Numerics and performance standards don’t matter how far they are, they never reach the end stage, there is always a place for improvement in a business model of an organization or a financial entity. The efforts and determination invested in anything often don’t get acknowledged if the end results go against expectations is that what is KYC Verification, an impressive concept turned into reality, supplements millions of businesses of all levels worldwide to enlarge continuously and combat scams and financial frauds frictionlessly.
The services of online video identification of automated solutions are uni-dimensional and it is expected to enhance in years to come where an entrepreneur will be able to commence his/her plans with ultimate safety from the data breaches, planted IDs, and other financial violations.
Working of Online Video Identification
In the current age, where AI-powered customer chatbots are getting common with the passing time, the automated validation procedure is still necessary for having direct communication with future customers so they can be guided well about the services of the relevant platform and an absolute degree of satisfaction can be generated for the verifying business or digital platform. The service of online video identification is the usual last part of customer due diligence where the human authentication expert confirms the screened prospect in a brief video call.
- In the online video identification, the informed prospect appears for KYC authentication with his/her identity certificate provided earlier for bypassing the preceding procedures
- The screened person is being verified by the human expert and the AI-powered validation program in a go where the optical scanning technology attests the transferred deeds and the authentication agent assess the genuineness of the person
- The final conclusion of the online video identification in the KYC process is exhibited in a few seconds, by the time the state-of-the-art OCR technology confirms the information from the global sources, the video verification expert collects the required information
Models of Online Video Identification
The process of live video confirmation is usually practiced in financial enterprises and digital currency platforms, as these services are globally distributed, the demographic comprises people from various locations and nationalities, and to tap different geographic segments, the online video identification offers a total of four models:
- Regional Verification Agent
- International Verification Expert
- Verification Agent from the concerned business
- Automated Confirmation
Regional Verification Agent
The online video identification in due diligence of prospects via a local human expert is beneficial in a number of ways, first, the concerned organization, bank, or crypto exchange with local verification agents creates an atmosphere of comfort between the screened prospect and the KYC agent. To cater to the local segment, a foreign agent is completely unnecessary, the regional expert can guide the prospect more effectively and this is a go-to option for starting organizations as well
International Verification Expert
To get KYC video verified, the multilingual validation solution can authenticate ID documentation of different languages and this working model of online video identification with foreign verification experts can analyze prospects of different countries and territories. To cover the international market audience, according to the targeted demographic and ideal customer profile, the concerned organization or platform can recruit international verification experts to expand the customer pool with foreign clients. Online video identification is globally practiced with a group of professionally trained authentication agents.
Verification Agent from the Concerned Business
The organization with a diverse global workforce and expertise can perform online video identification with in-house KYC verification agents. This working model of the video KYC service avoids the cost being spent on outsourcing of authentication experts and another reason for its practice is that the programming interface of online video identification solutions is extremely convenient to use. The optical scanning of the facial dynamics of the prospect and identity certificates is automated so the financial organization or digital currency exchange can proceed with online video identification without any arranged training program or webinar.
The online video identification in the KYC verification through the AI-powered solution is believed to be more effective as the digital technology can conclude substantial data from the live verification, the OCR engine scans the ID archive and the automated solution asks a couple of questions for absolute validation. Not only in KYC video identification but now firms also use AI-driven technology in hiring interviews as it can include data from the background of the video and other behavioral elements as well.
The service of verifying identity by video call of individuals is a tamper-proof one where the possibility of spoofing or planting documents bypassing the video KYC process is nil. The minimum time of confirming ID records and concluding results of a video call results in qualified and genuine customer onboarding that prevents financial violations like money laundering and engineered IDs in no time. The process of online video identification confirms the prospect profile to the core so the business can focus on its development.