The global identity verification market is expected to grow considerably and reach $21.8 billion by 2028. This growth is happening steadily, with a yearly increase of about 14.9% throughout the forecast period.
The modern ID Validation solution, specifically KYC video verification, revolutionizes identity authentication processes across potential industries. This innovative solution actively verifies identities through real-time video interactions. It ensures accuracy and security while enhancing customer experience. By integrating KYC video verification into their operations, businesses can streamline onboarding processes by mitigating identity theft risks.
These robust procedures comply with regulatory standards and set a new benchmark for efficient identity validation in today’s digital landscape.
KYC Video Verification Across Diverse Industries – Enhance Safety Protocols
KYC video identification is widely utilized in various industries to validate customers’ identities. It is mainly used for enhancing the security and reliability of the system by following these robust methods of e-KYC video verification:
Banking and Financial Institutes
KYC video verification is used to open accounts for customers during onboarding programs in banking and financial institutions. This complete procedure is carried out by KYC video call to reduce the difficulties customers have in visiting the branch for verification purposes. By complying with KYC regulations, banking and other related financial institutions ensure integrity in the system by combating the potential threats of monetary fraud such as money laundering. After authentic verifications, users can apply for opening accounts and can seek financial loans. It helps in enhancing the customer experience while providing an effortless onboarding process. Banks and other related financial institutes provide smooth transaction and onboarding procedures by utilizing KYC video verification.
Real Estate
Real estate institutes conduct KYC video interviews of their potential purchasers and renters for authentication. KYC video identification checks assist real estate companies in conducting remote interviews by vigilantly inspecting background activities, saving time and assets compared to manual verification methods. This secure procedure improves the overall customer experience by maintaining their relationship with businesses. These advanced methods of video verification utilize advanced algorithms and identify imposters in real time. It also ensures the validity of the user information and identities.
Insurance and Payment Industries
Video KYC verification assists in account creation by authenticating users applying for insurance. Due to increased facilities available online for forged documents, insurance scams have recently been observed. Scammers create forged copies of funding documents and later utilize them for insurance gains. In this present era of digital scams, KYC video identification has proved to be the ultimate solution for online validation tools for approving users’ identities.
Remote Companies
As the corporate sector has started offering flexible hours and remote working, the chances of hiring virtual clients have also increased. Remote companies require a digital presence while conducting online interviews. KYC video verification is employed to authenticate fake identities. These advanced procedures employ liveness detection technology to detect any unusual activities.
Non-Banking Financial Companies (NBFCs)
Non-banking financial companies are employing video KYC solutions to conduct the user validation process smoothly. NBFCs reduce the hassle of physical presence for users’ verification and provide an online authentication platform. These platforms usually utilize KYC video procedures to identify authentic users and report the imposters to the relevant authorities.
NBFCs combat identity theft and maintain the integrity of their operating systems to streamline their management. They conduct verification procedures in real time by employing advanced artificial intelligence algorithms. Thus, the whole process also reduces the chances of future monetary losses through money laundering by mitigating the chances of imposters entering the system.
Mutual Funds
Mutual funds involve the financial stakes from the investors. The mutual incorporation of Know Your Investor (KYI) and KYC video verification services is conducted to validate the onboarded customers and mitigate any chance of fraudulent activity. It provides a seamless user experience by offering a customer-centric experience for investors and transparent transactions for financial institutions. Mutual funds are employing advanced machine learning technology to deliver efficient services.
The application of KYC video verification in vast industries is the ultimate solution for identity validation in this digital landscape. By employing these stringent procedures, businesses and enterprises can streamline their real-time operations by detecting identity theft fraudsters.
Final Verdict
KYC Video Verified procedures represent a crucial advancement in identity authentication by offering a solution that combines convenience with strong security measures. This method ensures the accuracy and reliability of identity checks by utilizing real-time video interactions and minimizing the risk of fraudulent activities. Its seamless integration into digital platforms streamlines the onboarding process for businesses and enhances customer experience.
With KYC video verification, organizations can confidently verify the identity of individuals and comply with regulatory requirements. This advanced authentication method sets a new standard in efficient and trustworthy identity verification processes.