Biometric facial recognition has become an increasingly important verification tool for customer onboarding and ongoing compliance.
Spurred on by the Covid-19 pandemic, the use of facial recognition technology has only increased over the years. Statista claims that the facial recognition market is expected to reach $12.9bn by 2027.
KYC Portal’s face-to-face module is helping organisations bolster their facial recognition capabilities by enabling them to conduct online video interviews with biometric facial recognition.
Its technology enables the ulterior biometric verification of a subject’s identity by comparing the facial features during the live video face-to-face interview, with the photographs from a variety of identity documents submitted as part of the onboarding process. This is all completed via its embedded video technology within the platform.
Not only does this solution meet compliance requirements, but also provides security against potentially fraudulent applicants.
All recordings are included in the end-to-end audit trail and are stored using secure encryption and cannot be accessed outside of KYCP, modified or tampered with. However, these recordings can easily be played back whenever needed. During the call, both the agent window and customer window are recorded.
The face-to-face module is also made available through the chat feature of KYC Portal’s Customer OutReach Tool. This chat function allows end-users to request chats, as well as conduct audio calls and face-to-face calls. This face-to-face module helps companies stay compliant.
Speaking about the tool, KYC Portal said, “KYC Portal streamlines and simplifies the onboarding process whilst allowing it all to be done 100% remotely and at the same time being automated and controlled through the back end of KYCP, increasing the efficiency of any compliance team.
“KYC Portal directly focuses on minimising the regulatory burden on business goals, and it has never been easier. The system also focuses on automating the operational aspect of compliance and due diligence, both from an onboarding perspective as well as the ongoing concern which also includes the screening for PEPs, sanctions and adverse media.”
Earlier in the year, KYC Portal released a report explaining why flexibility is a defining feature of client lifecycle management platforms.
Read the full report here.
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