Top 5 Benefits of an Online KYC Solution for Modern-Day Enterprises 

In the age of the fourth industrial revolution, corporations are facing challenges while dealing with identity fraud, money laundering, and other crimes. In this case, companies want to use innovative digital solutions that can help fight fraud while facilitating compliance with the latest regulations. Applying online KYC checks can help businesses with the objective while maintaining market credibility. This way, businesses can strengthen relationships with customers and boost sales. Additionally, adding a link to QR code feature in the KYC process can further streamline authentication, ensuring a secure and convenient experience for customers while reinforcing the company’s commitment to cutting-edge solutions in the digital landscape.

These points examine the importance of an online KYC solution and how businesses can use it to meet milestones. 

Online KYC Verification- A Quick Insight

The need to utilize customer identification solutions continues to grow even today. As client services happen digitally, the online KYC verification solutions demand has also increased.

This is especially helpful for companies in the financial sector, who face severe consequences for non-compliance.

The online KYC process is face-to-face validation during which a validation expert helps the customer through the process. The specialist asks for user records during the meeting and authenticates the identity of clients. This way, companies can provide unbeatable security around customers’ data.

The application of video-based KYC services can help companies become familiar with the needs of their customers and collect data from them. This way, all parties can work together without fear and discourage bad actors from exploiting the system.

According to Report Linker, the global KYC market will reach 8.62 billion by 2030, showing a CAGR of 16.97% from 2020 to 2030.

Video-based KYC is rising in popularity to reduce onboarding costs and modernize authentication. AI-driven features support the identification of scams and malicious activities. Therefore, employees can easily concentrate on high-priority tasks and contribute to the company’s success. Finally, the rising demand from end-users can streamline the process of KYC, which, as a result, is growing the demand for video-based KYC. 

  • Preventing Scams Effectively

Active fraud prevention is an attractive advantage of the online KYC procedure. Through face-to-face meetings and support from AI & ML models, companies can quickly deal with identity fraud and streamline business operations. 

The application of the online KYC solution offers unbeatable security as compared to other validation approaches. Video-based approaches are more secure than image-based checks. This is because videos are extremely difficult to fake, specifically where certain conditions are to be met. For instance, professionals ask clients to say phrases or perform specific actions. Ultimately, the innovative approach empowers compliance team members with high confidence that the authentication procedure is reliable. 

  • Fighting Money Laundering 

Onboarding of genuine customers results in safeguarding the business from money launderers. Through the online KYC solution, experts can perform in-depth background checks. Thus, utilizing video-based KYC services is a powerful deterrent for monetary crimes. 

Video-based KYC is a robust security measure as it offers additional layers of safety to streamline the onboarding procedure and fight crime. Combining the online KYC solution and other AI-driven validation services can offer unbeatable protection against risks for modern-day businesses. 

  • Reducing Paperwork 

Companies can now complete the entire process online with the help of today’s technologies. This way, companies can perform the procedure without hefty paperwork. In this way, corporations can forgo manual work and achieve the desired results.

  • Eliminating Errors in the Output

With support from innovative technologies such as AI and liveness detection features, the chances of human error in the output are significantly reduced.

  • Retaining Customers

With a quick and easy user validation procedure, the online KYC solution can help experts retain customers and boost sales. 

With the help of video calls, KYC can quickly eliminate significant struggles such as drop-off rates and multiple steps of the validation procedure. The reason is that a lengthy onboarding procedure can frustrate potential customers who abandon the process. Moreover, customer verification with the online KYC solution can easily replace onsite visits of clients to benefit from services. Consequently, through remote validation, the whole gets completed faster. 

The Bottom Line

Applying an online KYC solution can easily streamline the onboarding procedure for customers. This way, banks and financial firms can quickly fulfill their requirements. With innovative approaches, modern-day firms must opt for AI-driven solutions to fight fraud and financial crimes. 

Teaming up with a third-party vendor can help corporations streamline business operations and maintain strong client relationships. Hence, the significance of an online  KYC process becomes apparent.

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