Online account opening process is a reality that does not take so long between us. The characteristics of the KYC (Know Your Customer) process and its associated controls (such as AML standards) make the online bank account opening process require a series of specific controls and security standards.
However, thanks to new technologies and remote user identification methods, KYC has transformed into eKYC. The traditional account opening process is not just optimised, simplified and improved, but the appropriate parameters at a technical, legal and security level are established to be able to carry out the process remotely with complete confidence.
Find out here why selfie solutions are not compatible with online account opening.
What is Videoconferencing
Videoconferencing is one of the two main methods for remote user identification. It mainly consists of making a video call between the client or potential client and a qualified agent in order to carry out the necessary checks to verify their identity. This video call is recorded and registered for regulatory compliance purposes.
The agent guides the user in such a way that he carries out actions and checks that verify his identity. The process is simple and agile and can be done in less than three minutes.
Videoconference or Video IDentification for online bank account opening?
Unlike videoconferencing, the video identification process does not require a qualified agent to be present during the process of acquiring proof of life and identity checks. Thanks to advances in AI and machine learning, Video identification solutions such as VideoID allow identity verification to be carried out automatically and in a shorter time.
Instead of being an agent who guides the user through the identity verification controls, it is a digital narrator who does it. This process has the same security support as videoconference identification, complying with AML5, eIDAS and KYC standards. If necessary, an agent in a back process would review the process later.
Request a demo of VideoID, the standard video identification solution.
Despite the great advantages of video identification, some companies, organizations and institutions prefer to opt for videoconferencing solutions for their remote identification processes. Therefore, from mixed solutions to fully automated or fully agent-guided solutions are offered for each bank account opening process.
Online account opening process
ConferenceID is the solution that allows having an online interview with the client to verify and register identity for the online opening of a bank account:
- The process is carried out by a qualified agent who guides the user during the video conference interview at all times.
- The agent first initiates the artificial intelligence process that detects, verifies, and records customer or potential customer’s identity proofs while overseeing the process and each and every identity check.
- Subsequently, he requests the client to show the front and back of the identity document to obtain validation and registration.
- Additionally, the user can be asked to show his face and smile to record the biometric pattern for later authentication purposes. This solution provides a unique omnichannel customer relationship experience throughout its complete cycle.
- The entire process is logged and saved for compliance purposes with the strict requirements of MiFID2, AML5, eIDAS and GDPR.
ConferenceID, online account opening solution via videoconference
ConferenceID, which includes several of high-security VideoID’s technologies, is the complete solution for online account opening using the videoconferencing system.
At the same time as a qualified human agent supervises and certifies the process, the artificial intelligence performs more than 20 security checks such as hologram detection, identity document validity registration and verification, as well as a data crossing between the face of the client and the one shown in the document.
Therefore, online account opening process is completely safe, reliable, agile and complies with the most demanding AML regulations globally and the KYC requirements demanded by the different countries.
Contact eID for more details and information on ConferenceID.