Data processing leverages artificial intelligence to optimize workflows and personalize the offer.
Financial institutions, fintechs, gaming industry and other main players need to implement solutions that shield security while legally complying. The process of registering new customers requires new ways to reduce time, as well as improve user’s experience. Banks today are supported by regulatory bodies as well as technical solutions to operate remotely and improve identity verification processes. At this precise moment, the focus is on video identification.
VideoID or Video identification in the onboarding process of new customers, eliminates the obstacles derived from the traditional models in which it is required to physically visit the entity, especially when it comes to procedures where users must prove they are who they claim to be.
This type of identification allows banks to verify the customer’s identity through an encrypted and completely private video call. This is done by crossing several security layers, going from a proof of life to actual documentation verification, all through a biometric record and verifying in real time that all this information indeed corresponds to the person appearing on the screen while checking it is not a deep fake.
This is a terrific opportunity for the financial sector to evolve with the simplification of video identification, taking advantage of its many rewards. Undoubtedly, one of the most noteworthy would be the reduction of costs, a key factor in boosting business growth by shortening times and cutting a significant part of the material and human resources. Organizations can make the most of an outsourcing service, training highly specialized agents and thus, building trust with clients from the very beginning.
The recording and safekeeping of data is a very useful weapon in the fight against money laundering. The video-identification process makes it possible to record the entire registration procedure and rigorously define not only who the customer is, but also what his intention is in establishing a relationship with the institution. All the data collected could later be used in the hypothetical case of a legal process and the burden of proof would be reversed with the use of electronic custody with Branddocs as a Qualified Trusted Service Provider. By using artificial intelligence tools in assuring that the customer’s video is real, the chances of fraud and identity theft are reduced to a minimum.
On the other hand, betting on remote identification strengthens banking in its commitment to the environment, as it implies energy savings, rational use of technological means and elimination of paper.
The extinction of geographical barriers is an advantage for both the company and the people. Firstly because, by expanding the radius of action, the company can offer personalized services in accordance with where the customer is located. For the customer, being able to carry out all sorts of processes from anywhere and from any device (mobile, tablet, etc.), is highly convenient and, in the case of the younger and digitized generations, it is an opportunity to get them closer to financial services. It is also a guarantee that procedures will be resolved at once, avoiding repeat visits if a document has been forgotten or other common issues that happen in an in-person situation. It turns tedious and complex procedures into smooth and productive ones.
Branddocs is emerging as a leading provider in the distribution of video identification technology and services, with both assisted and unassisted video identification solutions available in its portfolio. The company is also the fastest in the market with an unassisted process that lasts less than 2 minutes to get executed (60 seconds in case of digital natives).
The digital onboarding experience, especially in the assisted mode, where the customer is accompanied by an agent throughout the entire process, is much more human and adapted to solve issues. The difficulties certain sectors have in approaching these technologies are not a problem (like seniors or nonnative digital users). With the help of a trained video agent, the user knows how to solve problems that wouldn’t allow the process to be completed in the automatic option (lack of light, blurriness, out of date document…) and successful rates rise significantly not only for finishing the process, but for detecting fraud.
Implementing video identification reinforces the bank-customer relationship from a personal, creative, and dynamic perspective. When it comes to new incorporations, it is the light that will guide this connection from the very start, boosting the entity and transforming people’s lives.