How Does Video KYC Boost Business Success

One of the most dreaded activity for every working person is to make time for bank work. The most tedious yet essential work is updating our profiles with our banks. In fact, providing our KYC (Know Your Customer) information anywhere is an insipid task, but our lives can't move ahead without it. Every institution is required to keep legal knowledge of the customer for mutual ease in a transaction. Time and again, when we muster the motivation to complete our KYC, we head to the bank or the relevant office. However, we are welcome with an insane queue, and our patience is put to the test. 

For ages, businesses have tried to dial down the processes within their legal boundaries. Insurance companies and relevant industries often sent their agents to the customer's house to complete all the paperwork. Either way, both the parties were losing time, and organizations often spend millions over the years on the travel expenses for these agents. Now with Covid-19 and its long term impact, social distancing and remote agent is rapidly becoming the new normal.

Well, what if there was a way to skip this entire ordeal with a simple technology? What if no-more brain wracking was needed to make time for KYC completion? And imagine being the organization that provided this opportunity to their customers? The possibilities are massively expandable. 

We are introducing Video-KYC- a way to verify yourself along with your legal documents via your smartphone. It is as simple as a video-call. The agent will be confirming your details during the video call. The video call is recorded and can be considered a better format of data that is easily stored in secured cloud space, instead of heaps of paper. The most important piece is that the video call is easy to initiate via a SMS/Whatsapp or Email and with 1 click the video call is established. There is no need to download and install any application.

Key Features:

1. Geotagging – The customer’s location can be requested during the call and the location and date/time gets watermarked in the video recording. This provides clinching evidence for a video based verification call
2. Questionnaire – During the call, the business will require a standard set of questionnaire to be filled up. This questions can be campaign specific and the agent can fill up the form side by side during the video call.
3. Upload document – The agent can request for valid documents which can be captured as a snapshot during the call or uploaded via the video chat interface.
4. Customer data management – When the agent starts off the call, he/she should have the customer data during the call for which the service is requested. This ensures the agent is well informed about the customer before the call.
5. Quality check – Post the verification call, Quality Analyst can verify the call and check the video call recording vis-à-vis the response to the questionnaire
6. Secured call and storage – This is critical for businesses especially where customers are sharing KYC details should be completely secured, encrypted and the call recordings are stored securely in the cloud or customer provided storage to avoid any data leakage.

The biggest highlight of video KYC verification is that it elevates the customer experience. The wave of ease and comfort that this technology can provide can motivate your customers to stay with you for longer. Millennials, the adults of the current generation, want everything faster and immediately. As millennials are cradled by technology, the video KYC is a service meant for this generation. Subsequently, it can be a crucial differentiator for an organization in these competitive times. 

What has always been exciting about video technology is that it caters to a broader pool of people. From the elderly to the disabled populace, everyone who stays in the urban or remote areas can have access to the services of a business if they provide such self-servicing options. Video-KYC verification brilliantly bridges the gap that is there between a far off customer and the business. 

The entire process is digitally placed and is extremely efficient for all the parties involved. Not only is it fast-paced but also cost-efficient. Video-KYC eradicates the confusing and brain-numbing paperwork, which often repels your young and upcoming customers. Video-KYC can be considered a more sophisticated way of sticking to the process while keeping the luxury of the customer in mind. Facilities, as such, not only make the customer loyal to you but also push them to advocate for you amongst their social circle.

As the digital experience slowly becomes a cliché, offering video-KYC verification is only natural. Apart from the immediate benefits, video interaction presents an opportunity for your brand to create more meaningful and personalized relationships with your customers. If you use your resources correctly, this is a fantastic marketing opportunity to re-establish what your brand stands for. These smalls changes can go a long way. It leads to the creation of permanent revenue points and reducing the churn-rate. When your business is doing well, your investors do well too, and your customers are happy. It is a win-win for everyone. 

Lastly, engaging your customers digitally on video calls is an excellent opportunity that can lead to the right set of circumstances for cross-selling or upselling. Many often underestimate the possibilities of what can happen over a one-on-one video session with a customer. If you play your cards right, you are paving a path to your business's dependable future. Thus, it is time to embrace the technology to keep up with the vying environment. 

Conclusion:

Video-based verification enriches an effortless experience for your customers. It encourages remote engagement, fast-paced personalized interactions, focused marketing, and opens the gate for further possibilities. On the other side, for the service agent, it is just a breeze - all these activities are successfully completed remotely. Business success is guaranteed as the customer and agents find it really valuable. With using proper technology solution, drop rate can be easily minimised. It is indeed high time to join the digital race.