How video identification works & why it's more secure than face-to-face identification
Digital transformation is the fulcrum of any future-proof business. In a digitally inter-connected world that is increasingly moving away from the traditional ‘brick-and-mortar’ model, the key is to adopt a sound digital strategy to transform business, fine-tune offerings and leverage on emerging high-power technologies to better connect with customers and offer them a world-class experience through any digital medium of their choice.
The key to embarking on a digital transformation journey starts with capturing and validating the credentials of a customer. This step has become all the more imperative owing to the pandemic-fuelled physical distancing needs of the customers and businesses alike. Today, businesses are faced with the dual challenges of establishing mutual trust with their customers who are operating in an increasingly contactless mode and fraudsters leveraging on vulnerabilities arising out of such online operating models.
Traditional identity validation models bank on time-consuming in-person, data-centric approaches that just help establishing the existence of a customer entity – with a limited level of confidence. They do not travel further to validate if a customer is legitimately the one they claim to be. This is where e-KYC tools like video identification step in to weed out identity frauds, expedite on-boarding and establish customer credentials, without compromising on user experience. Video-based identification, a form of e-KYC, is a swift, robust and fraud-proof mechanism to securely verify the identity of the customers. This also helps businesses to stay compliant with the laws of the land and regulators. The working of a Video KYC process fairly simple and is explained below:
With Video KYC, it is always a win-win for businesses and their customers, and here is how:
- Faster on-boarding of customers leading to increased revenues
- Superior to face-to-face modes of verification by employing state-of-the-art technologies like Facial Recognition, Document Validation and Document Verification
- Deter impersonators and scam artists from committing identity crimes as the AI spoof detection technique readily singled them out
- Inbuilt security mechanisms aiding in compliance with regulators and regulations like AML
- Audit trails and built-in data repositories aid in building a system of records (SOR) for performing first-time KYC and periodic validation of customer identity through re-KYCs
For customers, apart from providing an abundance of convenience to get the KYC done from the comforts of their homes and using devices of their choice, video identification aids in getting them on board in a hassle-free and smoother manner, often in a matter of few minutes!
Identity fraud is the precursor to many a business failure – be it monetary, reputational or regulatory. Apart from preventing frauds well ahead, video identification aids in establishing solid trust between a business and their customers, thus forging lasting business relationships.
Digid is the best-of-breed video identity verification solution. It offers a secure and hassle-free on-boarding experience to the customers at a time, place and digital medium of their choice. Digid employs advanced image forensics to eliminate human errors, achieve high precision rates and enables businesses make risk-free decisions.
Let us build a future-proof business, based on irrefutable trust and innovative technology with Digid – your go to partner for all electronic identity management needs!