Compelling eKYC procedures using video calls

It’s no secret that many people dread the process of completing eKYC procedures. This can often be due to long wait times, or inconvenient office hours. However, banks can now offer a more convenient and engaging experience for their customers with the help of video calls. 

By using this technology, customers can complete their eKYC procedures from the comfort of their homes, at a time that is convenient for them. This can save both the customer and the bank time and hassle. And, as an added bonus, it can also help to build loyalty and trust between the bank and its customers. 

So if you’re looking for a more efficient and user-friendly way to complete your eKYC procedures, be sure to consider using video calls. You won’t regret it!

What is eKYC video?

In response to stricter financial regulations, technology companies have created new offerings that allow businesses to remain compliant while still providing an excellent customer experience. One of these services is eKYC video.

It is a method of conducting customer due diligence (CDD) with an agent via live video chat. Customers of financial institutions and other companies that use CDD in this manner can complete all aspects of the eKYC verification process remotely.

eKYC procedures using video calls

1. The customer registers on the platform

The customer confirms their availability for a live video chat and chooses a time slot that is convenient for them during the registration process.

2. The customer receives an invite to a live video chat

Customers can start the verification process right away with some eKYC video software. Other platforms send an invitation to the customer via email, text message, or directly in their browser. The customer opens the video chat session and begins the eKYC process by clicking the link in the invite at the scheduled time.

3. The customer is guided through the process by the agent

During the video chat, the agent conducts an interview to verify the customer’s identity and requests identification and other documents.

The agent conducts all necessary checks, such as:

• Face verification is required.
• Examining the ID for holograms and other security features
• Examining the authenticity of all supporting documents

If the agent requires the customer to complete additional documentation, they can use co-browsing to guide the customer through online forms.

4. The customer is notified of the status of their application

Finally, the company notifies the customer whether or not the eKYC verification was successful.

The benefits of eKYC video

Improved customer experience

Customers find eKYC videos to be convenient and quick, which reduces friction and increases customer satisfaction.

Improved customer engagement

Because the process occurs during face-to-face interaction, banks can recreate the in-person experience. As a result, they can begin to build a relationship with the customer, which will lead to increased customer engagement in the future.

• Reduced application abandonment. Because it’s a simple process with an agent there to walk the customer through it, video KYC software reduces the number of customers who abandon their applications during KYC verification.
• It simplifies the process. The in-person eKYC verification process typically adds several touchpoints to the customer journey. eKYC video reduces that number, which improves customer satisfaction and lowers churn.

Conclusion

We understand the importance of secure and efficient customer onboarding procedures. Video call solution is one way to increase security while still providing an excellent customer experience. If you’re interested in learning more about this solution or getting started with the eKYC video, please visit our website or contact SmartOSC Fintech today.