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Feb 10, 2020

VideoID, the new standard in remote video identification

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VideoID, the new standard in remote video identification

Video Identification is necessary for the KYC (Know Your Customer) processes of different companies, especially those in the financial and banking sector. Customer onboarding is a necessary first step to verify the identity of consumers, register them in the company’s database and give them access to the company’s products or the contracting of services.

If you want to try this disrupting technology, request a free demo of VideoID by clicking here.

Remote asynchronous video identification

Customer onboarding is one of the most demanding processes in terms of effort, cost and difficulty for any business. The need to optimize and make this process remote has led many user-identification expert companies to develop solutions that can react to companies seeking to improve and digitize their processes to boost their customer acquisition techniques.

In remote asynchronous identification through video, a registered record is made in streaming, guaranteeing the control and integrity of the identification process and validates it through a subsequent verification by a qualified agent.

The client shows his identity document on both sides, which is analyzed by the artificial intelligence algorithm to certify its validity and authenticity. Afterward, the user shows his face, which is compared to the identity document previously shown.

This process allows turning the potential customer into a real customer in seconds in a fully digitized and remote way, unlike traditional customer acquisition processes, in addition to legally and technically complying with all the conditions required in processes of this type. 

What is VideoID?

VideoID is the first and only technology that combines video-streaming with artificial intelligence to identify people in seconds, from any device and through any channel. It provides the same technical and legal security as face-to-face identification. It applies machine learning techniques to learn to identify faces and verify the identity of the person and the ID documents required in the onboarding processes.

You only need an electronic device with a camera and internet access. This simplicity establishes a disruptive change in digital identification that complies with the maximum legal guarantees of KYC processes and AML regulations and aims to end mandatory acts of personification currently required by some companies that have not digitized this process.

VideoID allows a fully online bank account opening and the contracting of policies, complying with the most guaranteeing regulations in the field of identification such as eIDAS or AML5.

If you want to get more information on regulations that affect these processes, download this guide on eIDAS and AML5.

VideoID, remodeling client onboarding 

VideoID is considered as the standard of Video IDentification in the market. Dozens of financial institutions and large companies in the banking sector use this technology and endorse it for its reliability and strict compliance with national and international regulations

The digitalization process is necessary for the current environment. Customers are increasingly demanding remote and easy solutions. The new user needs the solution to be omnichannel so they are able to access the systems from any type of device and in any place and circumstance. That is why remote customer registration through VideoID is driving sales and conversions of companies in all sectors and fields.

The development of VideoID technology has an international patent and multiple recognitions: ISO 25000 certification (ISO / IEC 25000) compounds a series of standards (ISO / IEC 9126, iISO / IEC 14598) whose main objective is to ensure that the development of software products meets the highest specification requirements and feature evaluations that confirm their quality and reliability.

Likewise, Gartner named eID Cool Vendor 2017, highlighting the creation of a new category of Internet services for Video ID. Similarly, we have been chosen as a RegTech100 company for the third consecutive year.

VideoID main advantages

One of the major advantages of VideoID is that only a device with a camera connected to the internet is needed for its use. In a matter of seconds, the user can identify its identity easily and quickly, avoiding costs and reducing customer acquisition times to a minimum.

The integration of VideoID in the company processes confers great results: time-to-market is reduced from approximately 3 weeks to just 3 minutes and the user conversion rate increases up to 84%. Similarly, businesses can internationalize by forgetting barriers and physical boundaries.

If you want to know how to change your time-to-market from 3 weeks to 3 minutes, download this guide on video identification processes.

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