Identity verification is essential for Canadian businesses to deal with identity fraud and theft. In the digital world, where digital transformation is reshaping industries, Canadian companies, whether small, medium, or large, are also turning to video KYC solutions for client real-time identity verification. Video KYC is an advanced identity verification method that is leveraged by artificial intelligence and machine learning algorithms to help detect suspicious behavior and keep businesses ahead of the curve.
The Rise of Video KYC in Canada:
Video KYC solution is a more secure identity verification as it includes liveness detection, face match score, and questioning with the live agent on a recorded video call. It helps authenticate identities in real time and ensures business regulatory compliance as needed. Various industries have adopted video KYC solutions to identify and verify the identity of the customer. Let’s talk about sectors that are using video KYC for identity verification, such as:
Banking and Financial Institutes:
The banking sector in Canada has been one of the early adopters of Video KYC, where client onboarding is frequent. Video KYC Companies make an effective way to identify and verify the identity of their customer on live video calls by agents. It helps streamline operations and create a seamless customer experience for banks and their customers. Real-time identity verification is a business demand of banks that assures genuine identities and secure business transactions.
- Video KYC enhances the verification processes of banks and financial institutes.
- Ensure financial regulatory regulations.
- Quickly identify and verify identities that lead to customer onboarding.
- Helps to identify fraudulent identities that use fraud ID documents.
- Assist in financial fraud prevention.
- Build Trust and provide a better overall customer experience.
Insurance Industry:
The Insurance Industry is the industry where a lot of financial fraud happens worldwide. The innovation of video KYC solution that uses artificial intelligence and machine learning algorithms also helps to identify suspicious and fraudulent identities for insurance. Video KYC helps to authenticate identities during the client onboarding and the policyholder’s insurance claim. Video KYC helps the insurance industry with re-verification and prevents financial fraud.
- Real-time identity verification helps during client onboarding and even during the insurance claim.
- It minimizes identity fraud, and as a result, financial fraud does not happen.
- It provides more secure identity verification that ensures a secure transaction.
- Enhance security and streamline the customer onboarding process
Telecommunications Industry:
Telecom companies in Canada are also using video KYC solutions for customer identity authentication. The Telecom industry always has a large customer base, and video KYC helps telecom providers verify customer identities quickly and efficiently. As per Canada’s strict regulations, telecommunication companies have to confirm the customer’s identity on a live video call for real-time checks and genuine identity recognition.
- Video KYC solution helps determine the customer who tries to purchase SIM cards on fraudulent ID documents.
- It also reduces the time taken to activate services for new customers.
- It improves customer satisfaction with identity verification.
- Streamline the identity verification process for telecom companies.
- Ensure KYC compliance with telecom regulatory standards.
Fintech:
Fintech companies also adopted innovative KYC solutions to verify the identity of their clients. The capabilities of video KYC solutions make the fintech sector advanced and help secure transactions. It builds Trust by accurate identity verification and enhances security, which is crucial for the growth of the fintech industry. In the digital world, fintech companies work actively to transfer money from one person to another that may related to business or personal needs. Video KYC providers help make it easy by providing real-time identity verification.
- Video KYC ensures the real identity quickly and accurately.
- It improves the customer onboarding process and builds customer trust for safe and secure transactions.
- Mitigate financial risk and fraud.
- Help in identifying the risk profile.
- Ensure KYC compliance as per the financial regulation standard and prevent penalties.
Conclusion:
Canadian businesses are embracing Video KYC solutions for their unmatched ability to enhance security, streamline operations, and improve customer experience. By leveraging this technology, Canadian financial and non-financial businesses not only meet the regulatory requirements but also assist in staying ahead in the competitive market. Therefore, video KYC plays a pivotal role for financial companies as it helps with real-time identity verification and ensures safe business. Choosing the right comprehensive KYC solution provider empowers your organization against identity fraud and money laundering. It will protect your business from financial crimes and keep you ahead in the competitive world.
