While technological progress has benefited modern businesses, it has also given fraudsters new tools for committing crimes. The photo-based examination has become an outdated approach to dealing with fraud. For this reason, corporations are moving towards advanced identity verification services. According to facts & factors, the video verification market will achieve a financial worth of around $500 million by 2026, showing a CAGR of 14.9% from 2019 to 2026.
The following article discusses the value of using an online verification video kyc solution in great detail. Moreover, businesses can use it to accomplish their security objectives.
Online Verification Video Solution: A Quick Overview
e-KYC video verification is an easy and reliable procedure that enables corporations to validate customers’ identities through a live video call session. This way, the innovative digital solution facilitates customers to forgo visiting the site. In this way, KYC experts can enable corporations to fight fraud effectively.
The most recent innovations have resulted in the production of high-quality smartphones, tablets, and laptops. This makes it extremely easy for clients to get verified quickly.
According to Markets & Markets, the global identity verification market will reach $18.6 billion by 2027, growing 14.4% from 2022 to 2027.
A significant market driver behind the industry’s growth is growing digitization initiatives, which facilitate businesses to implement unbeatable security measures. Implementation of video verification services plays a vital role in border restrictions and providing access to digital services. With widespread internet use and growing eCommerce activities, ID validation technologies have the power to support the goals of enterprises.
Top 7 Benefits of Online Verification Video Services
Video KYC verification is a comprehensive solution incorporating document identification and selfie validation. This is really important to fight fraud, ensure a positive customer experience, and automate recurring business operations. For this reason, companies can invest in the solution without any doubts. The following points shed light on the various benefits of online verification video solutions:
- Identifying and Preventing Fraud
Deepfakes and synthetic identity cases are a hard blow to a company’s awareness. The application of online verification video solutions can help corporations fight fraud and keep criminals at bay.
- Moving on from Paperwork
Video verification for KYC is a digital validation procedure that ensures a positive experience by providing services from the comfort of home. This facilitates customers and saves time.
- Reducing Turnaround Time
In the realm of money, there is a great deal of rivalry. To stand out in the market, businesses must implement the latest digital solutions to optimize the use of company resources. Previously, the use of traditional approaches took a lot of time, but with the application of online verification video systems, the total time has been reduced. Undoubtedly, the role of innovative digital solutions in minimizing turnaround time is critical in the modern world.
- Minimizing Overall Expenditures
Online verification video solutions are vital in making customer ID validation more secure than ever. Applying video ID authentication solutions can help banking service providers reduce the verification cost. The procedure is undoubtedly easy to use and does not require extensive employee training.
- Ensuring Customer Retention
Previously, the use of traditional procedures frustrated customers, and they shifted to other corporations for a better experience. Undoubtedly, the application of online verification video systems can facilitate customer retention and boost sales.
- Streamlining Customer Onboarding Experience
Modern-day corporations need help maintaining a competitive presence in the market and ensuring a positive customer experience every time. When a customer has a positive experience, it will result in more brand awareness and improve brand image, taking companies to new heights of success.
- Facilitating Compliance with International Standards
Online verification video systems facilitate banks and other financial firms stay compliant with the latest KYC & AML regulations compared to standard validation procedures. Sticking with the latest KYC & AML regulatory obligations discourages fraud and protects firms from criminal penalties.
The Bottom Line
Online verification video plays a vital role for all concerned sectors to attract genuine customers worldwide. This is a fast and highly secure method for fraud prevention. However, a suitable approach caters to the needs of businesses.
Teaming up with a third-party vendor is essential to streamline the onboarding procedure for potential customers. This way, service can be readily available in various jurisdictions worldwide while ensuring multi-lingual support. Hence, the application of online video verification of identity can help businesses achieve their milestones.