Last Updated on August 3, 2022 by rabiamuzaffar
Opting for the best video KYC solution for businesses or financial institutions requires the assessment of certain factors. This thorough approach ensures there are bottlenecks in the future and the employee screening or customer onboarding process goes smoothly and efficiently.
Let’s look at the complete checklist for choosing the best video KYC Solution for all types of businesses and financial organizations.
Complete Checklist for Choosing the Best Video KYC Solution
Meet Objectives:
Before deciding to use a particular video KYC service provider, we must ensure the solution has a global reach, and employee screening is possible from any corner of the world.
Also, there must be options of relevant document support to allow the users to complete the KYC processing without any hassles. Your objectives may differ, so it is critical to ensure that solution complements your requirements.
Accuracy:
After ensuring that the tools of the video KYC solution match your requirements, we need to validate its ROI. It requires validation through the dashboard that manages all the data and details stored. The dashboard of the video KYC solution must provide essential metrics, including drop off rate, completion rate, etc.
It helps track the efficiency and provide feedback for improvements in the onboarding process. In addition, the other tools used for employee screening like FaceMatch and Liveliness detection must be available in the chosen video KYC solution.
Cost-effective:
A good video KYC solution must help you reduce costs without affecting the customer experience during the onboarding process. In traditional KYC solutions, carrying out employee screening processes may take days.
But, with video KYC solutions, we can accomplish these tasks within minutes, with minimal manual intervention and AI-enabled solutions. The chosen video KYC solution provider must have AI-enabled technologies to save time and resources.
Customized Solution:
Every business and service has different KPI’s (key performance indicators) and business operation requirements. Therefore, the best video KYC solution must have the scope for customization so that the businesses can choose the required features and discard the ones that are not necessary to their operations.
Depending on the requirements, a business may choose individual components like ID verification or go for an end-to-end solution with AML, KYC and anti-fraud detecting options. The video KYC service provider must be flexible and cater to the businesses that look for customized solutions.
Enterprise-grade Security:
The video KYC involves sensitive and valuable data of the customers or employees, which needs securing as per the requirements of the international standards for data handling. For financial institutions like banks or NBFC, protecting data and ensuring no fraudulent activities occur during the onboarding process is a high priority.
Hence, the best video KYC solutions must offer world-class encryption facilities to eliminate data hacking and maintain customer privacy per regulations like GDPR. The different options like Facematch, Liveliness and OCR offered by providers will help businesses carry out employee screening or customer onboarding in real-time and eliminate any risk of breaching and maintaining security.
Omnichannel User Engagement:
Best video KYC solutions offer omnichannel user engagement so that there is no requirement of switching channels to complete the verification process. In addition, it will make the employee screening or customer onboarding seamless, giving an enhanced user experience helping the business grow at a faster rate.
Avail Demo:
Top-notch video KYC solutions provide a guided demo of the entire verification process, which includes the use of a dashboard, interface, security measures, different bandwidth modes, etc. After going through the demo, the businesses can make an informed decision or ask for modifications or additional requirements that will help them carry out customer onboarding or employee screening quickly and at a reduced cost.
RBI Compliance:
For businesses, especially financial institutions, following protocols and policies is crucial. We have to choose a video KYC solution that is 100% in line with RBI rules and regulations so that there are no issues or violations in the customer onboarding or employee screening process.
If we follow this checklist and ensure the video KYC provider adheres to it, we can make an informed decision and use their services for employee screening and customer onboarding. Also, it will be easier to build a long-term relationship so that meeting any new requirements and fixing bottlenecks becomes hassle-free.
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