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As more businesses and organizations had to shift to digital platforms during the pandemic lockdowns to keep on working, the implementation of video KYC has become crucial for them. The video KYC process is a swift method to do online verification of candidates or customers. The candidates hired by the organization are authenticated through this process while the customers undergo verification with the help of video KYC. If you are looking to get a video KYC vendor for your business's needs here are a few tips that can help you to select one.
Look for These Features When You are Selecting a Video KYC Vendor:
Check if the video KYC provider has a measure to ensure security features of the client's data: Security is a paramount concern when it comes to handling client information. Thus, check beforehand if the vendor providing the video KYC process has proper security measures on his platform to safeguard all the data in use during this process. Constant updates are also required so that the video KYC process remains highly secure against the latest threat activities like frauds, scams, and unauthorized access.
Ask for a trial version where you can have a demo of the video KYC process: You should only get that video KYC tool that is suitable for your needs. Thus ask the video KYC solution provider for a demo where you can test its features. You can check the interface, security features, operating speed, and other characteristics of the video KYC tool before deciding if you want to get it or not. Since it will be used for an important task of your organization, select one only after you are satisfied with the product.
Accuracy of the video KYC tool: When you are testing the video KYC tool, you also have to run some trials that can help you to assess the accuracy of the product. You should check how stable the tool works especially at the low-bandwidth speed of the internet. Also, test the smoothness of the interface and if it provides multiple language support for people with different linguistic backgrounds. You need to ascertain whether the artificial intelligence features like video capture, biometric face check, etc are working accurately. Only after you have checked all these parameters, hire the product of the video KYC solution provider.
Compliance with RBI guidelines: This factor is crucial for organizations related to the financial sector. If banks and other financial institutions are looking to implement a video KYC verification process, they should look for vendors who follow all the guidelines of RBI compliance and have all the necessary certifications. This will reduce any future hassles as the video KYC verification tool provider will be authorized to do business using their verified product.
These are some of the features that you should check in a video KYC vendor before you start using their product for your organization's needs. This will help you to select a suitable one for your requirements.