Electronic Identification has released 22 new use cases exploring how biometrics can improve customer experiences.
Its first exploration is on how videoID can be utilised to improve the digital onboarding process within the banking sector, exploring the main characteristics, advantages, and regulation.
By making use of digital onboarding process, powered by video ID, banks can accelerate the time taken to add new customers to its systems. It removes the need of setting up meetings, and extensive paperwork, cutting onboarding down from three weeks to three minutes.
A bonus of video ID is that anyone with internet access and an integrated camera can complete a digital onboarding process. The biometric platform will also be able to validate the person in real-time. Electronic Identification’s digital onboarding technology also boasts the ability to validate over 800 documents from more than 153 countries.
Electronic Identification went on further to state that by leveraging its onboarding technology, a client was able to increase its conversion ratio over 60 per cent, following an improved user experience.
One of the potential obstacles Electronic Identification believes banks need to be wary of for their digital onboarding processes is that selfies or images do not comply with KYC, AML, and CTF regulations.
Electronic Identification is a KYC solution which enables users to verify their identities through real-time video. The onboarding process only takes around 18 seconds and simply requires the user to use a device’s in-built camera to take a live video selfie and a short film of their identity card.
The company’s technology was one of the first to receive the certification from the eIDAS Conformity Assessment Body (CADB) in Europe for video recording and authentication services.
To find out more about the company visit their website here.
Or, read the company’s profile here.
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