In the rapidly evolving digital landscape, businesses are constantly seeking innovative solutions to streamline their operations and enhance security. One area that has witnessed significant transformation is Know Your Customer (KYC) verification. Traditionally, KYC involved a series of cumbersome and time-consuming procedures, often requiring physical presence. However, the advent of Video KYC has revolutionized this process, making it more efficient, convenient, and secure. In this comprehensive article, exploring what it is, how it differs from traditional KYC, how it works, and its applications in the financial and insurance sectors. Additionally, we will take a closer look at Surepass’s Video KYC solution and how it is transforming identity verification.
What is Video KYC?
Video Know Your Customer, is a modernized approach to identity verification that leverages video calls to establish the authenticity of an individual. It serves as an alternative to the conventional KYC methods that relied on physical documents and in-person verification.
How it Differs from the Usual KYC
Remote Verification: The most significant distinction between Video KYC and traditional KYC is the ability to perform remote verification. Using it, customers can complete the verification process from the comfort of their homes, eliminating the need to visit a bank or financial institution in person.
Convenience: It offers unparalleled convenience. Customers can initiate the process at their convenience, reducing the hassle of scheduling appointments and waiting in long queues.
Efficiency: Traditional KYC processes often involve extensive paperwork, document submission, and manual verification. It automates much of this process, saving time and reducing the margin for human error.
Real-time Verification: It allows for real-time interaction between the customer and the verification agent, ensuring that the identity verification process is swift and efficient.
Also Read: How to Check KYC Status?
How Does Video KYC Work?
Video KYC relies on advanced technology and a structured process to ensure the security and accuracy of identity verification. Here’s a step-by-step breakdown of how it works:
Step 1: User Registration and Document Submission
- The user signs up on your site or app and submits KYC documents.
Step 2: Two-way Video Call Initiation
- Your employee will start a two-way video call with the customer after the document submission.
Step 3: Verification of Details
- During the video call, the employee verifies all the details provided by the customer, including the information on the submitted documents.
- A snapshot of the customer’s face is taken and compared to the photo on the provided identification document for facial recognition.
Step 4: Signature Verification
- The employee requests the customer to sign on a blank piece of paper during the video call.
- A screenshot of the customer’s signature is taken and compared to the signature on the submitted documents.
Step 5: Record Keeping
- The entire interaction and verification process over the video call are recorded for audit and compliance purposes.
- Screenshots and relevant files are stored securely with the company for future reference.
Step 6: GPS Mapping (Optional)
- Some Video KYC solutions, like Surepass, incorporate GPS coordinate mapping to verify the person’s location, adding an extra layer of security.
Step 7: Compliance
- Video KYC solutions, including Surepass, ensure compliance with regulatory standards, such as those set by the Reserve Bank of India (RBI) for Video Customer Identification Process (VCIP).
Step 8: Security
- Video KYC solutions are often hosted on secure platforms like AWS, ensuring data security and compliance with ISO: 27001 standards.
Video KYC for Banks and Insurance Providers
The adoption has been particularly significant in the banking and insurance sectors, where stringent identity verification requirements are in place. Here’s how Video KYC benefits these industries:
- Enhanced Customer Experience: Banks and insurance providers can offer a hassle-free and convenient onboarding experience to their customers, reducing the friction associated with traditional KYC Verification processes.
- Cost Efficiency: Eliminates the need for physical infrastructure and reduces operational costs, making it an economically viable option for financial institutions.
- Compliance: Solutions ensure compliance with regulatory requirements, reducing the risk of penalties and legal issues.
- Remote Account Opening: Customers can open bank accounts, apply for loans, or purchase insurance policies from anywhere, enhancing financial inclusion.
- Fraud Prevention: Video KYC’s real-time verification and facial recognition capabilities help in preventing identity fraud and impersonation.
Video KYC Process and Verification
The process involves several key Video KYC verification steps to establish the identity of the customer accurately:
- Document Verification: The customer submits various identity documents, such as Aadhaar cards, passports, and driver’s licenses. The employee verifies the authenticity of these documents during the video call.
- Facial Recognition: A crucial step involves capturing the customer’s face during the video call and comparing it to the photo on the submitted identification document. This ensures that the person being verified is the legitimate document holder.
