The FinTech industry is introducing technical advancement globally. The word Fintech relates to “financial technology” that enhances virtual currency systems, stock management, fundraising, personal and company loans, transferring of money, and purchases. Just the way traditional banks and monetary institutions operate, financial technology deals with onboarding employees digitally. Digital IDV is included by the financial technology industry in which they operate identity documents and age verification of online identity to follow with know your customer and anti-money laundering regulations. Recognizing the gaps in prior processes, employee onboarding video of know your customer is done digitally that allows stringent algorithms to authenticate a person remotely against a video. Employee onboarding video reduces the chances of scams by making sure that a legitimate employee is showing up a document on the webcam.
What is Video Verification?
A video verification procedure that recognizes and authenticates an individual through liveness detection and document authentication. It assists in reducing online scams and the onboarding of a legitimate employee.
The security video system is an accessible and fast procedure in which you know your customer expert onboard the employee and conducts IDV. It is a safe method that assists financial technology industries in achieving a safe base. Therefore, know your customer and anti-money laundering compliance becomes obvious when it comes to authenticating the consumers in a digital world.
In a video verification process, live to know your customer is done and the employee is guided in real-time to present the ID on the webcam for age verification. Therefore, a few queries are asked from the employee just like in-person know your customer screening.
Real-time interaction with Employees:
In video verification, real-time interaction is performed with online employees to recognize and authenticate them. The employee is asked to present the ID as well as solutions to a few queries. During the discussion, consumer behaviour will be observed by the know your customer expert. The micro expression analysis is also conducted during all this procedure that is done by both KYC professionals as well as facial liveness detection.
The accounts that are initiated after the employee onboarding video enhance operational following a cooperative audit. The monetary institutions would require you to conduct an inspection to know your customer application as shown in the form of video. The data is then authenticated and an account is created. A cooperative audit assists only legit employees to become part of the system. Contrary, if any suspicious component is found, the request is declined.
Video identification secures virtual payment and the crypto industry
Cybercriminals are becoming intelligent day by day. They hold false identities and utilize them to conduct malicious activities online. By using stolen genuine identities and their data, the employees try to deceive the digital identification process. Video identification acts as a defence that shields the software from an association of fraudsters. Virtual currency service providers such as cryptocurrency exchanges must authenticate consumers before onboarding them. With video identification, monetary institutions and ICO providers can perform comprehensive know your customer procedure online.
The Fintech industry needs transparency in their software as per regulations obligatory. The solution is an IDV of employees digitally that can properly be met by using video identification of employees in which liveness detection of the employees is done along with document authentication. Therefore, the challenges of financial scams such as malicious attacks and identity theft can be reduced through on the spot video KYC.
How do employees’ onboarding video advantages Fintech businesses?
For financial technology business, regulation can make sure by holding a balance between digital security and employee experience. Listed below are some advantages of video identification for Fintech businesses:
1.Saves energy and expenses:
Video know your customer is fast as well as a cost-efficient solution that financial technology companies can employ to achieve the digital IDV of their employees.
2. Enhances digital security
Video know your customer reduces the problems of malicious activities and con artists that use false identity credentials and documents to make sure in the digital monetary system. The video identification notes body language and authenticates the data in real-time to reduce online scams.
3. Following know your customer requirements:
With video KYC, financial technology can comply with the guidelines of regulatory bodies to reduce monetary crimes.