Debunking Misconceptions & Myths On Video KYC Options

Know-Your-Buyer (KYC) is a vital a part of the shopper onboarding course of. It helps confirm that clients are who they are saying they’re and protects companies from monetary fraud and different crimes. There are a number of strategies out there for KYC, together with bodily paperwork and in-person interviews.

Lately, Video KYC Options have develop into a well-liked different for verifying clients. And several other market analysis research estimate important progress within the video KYC market in India and elsewhere.

Video KYC Answer use facial recognition expertise to confirm a buyer’s identification in a distant and automatic trend. It affords a number of advantages over conventional strategies, together with price financial savings and improved buyer expertise.

Nonetheless, many companies and people alike are nonetheless skeptical of Video KYC Options because of sure myths and misconceptions. On this article, we are going to debunk among the most typical myths about Video KYC Options and present why they’re an environment friendly, safe, and cost-effective resolution for KYC.

Fantasy 1: Video KYC Options Are Unreliable

One of the frequent misconceptions about Video KYC Options is that they’re unreliable and never as safe as different strategies. People and companies imagine that Video KYC Options may be simply manipulated by fraudsters through the use of strategies akin to deepfakes or spoofing.

Nonetheless, that is merely not true. Video KYC Options use superior facial recognition expertise to make sure that the particular person being verified is definitely who they declare to be.

This expertise is mixed with different safety measures, akin to biometric authentication and machine studying algorithms, to make sure accuracy and safety. They assist confirm the liveness and authenticity of the shopper, making them a safe and dependable resolution.

Fantasy 2: Video KYC Options Are Sophisticated and Costly

One other widely-spread false impression about Video KYC Options is that they’re too sophisticated and costly. Companies are sometimes involved about the price of implementing such an answer, in addition to the complexity of setting it up. This leads to them choosing extra conventional strategies of KYC.

Nonetheless, Video KYC Options are quite simple and cost-effective to make use of. They require no further {hardware} and may be simply built-in with present techniques. Furthermore, the price of Video KYC Options is way decrease than different strategies, providing companies an economical and environment friendly resolution for his or her KYC wants.

Fantasy 3: Video KYC Options Violate Consumer Privateness

Whereas privateness concern is an more and more vital and justified concern, it needs to be famous that Video KYC Options will not be a risk to consumer privateness. The information collected by these options is encrypted and saved securely, guaranteeing that it’s only used for compliance functions.

Companies are additionally required by legal guidelines, akin to GDPR to get buyer consent earlier than accumulating any knowledge, so customers can ensure that their knowledge is getting used safely and securely. Video KYC Options provide an efficient strategy to defend consumer privateness whereas assembly companies’ compliance wants.

Fantasy 4: Video KYC Is Time-Consuming

This delusion is extra prevalent on the shopper finish. Many shoppers assume that Video KYC options are too time-consuming and they’d somewhat simply use conventional strategies akin to submitting bodily paperwork for KYC as an alternative.

In actuality, Video KYC resolution are swift and environment friendly. The complete KYC course of may be shortened from a number of days to only a few minutes with video KYC. The client doesn’t have to attend in strains for hours or ship their paperwork by way of the mail. This makes it a way more handy choice for patrons who have to get their KYC executed shortly.

Fantasy 5: Video KYC Options Don’t Work With a Numerous Buyer Base

Lastly, one other false impression about Video KYC Options is that they can’t be used with a various buyer base. Video KYC Options is believed to solely work with particular demographics, akin to these from a sure nation or area.

However this might not be farther from the reality. Video KYC Options are designed to work with numerous buyer profiles, together with these from completely different nations and backgrounds. It additionally works completely effectively with completely different age teams and clients with disabilities. This makes Video KYC Options an awesome selection for companies seeking to cater to a large buyer base with none problem or issues.


In conclusion, Video KYC Options provide companies a safe and cost-effective strategy to confirm buyer identities and supply a fast, hassle-free means of doing this. By debunking the frequent myths and misconceptions related to them, companies could make an knowledgeable choice on their KYC wants.

This ensures that they’re at all times offering their clients with a safe and environment friendly verification course of. So, don’t be swayed by any of the myths and misconceptions floating round – Video KYC Options are right here to remain! Implement them in what you are promoting as we speak and reap the advantages!