How Mobile KYC will revolutionize the Digital World?
Mobile KYC is the next frontier in Identity Verification services allowing greater access to businesses and enterprises to validate the identity of their users. There are billions of smartphone users at the moment in this world, each having the facility of a front-end camera and fast internet connection. This is a unique opportunity for businesses to increase their overall customer outreach without compromising on their credibility or profitability. Here are few ways in which mobile KYC can revolutionize the way cyberspace is utilised by different kind of businesses.
Mobile KYC for Banks
In today’s digitized world, where mobile banking is quickly catching up with normal means of banking and consumers are performing large deal of their banking operations straight from their mobile devices, it seems curious that they should still be required to visit a bank branch to open an account. As regulations are changing across each country based upon technological advancements, each banking organization is bound to follow specific set of Anti Money Laundering (AML) guidelines applicable on it by its specific financial watchdog. In order to cater to these regulations, banks are required to perform identity verification, and some of these territories also allow for remote identity checks. In such scenarios, mobile KYC can come very handy for banks to authentic transactions, open accounts and in order to perform other miscellaneous banking operations.
If banks are already trusting remote KYC services to authorize payments and account access, it makes perfect sense to use mobile KYC for verifying credentials and identities of bank account holders. Using this method, bank users can perform biometric verification without requiring any human validation. In this model of Mobile KYC, the possibility for human error is heavily reduced and the desired remote customer experience can be achieved.
Mobile KYC for Ecommerce
In a world where nearly everyone is buying and selling on a mobile device, it makes total sense to introduce an intelligent identity verification system using Mobile KYC technology. The ease of e-commerce also comes with a real threat related to fraud and identity thefts. Scammers evolve with technology and thus they are also founding ways to commit online frauds especially in e-commerce field. Connecting with real customers and identifying fraudsters in the mobile world is a challenge for ecommerce vendors.
Although there is a large list of identity verification services available around the globe but each one of them comes with its specific set of limitations. The most efficient of the KYC system make it easier to access mobile data. This pre-accepted access to data can be used as leverage to ensure that specific criteria are met by legitimate customers before any purchase is made or payment is made by them on a certain ecommerce website or portal. This leads to an added layer of protection on commercial ecommerce websites, preventing them from frequent cashback payments for identity thefts of unverified credentials. Simply put, it’s another tool to help you reduce your fraud risk, improve your KYC standards, and just as important, secure an effortless experience for your mobile-minded customers.
What’s the right way to Mobile KYC?
Now that we have given a few test cases for utilisation of mobile KYC services, there needs to be made a clear identification of the fact that by which means mobile KYC will be provided to potential customers. There is always an option of having separate platforms, applications and mobile modules that perform Mobile KYC for businesses. They verify identity of users on their own and after proper verification is performed, they forward the confirmation to original business. This kind of customer verification is time consuming and makes the entire routine of identity verification a heavy load on business as well as customer.
Then there is an option of ID verification services like Shufti that can easily integrate with pre-existing systems and applications. Shufti has API as well as SDK integration options available for its users so that they can perform both web based and mobile based integrations. API for both iOS and Android platforms are available and many of our customers are utilising flawless ID verification services through Mobile KYC services of Shufti.
Shufti utilises Artificial Intelligence based technology in order to verify identity of users on smartphones within an industry best processing time of 30-60 seconds. Shufti is available in every country and can even verify ID credentials in every language of the world. So next time, you are in need of a reliable ID verification service to perform Mobile KYC, feel free to use this out of box verification service.
