As technology seems to be taking over the world, businesses rely heavily on Artificial Intelligence (AI), for almost every aspect of work. AI has seeped not only into your personal life, but also your professional life – from handling everyday tasks, aiding critical problem solving, onboarding customers seamlessly, and improving the overall customer experience.
With Kwik.ID’s Video KYC verification, onboarding customers is certainly made easy, but what makes it trustworthy are the Facematch and Liveliness tools that detect frauds, and prevent impersonation or identity theft of any sort. With the recent advances in AI and deep learning technology, face recognition accuracy has significantly increased.
Facematch and Liveliness are probably the most essential security features which ensure that the user is authentic and there is no foul play involved. High-speed and extremely accurate face recognition technology is based on convolutional neural networks of the latest architecture and most progressive methods of training. The algorithm is based on the neural network and a machine learning approach, unlike “traditional” algorithms based on mathematical model. While active 3D techniques detect movements like eye-blinking and facial movements, passive 3D uses internal algorithms to detect frauds, together making spoofing difficult for the user.
Facematch and Liveliness tools have been pathbreaking innovations in recent times, that facilitate easy and hassle-free business no matter where you or your customers are.
It is no surprise then that so many industries and sectors choose a Video KYC process over a traditional KYC, to ensure that their onboarding process is 100% secure and smooth.
Apart from just adopting Video KYC, here are some industries/sectors that have begun transforming with these tools:
- Banking: For the banking sector, customer security and fraud prevention is of utmost importance. Facial recognition allows users to log in securely from the mobile banking apps.
- Finance and Fintech: Financial institutions opt for facial recognition and liveliness tools for instant loans or users making regular payments.
- Hospitality: Facial recognition is a preferred choice for verifying and authorising guests, especially at check-in.
- Marketing: The Facematch algorithm helps you analyse your customers’ gender and age and allows you to evaluate your marketing strategy.
- Trading platforms and exchanges: Facematch and liveness tools can be integrated into the platforms for distant account registration and verification of the account owner.
Other similar fields that choose Kwik.ID’s video KYC for its automated AI tools include insurance companies, brokerages, e-wallets, and NBFCs too.
At Kwik.ID, your data security and privacy have always been our top priority, therefore adopting these AI-powered tools for our instant Video KYC process was a pre-requisite.
The biggest benefit to you is making sure you aren’t being spoofed by a potential customer. But there are so many more benefits too:
- Aids organisations in speedy KYC / authentication process
- Authentication methods are efficient and highly accurate
- Saves time and resources
- Convenient and cost-effective
- Determines real user presence during any type of financial transactions
- Prevents duplicate ids and multiple account registrations for the same user
All of these features make Kwik.ID’s Video KYC a promising tool, which when integrated with your business platform, seamlessly differentiates between actual customers and fake ones. Also with Kwik.ID you will be able to enjoy Video KYC at low bandwith.
So far, after conducting over 50,000+ sessions, and achieving a success rate of over 85% on Video KYC sessions, our biggest learning has been that AI-powered tools have been a major success factor to build trust among KwikID’s clientele, helping us help you.