Know-Your-Buyer (KYC) is a vital a part of the client onboarding course of. It helps confirm that prospects are who they are saying they’re and protects companies from monetary fraud and different crimes. There are a number of strategies accessible for KYC, together with bodily paperwork and in-person interviews.

Just lately, Video KYC Options have develop into a well-liked various for verifying prospects. And a number of other market analysis research estimate vital development within the video KYC market in India and elsewhere.

Video KYC Answer use facial recognition expertise to confirm a buyer’s id in a distant and automatic vogue. It provides a number of advantages over conventional strategies, together with price financial savings and improved buyer expertise.

Nonetheless, many companies and people alike are nonetheless skeptical of Video KYC Options attributable to sure myths and misconceptions. On this article, we’ll debunk a few of the commonest myths about Video KYC Options and present why they’re an environment friendly, safe, and cost-effective resolution for KYC.

Delusion 1: Video KYC Options Are Unreliable

Some of the frequent misconceptions about Video KYC Options is that they’re unreliable and never as safe as different strategies. People and companies consider that Video KYC Options will be simply manipulated by fraudsters through the use of strategies equivalent to deepfakes or spoofing.

Nonetheless, that is merely not true. Video KYC Options use superior facial recognition expertise to make sure that the individual being verified is definitely who they declare to be.

This expertise is mixed with different safety measures, equivalent to biometric authentication and machine studying algorithms, to make sure accuracy and safety. They assist confirm the liveness and authenticity of the client, making them a safe and dependable resolution.

Delusion 2: Video KYC Options Are Difficult and Costly

One other widely-spread false impression about Video KYC Options is that they’re too difficult and costly. Companies are sometimes involved about the price of implementing such an answer, in addition to the complexity of setting it up. This ends in them choosing extra conventional strategies of KYC.

Nonetheless, Video KYC Options are quite simple and cost-effective to make use of. They require no further {hardware} and will be simply built-in with current techniques. Furthermore, the price of Video KYC Options is much decrease than different strategies, providing companies an economical and environment friendly resolution for his or her KYC wants.

Delusion 3: Video KYC Options Violate Person Privateness

Whereas privateness concern is an more and more essential and justified difficulty, it needs to be famous that Video KYC Options should not a risk to consumer privateness. The information collected by these options is encrypted and saved securely, making certain that it’s only used for compliance functions.

Companies are additionally required by legal guidelines, equivalent to GDPR to get buyer consent earlier than accumulating any knowledge, so customers can make certain that their knowledge is getting used safely and securely. Video KYC Options supply an efficient technique to shield consumer privateness whereas assembly companies’ compliance wants.

Delusion 4: Video KYC Is Time-Consuming

This delusion is extra prevalent on the client finish. Many purchasers suppose that Video KYC options are too time-consuming and they might relatively simply use conventional strategies equivalent to submitting bodily paperwork for KYC as a substitute.

In actuality, Video KYC resolution are swift and environment friendly. Your complete KYC course of will be shortened from a number of days to just some minutes with video KYC. The client doesn’t have to attend in traces for hours or ship their paperwork by way of the mail. This makes it a way more handy possibility for purchasers who must get their KYC executed shortly.

Delusion 5: Video KYC Options Don’t Work With a Various Buyer Base

Lastly, one other false impression about Video KYC Options is that they can’t be used with a various buyer base. Video KYC Options is believed to solely work with particular demographics, equivalent to these from a sure nation or area.

However this might not be farther from the reality. Video KYC Options are designed to work with various buyer profiles, together with these from totally different international locations and backgrounds. It additionally works completely properly with totally different age teams and prospects with disabilities. This makes Video KYC Options an awesome selection for companies seeking to cater to a large buyer base with none problem or problems.

Conclusion

In conclusion, Video KYC Options supply companies a safe and cost-effective technique to confirm buyer identities and supply a fast, hassle-free method of doing this. By debunking the frequent myths and misconceptions related to them, companies could make an knowledgeable resolution on their KYC wants.

This ensures that they’re all the time offering their prospects with a safe and environment friendly verification course of. So, don’t be swayed by any of the myths and misconceptions floating round – Video KYC Options are right here to remain! Implement them in your enterprise right this moment and reap the advantages!