Innovation is one critical aspect that drives the success of every business. The business entities that provide valuable credibility-oriented services to other businesses are also included in this category. To keep their verification services preferable for other businesses. The IDV solution providers also experiment with new ideas in their existing services in order to ensure uniqueness and competitiveness in their activities. Identifying the gap in the swift ID verification process after the outbreak of coronavirus outbreak, compelled many verification services to think of distinctive ideas and exploit this opportunity positively. This competition ultimately led some IDV service providers to introduce video identity verification.
Common Myths Related to Video-Based Verification
Where on the one hand video-based ID verification facilitated business entities, but on the other hand, it also created a number of myths among the users.
Takes A Lot of Time
It is falsely believed that video verification takes a lot of time like hours for completion and it also invades users’ privacy which makes it non-preferable. Well, that is absolutely wrong because in an actual scenario, video KYC takes a few minutes and after the documents are uploaded in image form, the agent asks a few relevant questions and the documents are then verified through artificial intelligence incorporated in the verification software.
Invades Privacy
There is nothing like an invasion that takes place during the video identification process. This is because all the conversations that take place between the video KYC agent and the interviewee are encrypted. It means that those conversations are only known to the two entities present in that particular scenario. Thus, it is a completely safe and secure process.
Any Document Can Be Used
It was initially believed that in video KYC, any random document can be used for verification. Whereas, it is not acceptable. Only government-issued documents can be presented for verification in addition to the video-based verification where at first live presence is ensured. These documents include government-issued ID cards, driver’s licenses, passports, tax, and bank statements as well as utility bills. No other document can be brought forward for verification purposes.
It is Expensive
Another misperception that prevails regarding the video KYC process is that it is very expensive and incurs high amounts of cost. This is a completely false piece of information that is believed to be true among many users. Because ID verification through video-based calls does not even involve travel costs for the client. Secondly, the operational costs of business entities and financial institutions are also reduced to an exponential level when the identity of a client is verified through the process of telecommuting. Thus, it also reduces operational costs. In fact, it would not be wrong to say that video-based identification is the most economical method introduced to date. It has decreased not only the apparent financial costs but also it has saved energy and time cost as well.
Video KYC and Traditional KYC Are the Same
This myth is the biggest misconception observed among the other false beliefs regarding video ID verification. Clients are found to develop this perception that the traditional KYC process and video-based KYC are the same. Whereas, the new video verification process is more secure, faster in functioning, and brings error-free accurate results to the table unlike the conventional approach of KYC which involves the risk of data loss, and lacks accuracy due to the contingency of human error.
Moreover, in traditional KYC, clients are bound to stand in long queues for the process to begin. But in video KYC, the process is performed one-to-one in less time comparatively. Lastly, there is no proof in traditional KYC that is safe from being copied, or stolen. On the contrary, in video ID verification, the documents are kept safe at the backend of the database. It makes it inaccessible for stealing purposes as well.
Only Banks can Use Video Verification
Another wrong belief that goes on among users of verification services is that video-based KYC can only be applied to the financial industry. It is true that video-based customer identification is preferable to financial institutions but it is not confined to this sector. Video-based Identification is adopted by other industries as well. It is in fact adopted in almost every industry now.
Pharmaceutical industries use it for supplier verification to authenticate if the seller is validated by the medical board to sell the drugs that it demands. It saves the companies from legal troubles that may arise otherwise. Other industries include remote working companies that need to authenticate their employees due to proximal restrictions. These business entities require AI-supported video identity verification software. It helps to ensure that an employee is attending the office regularly without manipulating or taking advantage of the remote working setup.
Final Thoughts
Video ID verification service is a reliable tool for authentication purposes. IDV solution providers are suggested to arrange workshops in order to ensure that no false beliefs prevail in the community that may harm its brand reputation in the future.
