As technology advances, online customers demand services with increased comfort and simplicity. So, in the e-business space, customer onboarding must not be a tedious process. There are different ways to verify customers, but they can be error-prone and time-consuming for users and businesses alike. That is where the customer onboarding video process streamlines the verification and online business experience of customers. Additionally, along with customers, you can also employ video verification for employee onboarding.
Shufti Pro Video Verification, also known as Video KYC, is a digital identity verification method used by businesses to verify the customer’s profile. In this process, a KYC agent sets up a video call with the customer. The user submits the required government-issued ID document remotely. Then, the documents provided by the customer are checked by the system for any forgery and tampering. Moreover, the KYC agent checks whether the customer on the screen and the document are the same. Furthermore, the video verified by the KYC agent is also checked for liveness detection. Together with this, video security and privacy are also ensured by the video verification service provider.
What is meant by E-business?
E-business means the use of the internet or any similar service to carry out your business. It involves online selling and buying of merchandise. However, its boundaries are not only limited to that as it includes businesses like customer resource management, online order processing, supply chain management, enterprise resource planning, etc.
Boost in Customer’s Confidence
Just the name of video verification earns your e-business a legitimacy tag in the market. It is very important to the online customers that you provide a safe and secure passage to their online business activity. Today, cybercrimes like deep fakes and synthetic identity fraud have made customers fearful of identity theft, and devoid of trust in e-business transactions. In addition, online payments involve a high level of risk. Therefore, if you provide video identification services, the customers can be sure that they are providing their credit card details to a legitimate business in the marketplace.
Identity fraud hurts your e-business more than it does customers. Whenever a fraudulent transaction is made by an identity thief from a stolen credit or debit card, you have to return the payment as a chargeback to the legitimate cardholder. So, your merchandise goes to the criminal while the payment goes back to the cardholder. In short, you end up incurring losses to your e-business. So, a video identification service would terminate a criminal activity right at its inception.
Keeping Your Prices in Check
Identity theft hurts your e-business finances and tarnishes your public image. Moreover, if you raise the prices of your products and services to compensate for the incurred losses, it will drive away from honest customers. Conversely, using a videoID service can avoid this issue and help you keep your prices low. Finally, it is self-explanatory that low prices will attract more customers to your e-business.
Avoiding KYC/AML Non-Compliance Penalties
Government regulatory bodies require businesses and institutions to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) laws and procedures. If businesses don’t comply with them, they have to pay fines. This can clearly impede the growth of your e-business. Thus, a video verification service can ensure your compliance with these laws while you can focus on improving your e-business sales.
From the marketing point of view, the preferences of customers are quite important. So, through a video verification service, you already know the likes of returning customers. Thus, you can show targeted services and products to the customers based on their previous experience. This will save the time of your customers while increasing the chances of them buying from your website.
Even the slightest tweaks can create a masterpiece and give you a competitive edge in the marketplace. Most customers get irritated when they hear about the long and hefty identification process before they can do what they came for on your website. Moreover, Covid-19 demands a new type of identity verification service that can put the customer’s health, comfort, and ease above all. Thus, a simplified e-business experience with a videoID service will get more traffic on your website.
Attract Young Customers
The number of young customers in the e-business marketplace is increasing day by day. According to a survey conducted by CouponFollow, more than 60 percent of the purchases in the United States were made online by millennials. So, manual verification methods are not preferred by millennials. It is more likely for a young customer to interact with and buy from your e-business if you provide video verification services.