Customer Onboarding in the Contactless World How Pixls Video KYC Solution Can Help

While customers are familiar with the concept of contactless payments, most financial institutions still find it challenging to onboard customers in a seamless way while complying with ever-changing regulations and standards. Pixl’s Video KYC solution streamlines this process and helps accelerate account opening, delivering frictionless customer onboarding and ensuring legal compliance at the same time. It’s been proven to deliver an enhanced customer experience and reduce the overall cost of customer acquisition by up to 70%.

Risks Faced by Financial Institutions
Financial operations frequently include multiple stages and each is a possible target for fraudsters. For this reason, businesses have integrated unique identity verification solutions into their online platforms. With payment-service solutions, digital platforms can authenticate users and detect fraudulent transactions. Because new technical innovations and fraud techniques are making it progressively harder to identify fraudulent payments in the payments industry, corporations have been forced to use numerous verification methods.
In that scenario, it doesn't need to be the case that the solution to a complex and unpredictable issue has to be complex as well. As an example, technology has also increased the efficiency of verifying and screening identity sources against sanction lists using multiple artificial intelligence algorithms. So, the detection and suppression of money flow aren't as complex or unpredictable as they used to be. The verification procedures that businesses followed in the past were considerably complicated and time-consuming, whereas the procedures in use today only take moments to verify identity using facial recognition technology. What's important for companies is to adopt a risk-based approach for fraud prevention that takes into consideration the latest fraudulent trends. Transaction tracking and screening also necessitate an adequate AML Screening solution.

Benefits of Video KYC
Video KYC solutions for fintech companies are fast becoming a norm, helping them comply with all compliance regulations. While meeting regulatory and compliance obligations is key, it also offers other benefits. First of all, video verification helps expedite the customer onboarding process. Also, the Video KYC solution provides multi-factor authentication which makes sure that you get valid data from customers during the onboarding process. Video KYC delivers security at its best as it allows to capture facial recognition and validate a large part of any transaction (to some extent). Moreover, video KYC can be used as proof of identification when needed. Though the video KYC has been considered risky by many experts, quick response videos are a safe and secure solution when used properly (and simply) providing a strong level of security.

Video KYC for Non-Banking Financial Companies (NBFCs)
NBFCs generally do not deal with money the way conventional banks do. They focus on providing financial services instead to targeted groups of people.
Contactless video KYC can enable emerging economies' NBFCs to accelerate onboarding rollouts and secure more customers. Online video authentication only takes a few minutes, significantly reducing the effort and time required of developing nations' financial companies. The Reserve Bank of India reminds financial companies to safeguard customer information by protecting and storing it on safe and secure databases or online vaults. The user data from the video KYC process aids in retrieving the user's true identity and safely storing it for future verifications.

Video KYC for Insurance providers
Identity theft is regularly used to commit a crime within the insurance sector. Through falsified documentation and false identities, fraudsters make use of the permission to commit their malicious deeds. Business owners as well as their customers are completely deprived of their rights when the perpetrators carry out this kind of crime. Insurance companies can ensure that only authorized and valid clients are benefiting from their services by only requiring customer verification with extensive video review.