Around the world, eKYC has been used as an application that allows customers to open accounts and register online - instead of having to go on-site for a transaction office like the traditional one. This solution helps customers save time and improve satisfaction, while businesses quickly complete digital transformation, increasing operational efficiency and reducing operating costs.

Currently, there are many methods of eKYC identification such as identification through username and password, identification through electronic signatures, identification through OTP authentication, and identification through biometrics. Each identification method has its pros and cons.

What is eKYC verification via video call?

The eKYC process via video call is an alternative to the traditional customer identification, solving the problem that customers need to go to a branch when they need to open a bank account/member account. Instead of spending time and effort traveling to meet face-to-face with staff, customers can complete the registration procedure anywhere through online video calls.

The identification staff from the bank/financial company will contact and guide the customer through the verification process via video call with steps including: 

• Comparing information on personal documents (a driver’s license, ID card, passport) 
• Recognizing movement and facial
• signing in front of staff via video call

Developers always combine face-matching and OCR technology in the eKYC verification process via Video Calls to prevent fraud and automation. It helps increase transparency, accuracy, trust, and productivity while saving time and enhancing customer experience.

Why is eKYC verification via Video Calls optimal for financial and banking businesses?

When changing to online customer identification, banks and financial institutions face problems with information security, fraud prevention, and money laundering.

Based on authentication reliability and customer identification, banks/financial institutions are offering different levels of services/transactions corresponding to account types.

Accounts identified via low-reliability methods will have limited the number of money transfers and customer transactions. With highly authenticated accounts such as via Video Call on a bank's app, the internet transfer limit can reach hundreds of millions or expand the maximum transaction limit. Verifying eKYC by Video Calls is a more comprehensive solution to enhance the online service experience for customers, helping banks/financial institutions attract and expand the potential customer pool.

Verifying eKYC via Video Calls solves the low-security problems of old solutions by selfie eKYC verification. The problems can be ease of faking, old selfie pictures used with bad manners, and edited pictures. Bad manners can take advantage of the system's disadvantages to commit fraud and profiteering.

An eKYC examiner via video calls can ask customers to move their faces on a random command. The support of OCR and Face matching technology also makes this process fast and accurate. In addition, all video call identifiers are recorded and stored on business data as an additional security solution.

In the security level scale for registration and proof of identity originating from the National Institute of Standards and Technology (NIST), US Department of Commerce, eKYC verification via video call falls into the high-security level (IAL3) - 2 places higher than selfie eKYC verification (IAL1). The eKYC via video calls is optimal for businesses to get into digital transformation.

Benefits of eKYC verification via video calls in banks

The eKYC solution brings many values ​​to customers:

• Convenience: Customers can register to open a bank account or register for a new service at any time, anywhere via smartphone instead of going directly to the bank's branch as usual.
• Transparency: Customers are provided with complete instructions for the service registration process. Information authentication with objective support from technology provides a transparent process.
• Time-saving: It only takes 3 to 5 minutes to complete the verification process, which is faster than the traditional registration method.

Verifying eKYC via video calls is a digital transformation step bringing many benefits to businesses:

• Enhance customer experience: The eKYC solution helps accelerate new customer acquisition to improve customer satisfaction, attract more potential customers and increase revenue.
• Save time: AI technology helps automate data entry and many other processes, helping increase efficiency and reduce processing time, speeding up customer onboarding.
• Save costs: eKYC can help the bank save the cost of building a physical branch, printing equipment, training staff, and minimizing losses due to identification errors.
• Enhance security: With comprehensive data storage and control, eKYC verification via video calls is powered by AI technology.

Stringee is a leading enterprise in Vietnam providing Video Call solutions to help businesses build eKYC verification processes. Stringee's solution has won the highest position in the Vietnamese Talent Award 2018 in information technology.

Businesses can integrate eKYC verification solutions by Stringee Video Call into their websites or customer management software through API integration quickly.

With experience in implementing digital transformation solutions for major customers in the banking and financial sectors such as TPBank - Vietnam's leading digital bank, NCB Bank, and VNDIRECT Securities, Stringee is a reliable technology partner for your business.

Register for free consultation and demo of eKYC solution from Stringee here.