Increase customer onboarding with Video KYC services from Lgorithm Solutions

Video KYC services

Customer verification services can face many issues at times when remote working has become essential for every sector. At times when only essential services are operational, the KYC process is facing multiple problems, which leads to reduced customer onboarding. KYC process often requires a person to be present at the financial institution in person or via an on-field agent who can come to your desired location and process your KYC. However, as contact centers have switched to remote work, the KYC process has become impossible. Lgorithm Solutions introduces video KYC services, a solution to ensure uninterrupted KYC process and in turn, increased customer onboarding.


A faster verification process for remote contact centers with the video KYC solutions has benefited customer onboarding through multiple options like:


Quick and Paperless Verification:

Paperless verification becomes absolute with the new video KYC options. This leads to quicker verification at the same time does not require a collection of documents at financial institutes or doorstep verification.


 Pan Verification

Real-time verification of customer data provides safe and secure verification using available customer data.


Face Detection Features:

The face detection feature provides a live verification process through a cloud solution, thus making the verification quick and easy. The unique face recognition algorithm provides an uninterrupted live face recognition feature.


Keeping a check on Digital Forgery

The unique AI or ML integrated algorithms keep a check on digital forgery methods on the ID proofs provided by the customer. This makes sure that the data provided by the customer is valid and authentic.


Geo-Location Capture and IP Address Check

To enhance security measures and avoid the breach of security, real-time capture of the customer’s location using GPS options is now possible. The software captures the latitude and longitude where the customer is situated at the same time also records the IP address of the customer.


Time checks and compliance

The video KYC solutions offer a time stamp facility for all the applications. The KYC video solutions provided by Lgorithm Solutions are compliant with all the rules and regulations implemented by the finance institutions in the Philippines.


From the above-mentioned features, it can be proved that video KYC is beneficial, as well as secure, and can help increase customer onboarding. Following is the process associated with video KYC:


  • Application process and distribution 

Customers can make KYC applications through 3rd party apps, landing pages, websites, and platforms provided by the banking institutes. These applications are then sent to the verification teams based on regions or agent availability features.


  • Creating tasks and call initiation

After the application is assigned to a particular agent a date and time are set to initiate a video call for verification. This is done based on the customer’s choice and can be customized.


  • Video KYC verification

After the call is initiated, the agent instructs the customer to hold their document, and a screenshot is taken by the agent that includes the customer as well as their documents. This helps to establish a face matching process, and other details provided by the customer are also verified, as per the documents provided by them.


  • Agent verification and review

After the call is complete, the agent can approve or reject the application depending on the data provided by the customer, as well as the face match on call. The call is reviewed by a manager, and based on his review the application is accepted or rejected.


  • Completion of the verification process

After the manager’s review is complete the customer is updated with the status of the application. Based upon its approval or rejection it is then moved to the next steps.


KYC process has now become easy with Lgorithm Solutions’ Video KYC service

Video KYC service

In the times when remote operations for call and contact centers have become crucial, there is one more service that seems highly affected by the remote process. KYC process is one such service that was earlier carried at doorsteps with the ease of on-field agents. The service was usually done in person where a customer was greeted with agents on a specific remote location. The ease of movement of both customers and agents has now become difficult with different situations around and at times also possesses health risks. At such times online KYC options are the easiest and accessible option available to customers as well as organizations.


However, with the increasing online options, customer dropoffs have also increased. A simple solution to all the problems associated with online KYC at the same time offering a secure solution to the customer is also important. All these factors are taken into consideration with the Lgorithm Solutions’ Video KYC solutions. An assured reduced rate in the customer drop-offs, as well as customer engagement, are the few services offered by Lgorithm Solutions.


Following are the features of KYC video solutions offered by us:


  • Low bandwidth accessibility for a quicker customer onboarding

Bandwidth issues are a major threat to customer onboarding which leads to reduced customer rates and affects the entire process. Low bandwidth accessible software solutions help improve customer engagement at faster rates as compared to conventional solutions that can reduce the customers due to bandwidth issues and other problems associated with the same. An increased conversion rate of 20% and more is the benefit of video KYC solutions as compared to standalone solutions for KYC.


  • Higher customer rate improving overall business

Video KYC solutions help reduce other costs that are associated with the overall KYC completion costs. The costs include on-field agent support costs, hardware costs, as well as transportation costs. The after process after completing KYC at the customer end is also impacted by issues like timing and turn around options. The new video KYC options can significantly reduce all the above costs as well as provide immediate KYC completion with video KYC deployment features leading to an increase in customers.


  • Assured Security and Compliance

Total security is provided with Lgorithm Solutions’ video KYC deployment solutions. The solutions offered are RBI (Reserve Bank of India) and SEBI compliant following all the rules and regulations offered by the institutions. It also ensures customer privacy and security measures associated with customer data.


  • Benefits from the experienced professionals from industry

With a proven track record Lgorithm Solutions will also offer the expertise of our trained and experienced professionals to help serve better and manage a large number of customers. With options like customer support to individual organization support options to enhance your business.


  • Custom solutions provided as per industry

All organizations from different industries ranging from e-commerce and banks, every industry is benefited from the custom video KYC services. Following are the industries which can be highly benefited with the custom KYC services through video solutions:

  1. Banking
  2. Lending Enterprises
  3. E-wallet service providers
  4. Insurance companies
  5. Mutual Fund institutes
  6. Aggregators


Lgorithm Solution’s Video KYC solutions offer an engaging platform for customers through their secure, customized, and low-speed setup. This provides benefits like


  • Quick onboarding of customers with lesser KYC completion times of just a few seconds.


  • Easy deployment process and customer verification thus eliminating the need for in-person KYC.


  • Lower costs through cloud setups.


  • Customer engagement through features like browser solutions that do not require any special apps.


  • Face verification and easy to track options are a few features associated with our video KYC solutions.