In many companies, online onboarding is a critical step in sustaining normal operations during times of crisis. The present pandemic exemplifies how digital onboarding will be interwoven into standard business operations: home offices, video conferencing, as well as other digital activities are gradually becoming part of workers’ daily lives.
The worldwide video conferencing market is predicted to stand at US$9.55 billion in 2024, per a 2020 Research and Markets report. During the forecast timeframe of 2020-2024, the market is expected to develop at a CAGR of 9.93 percent.
In addition, the market is predicted to be driven by attributed to the growing trend of linked IoT systems, the rising acceptance of cloud-based systems, the expanding urbanization, and the increasing prevalence of consumer electronics.
Is Digital Onboarding the New Normal?
We don’t know how things will turn out right now, but one thing is clear, when companies build a comprehensive and straightforward client onboarding process, they put their consumers at peace and enable them to believe that they’ve picked the correct financial services provider right away.
They are also setting the standard for professional, unambiguous communication right away, which motivates customers to provide feedback with professionalism as well. It can also provide their client with a better understanding of how the company works and what they might anticipate when working with the company.
Every company’s success should be centred on its customers. A client-centric vision and a commitment to its outcomes may boost revenues, promote collaborative creativity, boost employee satisfaction, and boost overall customer pleasure. Success, like any genuinely transformational change, involves a clear vision, outstanding approach, and ongoing execution.
Customer Verification Through Video KYC Solution
Let’s take a look at what video conferencing implies for the KYC method and how it may assist. The use of a video call as a technology platform to execute the KYC verification procedure is commonly referred to as video-based KYC. Essentially, it implies that businesses and customers can do distant KYC through video conferences from the comfort of their own homes. Unlike previous methods, where physical presence was required, now everything is performed over a video chat, and the KYC representative authenticates the credentials, does a liveness inspection, and determines the person’s whereabouts. Because the video-based client identification method does not allow for recorded video or uploads, customer verification takes place over a live video conversation. Uploading of legally legitimate papers, on the other hand, is permitted.
Importance of KYC Video Identification in the Finance Sector
By incorporating video into a company’s customer onboarding operation, businesses can save money and effort by digitizing the company’s KYC verification system. It may assist them in providing an end-to-end client interaction for a smooth onboarding process, as well as ensuring faster KYC compliance at a lower cost and improved consumer satisfaction. Another advantage of incorporating video into the KYC verification system is that it can aid in the detection and prevention of fraud or other unwanted conduct.
Banks and other financial firms have been particularly interested in the video-based client identification method. They see an improvement in productivity and accelerate the business operations due to minimum human involvement, among other advantages like offering an optimized client trip.
Customers may have come across a KYC form or been asked by a bank representative to complete their KYC for initial registration, SMS notifications, or other banking services. These procedures are a legal obligation for banks in order to avoid financial fraud and identity theft. A video KYC process not only enables bank customers to complete their KYC verification from the comfort of their own homes, but it also serves to make the front desk’s work much easier while improving efficiency.
Organizations can create remote and paper-free banking a reality with a video-based client identification method. It allows regulated organizations to conduct remote onboarding, lowering the KYC procedure from days to minutes.
How Does Customer Onboarding Video Call Work?
One-on-one personal sessions are excellent for implementing new consumers to business products, but they may also be used during a user becomes a member, assisting with both sales and maintenance.
The video-based KYC method is an effective way to complete client identification.
Given all of the verifications and inspections that have been performed thus far, the onboarding phase can be completed in a live video chat. As a result, the customer will be sent to a video call with a customer service operator. Before the call starts, customers can be notified that they:
- They have the option of starting the call right away or deferring it for a later date by continuing the procedure via an e-mail link between 30 days after the stage they skipped.
- In the next few moments, it will be handed over to an agent, determined by the number of call centre personnel who can be involved in other calls
- During the video conversation, the user will converse with the call centre agent and may be requested to verify the data they gave, answer some completely random questions, or perform other generic activities to guarantee that the call is not just a recorded video
- Operators and administration in call centres will be able to monitor and oversee the onboarding process using a digital portal that will track performance, evaluate feedback, and track conversations.
- If all of the extra inspections and validations succeed, and the operator approves the KYC procedure, the call will be terminated, and the relevant paperwork will be issued for the user to sign.
Using video KYC for verification assists banks and other financial institutions to enhance their productivity and fast pace the traditional KYC process. Moreover, digital onboarding makes for a pleasant and swift customer onboarding experience.