- Signature Matching: The customer is asked to provide their signature during the video call, and a screenshot of the signature is taken. This signature is then compared to the signature on the submitted documents.
- GPS Mapping (Optional): Some Video KYC solutions employ GPS coordinate mapping to verify the physical location of the customer, adding an extra layer of security.
- Compliance and Data Security: Video KYC solutions ensure compliance with regulatory standards and host data on secure platforms to protect customer information.
Surepass’s Video KYC Solution: Cutting-Edge Features
In the ever-evolving landscape of identity verification and KYC processes, Surepass’s Video KYC solution stands out as a frontrunner, offering a range of cutting-edge features that redefine the standards of accuracy, security, and convenience. In this section, we will explore three standout features of Surepass’s Video KYC Solution: Facial Recognition, OCR (Optical Character Reader), and Aadhaar Offline XML Verification.
1. Facial Recognition:
Facial recognition technology is at the forefront of identity verification, and Surepass’s Video KYC Solution harnesses its power to enhance accuracy and security:
- Live Face Comparison: One of the key features of Surepass’s solution is its ability to compare a live user’s face with the photograph present on the provided ID document. This real-time facial recognition ensures that the person being verified is the legitimate document holder.
- Quantified Face Match Accuracy: Surepass employs advanced algorithms to quantify the accuracy of the face match, providing a clear and precise measure of how closely the live user’s face aligns with the ID photo.
- Multi-Document Face Comparison: Surepass takes it a step further by allowing the comparison of the user’s face with multiple documents simultaneously, all displayed on a single screen. This feature streamlines the verification process and increases efficiency.
- Result Reporting: The system generates a count of the percentage match or a result indicating a complete mismatch, ensuring that discrepancies are immediately identified.
- Compatibility with Aadhaar: Surepass’s Facial Recognition feature is fully compatible with Aadhaar, one of the most widely used identification documents in India. This compatibility ensures that users can seamlessly verify their identity using their Aadhaar cards.
2. OCR (Optical Character Reader):
Surepass’s Video KYC Solution incorporates powerful Optical Character Recognition (OCR) technology, enabling the digitization and verification of essential ID card information:
- ID Digitization: Surepass’s OCR functionality supports the digitization of ID cards, simplifying the process of extracting and storing vital information for verification.
- High-Accuracy AI-Driven OCR: The OCR system used by Surepass is powered by advanced artificial intelligence, guaranteeing a high level of accuracy in reading and matching ID card information.
- Universal Format Support: Surepass’s OCR covers a wide range of ID card formats, ensuring compatibility with various identification documents, including Aadhaar, PAN cards, passports, driving licenses, voter IDs, and bank verification documents.
- Bank Verification Support: Beyond personal identification documents, Surepass’s OCR can also handle bank verification documents, expanding its utility across different industries and applications.
3. Aadhaar Offline XML Verification:
Surepass’s Video KYC Solution goes the extra mile by incorporating Aadhaar Offline XML Verification, offering an added layer of security and fraud prevention:
- Compatibility with eAadhaar & Aadhaar XML: Surepass’s solution seamlessly works with both eAadhaar and Aadhaar XML, allowing users to choose the Aadhaar format that suits them best.
- User Consent Validation: This feature ensures that the verification process is carried out with the user’s consent and validation through a One-Time Password (OTP). It adds an extra layer of security, preventing unauthorized access.
- Fraud-Proof and Digitally Signed: Aadhaar Offline XMLs are known for their enhanced security. They are fraud-proof and digitally signed by UIDAI (Unique Identification Authority of India), providing assurance of authenticity and reliability.
- Support for All Aadhaar Formats: Surepass’s solution is designed to support all Aadhaar formats, ensuring that users can seamlessly verify their identity using any Aadhaar document they possess.
Explore our 100+ APIs for instant verification with seamless integration. Some popular in-demand APIs are Whatsapp KYC, Voter ID OCR API, Aadhaar Verification API and many more visit our official website https://Surepass.io/ and book a free demo now.
Video KYC has emerged as a game-changer in the realm of identity verification. Its ability to offer remote, efficient, and secure verification processes has made it indispensable for businesses, particularly in the banking and insurance sectors. Surepass’s Video KYC solution exemplifies the best practices in this field