Increase customer onboarding with Video KYC services from Lgorithm Solutions

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.