Video conferencing speeds up and simplifies the opening of bank accounts
Digital onboarding is an idea whose time has come. It’s evident that COVID-19 is one of the catalysts. With in-person interactions with a bank or its representatives hampered, the internet has become the favored/preferred medium for accessing services. It’s also true that most customers are happy to save time and effort, carrying out all activities from the comfort of their homes.
Remote onboarding is firmly establishing itself as the new norm, becoming an essential element in the banker’s toolkit.
Contemporary digital onboarding applications obviate the need for bank visits or physical documents to open accounts. From document collection, filling of forms, and digital KYC to account activation, the entire workflow leverages the internet to compile, exchange, and process data. The tools ensure compliance with KYC and eKYC mandates to meet the applicable regulatory and operational requirements.
Digital identity verification
Remote user identification is a pivotal function of digital onboarding applications. When customers are far away, their photos and videos serve as identity proofs. Capturing the images or videos is the first step, followed by their scrutiny to validate the person’s identity.
Video ID technologies use powerful face recognition and image processing techniques, allowing photos and videos to be analyzed with unmatched precision. Though offline verification (where a trained executive reviews the uploaded images) offers the essential functionality, video interviews are much more efficient. They offer a host of agent-guided onboarding tools to verify and register the identity, check for the live presence of the customer, and collect the required documents.
How does video conference-based validation work?
- The customer is guided in advance on what to expect in a video session.
- The customer selects a preferred time slot for a video call.
- The automated onboarding system confirms the session and updates an internal scheduler to line up the necessary verifier resources.
- At the appointed time, the customer and verifier log in to the system.
- The verifier can view the customer’s webcam and initiate a conversation. The customer may be asked a few questions to cross-check the credentials and liveness. In addition, the applicant’s identity and address proof documents can be viewed and captured.
- The entire session can be recorded for subsequent onboarding processes and for future reference.
Why consider video conferencing for account opening processes?/What are the benefits of video conferencing for account opening workflows?
Video conference-enabled onboarding processes offer several advantages to banks and customers:
BANKS GAIN FROM:
- Accelerated workflows: A wide range of metrics can be obtained and evaluated over a session that lasts only a few minutes.
- Resource optimization: Video interviews are less labor-intensive, allowing the reallocation of resources for more productive tasks.
- Spoof prevention: With randomized questions and prompts for specific gestures, the verifier can authenticate the live presence of the customer in real-time. AI-powered hologram detection algorithms help verifiers affirm the genuineness of the documents.
- Accuracy: When the solution is complemented with automated document and photo analysis tools, errors are minimized, and the accuracy improves.
CUSTOMERS ENJOY THE BENEFITS OF:
- Quicker results: The robust identity validation facility ensures the opening of accounts within minutes, meeting the expectations of today’s customers.
- Convenience: The application offers friendly, flexible options to complete the required KYC processes at a time and place suitable to the customer.
- Safety: All documents and identity proofs are electronically shared directly with the bank’s representative, in a systematic, automated process that offers users the reassurance of security.
Interactive video conferencing is a great way to implement digital KYC and remote account opening processes. They help banks stay ahead with modern, cost-effective, and streamlined onboarding workflows.
Future-proof your remote onboarding process now
Digid is a digital onboarding solution that facilitates faster, robust, and secure authentication and onboarding of customers. Built with cutting-edge AI technologies, the solution helps organizations enhance operational efficiency, comply with e-KYC needs, improve customer satisfaction, and grow their market share.
Leverage real-time digital identity verification services augmented with video calls and liveness detection to offer remote onboarding options to customers. Be ready to revolutionize/transform your account opening and customer engagement processes.
The future of onboarding will be driven by digital technologies. Let’s help you get there.