Video ID Verification: Video KYC Solutions from AnurTech Simplifying Customer Onboarding Journey
Anur Tech
July 24, 2024
Customer onboarding is a crucial phase in establishing a relationship between a business and its clients. Ensuring a smooth and secure onboarding process is important for customer satisfaction and trust. In recent years, video ID verification, particularly Video KYC (Know Your Customer), has emerged as a revolutionary solution in client onboarding.
This article covers the concept of Video KYC and how it is transforming the customer onboarding journey for businesses across industries.
Video KYC: What It Is?
In India, KYC requirements are regulatory measures that financial institutions and other businesses need to follow. This allows them to verify the identity of their customers. This also helps prevent fraud, money laundering, and other illicit activities.
Traditionally, KYC involved the physical submission of documents and face-to-face meetings. This was time-consuming with a longer TAT. This changed with the introduction of Video KYC.
In Video KYC, the identity of customers is verified using video technology. It involves a live video interaction between the customer and a KYC agent or an automated system, where the customer’s documents and identity are validated in real time. This process replaces the traditional in-person verification methods, making it more efficient and convenient.
Unlike traditional KYC methods, Video KYC offers a digital and remote solution. It uses advanced technologies such as AI (Artificial Intelligence) and OCR (Optical Character Recognition) to verify identities instantly. This not only speeds up the onboarding process but also increases security and compliance.
AnurTech’s Video KYC Platform
AnurTech has developed a state-of-the-art AI-based Video KYC platform designed to streamline customer onboarding. This platform combines artificial intelligence, advanced analytics, paperless processes, and high-end compliance systems to deliver accurate and efficient results.
AnurTech’s Video KYC platform offers the below advantages to its clients across industries, be it baking, insurance, or more:
Instant Customer Onboarding
AnurTech’s platform allows businesses to onboard customers instantly. The AI-driven system captures and verifies customer information in real time, eliminating the need for lengthy processes and paperwork.
Real-Time Verification
Using advanced OCR technology, the platform scans and verifies official documents instantly. This real-time verification ensures that the onboarding process is both quick and accurate.
Increased Reach and Accessibility
The platform is designed to connect with customers regardless of their internet connection speed or language. It supports low bandwidth connections and offers multilingual support, making it accessible to a broader audience.
Simplicity and Ease of Adoption
With features like facial recognition, liveness checks, and video recording, AnurTech’s Video KYC solution is easy to adopt. These features ensure that the verification process is straightforward and user-friendly.
Risk Reduction
Built with advanced multi-factor authentication and compliance with privacy laws, the platform significantly reduces the risk of fraud and other security threats. It ensures that businesses can trust the identities of their customers.
Comprehensive Reporting and Analytics
AnurTech’s platform provides comprehensive reporting and analytics, allowing businesses to access audit-ready reports in the required format. This feature ensures that businesses can easily monitor and analyse their onboarding processes.
How is AnurTech Revolutionising Client Onboarding with Video KYC?
- Reduced Burden on the Backend Teams
- Lower Onboarding TAT
- Boosting Customer Satisfaction
- Maintaining High Levels of Trust and Security
AnurTech’s commitment to security and compliance ensures that the onboarding process is secure and trustworthy. The platform’s advanced authentication measures and adherence to privacy laws protect customer data and build confidence in the system.
What are the Future Trends of Video KYC?
If we look at the global trends, the Video KYC Market was worth around $186.45 mn in the year 2021, which is likely to reach $437.95 mn by 2027. Additionally from 2024 to 2032, this market is expected to grow at a CAGR of 15.29% annually.
While in India, this market is still developing, the stats suggest that the future of Video KYC looks promising. We can expect several trends that would shape the industry such as:
● Increased Adoption of AI and Machine Learning: AI and machine learning will continue to enhance the accuracy and efficiency of Video KYC solutions. This is already in use and we can expect newer applications.
● Expansion into New Industries: While primarily used in financial services, Video KYC is expected to expand into other sectors such as healthcare, telecom, and e-commerce.
● Enhanced User Experience: Future developments will focus on improving the user experience, making the verification process even more seamless and intuitive.
Additionally, as Video KYC adoption grows, regulatory frameworks will evolve to ensure security and compliance. At AnurTech, we have already embraced this technology and are dedicated to offering our customers cutting-edge solutions to stay ahead of the curve.
Conclusion
AnurTech’s AI-based Video KYC is revolutionising the customer onboarding journey by providing a fast, efficient, and secure solution. With its advanced features and benefits, AnurTech is setting a new standard in the industry, ensuring that businesses can onboard customers with ease and confidence.
Want to Simplify KYC? Explore Our Video KYC Solution – Book a demo now!