A few weeks ago, I spoke about Going Beyond Video Chat for FinTech. I shared some of the advantages of building a custom WebRTC meeting solution for large financial services firms with hundreds of agents and integrated data systems. Today, I’d like to talk about another reason why banks and other companies that handle high value data would benefit from WebRTC video: Remote Identity Verification.
I’ve been working with banks a lot lately. I own a business. I’m about to have two kids in college. I helped my sons open bank accounts and get their first credit cards. And finally, my wife and I bought a couple new vehicles last year as the family fleet aged. One frequent theme in all this banking has been identity verification. It’s one reason why many banks still want you to visit in person. I do like getting to know my bankers, but I don’t want to do all my banking in person!
Remote identity verification is a great use case for WebRTC video
Remote identity verification is a great use case for WebRTC video in the browser. We can combine it with a number of different AI/ML services to further facilitate a remote loan application process. Consider a workflow like this:
- Apply for a loan online
- To prove your identity, hold up your ID card to the camera of your computer
- The website takes a photo of the card and stores it with your application for later review by the loan officer
- To reduce the chances of error in filling out your form, as well as fraud, the loan application processes the data scanned from your ID card and compares it to your application
- Extracts the name on the ID card from the image and compares it to the name on the application (Image to Text, Keyword analysis)
- Extracts the ID number on the card (ie, Drivers License # or passport #) from the image and compares it to the name on the application (Image to Text, Keyword analysis)
- Using the key data extracted from the ID card, confirms it matches the types of ID’s accepted (drivers license, national ID card, passport)
- Compares the photo on the card to your actual face in the webcam (Image Detection and Facial Recognition)
Image to Text, Keyword Analysis, Image Detection and Facial Recognition Sweeten the Pot
By using video and AI, we’ve made the loan application process smoother, reduced the chance for errors or fraud, and enhanced the customer experience. The loan application is sent to a loan officer who can schedule a video chat to ask and answer questions, explain the loan terms, and anything else that needs to be done conversationally before the loan is completed.
That’s a lot better than spending a couple hours in the bank just to open a new savings account, especially when that also means coordinating the visit around teenagers, as when my son was home from college.
Would you like to explore custom video solutions for your firm? Contact us at WebRTC.ventures!