Live video-ID is a mandatory KYC process for European nations such as Germany and Spain where their regulators, BaFin and Sepblac are focused on delivering stringent AML (Anti Money Laundering) measures.
Regulated businesses have duly implemented video identification using third-party vendors, but they invariably demand more of customers than a regular onboarding journey with app downloads and lengthy wait times.
Digital transformation is here to stay
Digital transformation has seen many businesses become more distant from their customer. Where once they would come into branches and stores to register with a business face to face, now the expectation is to be able to sign up from home. And this expectation has seen regulations develop to try and replicate that in-person experience across the digital space.
This isn’t because regulators want to create a smooth onboarding process, they want the confirmation that a person is who they say they are that is made when a customer presents their ID documents in person. Video identification is not in every European territory yet. But it likely will be as the European Banking Authority seeks to unify regulatory standards across the European Union.
Video-ID means that businesses are able to add more confidence to the customer onboarding journey. Businesses can verify that customers are not falsifying documents and that the account or product is being accessed for that specific customer, rather than someone committing fraud using another person’s information.
Make Video-ID work for customers
Video-based identification should be a dream experience for customers. Speaking to a live video agent means that any issues with verification can be handled quickly, professionally, and during the call.
But there is a problem at the heart of live video identification, customers are frequently experiencing a worse customer journey. This comes in the form of long wait times, wasting time downloading a onetime use app – increasing the likelihood of the customer disengaging completely and abandoning the journey.
This is often explained as a security issue, that customers must download an app so that that they can comply with ISO27001 and ISO17068 certification requirements. But these security standards do not require an app to function. They can be met in-journey with a more thorough and attentive approach to customer journey development.
Video-ID from HooYu has customers speaking to a secure video agent in as little as 2 minutes. That’s up to five times faster than the speeds other providers are currently capable of meeting. The HooYu Video-ID product always keeps customers in one continuous journey, they never need to download an app to connect to a video agent.
Customers are made aware of any issues prior to starting the video leg of the journey. HooYu automatically detects whether the customer internet speed is fast enough to connect and carry out the video identification. The video journey allows agents to check liveness, certify ID documents, perform facial comparison, and send a one-time password to ensure that the customer is really using the device.
