Fintech customer onboarding through video KYC
As per the 2019 Global Identity and Fraud Report, 55% of businesses in the financial industry reported an increase in fraud-related losses.
Identity verification is important to protect fintech companies and their customers from criminal activity. A person’s identity is integral to procuring goods and services and the fraudulent use of this personal information can be harmful to both entities. A user’s identity is one of the major targets of criminals in the financial industry and therefore the fintech organizations must perform robust digital identity verification of remote customers they are onboarding and the individuals with whom they are doing business with.
With the development of technology and increasing competition, remote consumers demand quick onboarding services from businesses, leaving very little time for them to perform verifications effectively. There are various methods for verification of remote customers, but they can sometimes prove to be time taking or result in unwanted errors. However, customer onboarding through Video KYC is becoming highly popular in the identity verification market, and it is now grooving in the digital space for remote verification of customers.
Shufti Pro’s video KYC enables swift and secure customer onboarding for fintech businesses by performing a live identification process that is faster and guarantees high security. Its facial recognition technology utilizes AI and HI to perform customer verification in just 5 seconds. It can help fintech firms enhance digital security, reduce expenses of remote verification, and comply with the KYC regulations.