations frequently spend millions of dollars on travel expenditures for these agents all these years. With Covid-19, social isolation and remote solutions are widely becoming the new usual.
KYC Video Check
KYC video check is a digital method of verifying customers and their legal documents. The process is very easy and the customer just has to make a video call. During the live video conversation, the supervisor will verify the data given by the customer. That also minimizes the hectic process of filling cabinets with papers. The most crucial aspect is that the customers can set up a video conference with a single tap via SMS/Whatsapp or email. There’s no need to buy or download any software.
Significant Features of KYC video check
Time and Location
The agent can ask for the client’s location during the conversation. It will be watermarked in the recorded video along with the time. This is conclusive proof for a KYC video check.
Questionnaire
During the conversation, the company will request that a standard set of questionnaires be completed. They can be related to the campaign, and the operator can fill out the form simultaneously with the video call.
Document Verification
The operator can ask for legitimate documents during the conversation. These documents can be collected as a picture or uploaded using the video chat platform.
Client Data
When the representative begins the call, they should have the client data for which the solution is needed. This guarantees that the agent is thoroughly aware of the client prior to making the call.
Quality of the Call
Following the confirmation call, the Quality Analyst can confirm the call and compare the video call footage to the recorded response to the questionnaire.
Data Safety
These call recordings should be properly saved in the cloud space because of the sensitive customer data. This will prevent the company from potential breaches.
Enhanced Customer Experience
The valuable aspect of video KYC solutions is improving client satisfaction. The sense of convenience and flexibility that video verification may create can encourage the clients to stay with the company for a longer period of time. Millennials are surrounded by technology all the time that’s why they want everything to be done quickly and efficiently. KYC video check is specially made for them. As a result, in current competitive times, it may be a key distinction for a company.
Caters to Mass Audience
What has always been fascinating about video check service is that it appeals to a wider range of people. Everyone who lives in urban or isolated regions, from the old to disabled people, can use a company’s KYC video check services. KYC video identification effectively bridges the distance between a remote client and the company.
A Cost-Effective Solution
This isn’t just quick but also cost-effective. Video KYC verification eliminates the complex and mind-numbing paperwork that often turns off a company’s young and emerging clients. Video-based KYC is a more advanced method of adhering to the procedure while keeping the client’s comfort in mind. These services not only make customers loyal to the company but also encourage them to promote the company among their social circle.
Providing video identification is only inevitable when the digital experience becomes a cliche. Aside from the obvious advantages, KYC video check allows any company to build more genuine and individualized relationships with its consumers. This is a great marketing chance to transform what the brand stands for, that is if businesses utilize their resources appropriately. Small changes can have a big impact. It results in the development of persistent revenue streams and reduces turnovers.
Conclusion
A KYC video check improves the clients’ overall experience. It promotes remote interaction, quickly customized engagements, and direct advertising, and opens the door to new opportunities. The service representative can remotely perform all the tasks with ease. Customers and operators find it extremely beneficial, ensuring business success. With the right technology solution drop rate can be readily reduced easily. It is absolutely time to jump into the digital game.
