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If you have heard about a simple document scanner, it won’t be long until you understand the concept of Optical Character Recognition or otherwise known as OCR. You don’t need to be technical to comprehend how it works either. Nowadays, when everything is digital, customer identity verification is also performed digitally by verifying customer’s identity documents, specific to the government. The credentials such as Name, DOB, Address, etc. are verified to check the authenticity of individuals undergoing identification.

Identity verification makes use of multiple technologies such as Artificial intelligence, Machine learning, and Liveness detection, one of which is optical character recognition, in order to fight against frauds in compliance with Anti-money laundering directives. …


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Video KYC processes are making customer verification easier for industries around the globe. It is not only speeding up the entire customer onboarding process but also reducing the time and redundant costs of compliance. Opting for digital Video identification solutions rather than old outdated systems can give financial institutions a competitive edge in the global market.

As technology is becoming more intelligent, online criminals are becoming increasingly sophisticated and always finding new ways to abuse the system. Thus, making the customer due diligence process a lot more important.

KYC or Know Your Customer compliance is a backbone of the global financial system as it prevents the system from subjection to financial crimes such as money laundering, terrorist financing, or corruption. But one can argue, manual KYC processes are complex, continuously evolving, lengthy, and limited by geographical boundaries. …


Video identification
Video identification

In the past few years, financial institutions have witnessed a remarkable and thorough adaptation to digitisation. Not just the financial industry, we live in an era where every possible industry is impacted by the advancements in technology.

The pandemic, on the other hand, is fuelling the digital presence of service providers around the globe. Likewise, the banking industry has also started to realise the massive potential digitisation holds and therefore, gradually transitioning towards digital banking, making digital customer onboarding quite popular.

This has further prompted a need for remote video identification solutions in order to make life easier for not only the banks but for their customers too. Beyond a shadow of a doubt, financial institutions are prone to crimes such as frauds, money laundering, terrorist financing, corruption, and/or tax evasion. Addressing these issues was the reason why KYC or Know your Customer processes were set in motion by regulatory authorities. …

About

Candice Spencer

Researcher, Fraud Preventer, Traveller, Reader, Writer, Thinker :)