Table of content
Introduction to Video PD
Businesses are always looking for new and creative methods to improve consumer relations and streamline procedures in the fast-paced digital age we live in. Video Personal Discussion is one such innovative technology (Video PD). This video-based communication technology revolutionizes traditional verification and onboarding processes by providing real-time, tailored, face-to-face conversations that completely change the way organizations connect with their customers.
The Drawbacks of Conventional Verification Techniques
Regional Obstacles
Conventional verification techniques frequently run into geographic restrictions, making it difficult for firms to connect with clients who are far away. This restricts the clientele and leads to lost chances for development and expansion.
Prolonged Processes of Onboarding
Meetings in person and physical document checks might cause the onboarding process to move quite slowly. These procedures take a long time, which might irritate customers and make for a bad onboarding experience, which can eventually affect customer satisfaction and retention.
Absence of Individualization
Conventional verification methods, which frequently entail cold calls or in-person meetings, fall short of meeting each customer's particular requirements and preferences. The relationship and trust that companies want to establish with their customers may be harmed by this lack of customisation.
Higher Operating Expenses
Agent deployments to clients' residences or places of business are not only expensive but also time- and resource-intensive. Due to the potential strain on company resources caused by these high operating costs, traditional verification techniques become less effective and long-lasting.
How Video PD Gets Past These Obstacles
Building Human Relationships
Businesses can obtain extensive client data, including nonverbal cues and visual indicators, by utilizing real-time video interactions. This makes it possible for organizations to customize the onboarding process in accordance with a deeper understanding of the needs, preferences, and concerns of their customers.
Simplifying Data Collection
By enabling a personal connection between clients and business personnel, Video PD improves the verification process. Customers can communicate with actual people, ask questions, and get prompt feedback with live video calls, which builds engagement and trust.
Cutting Down on Onboarding Time
Customers need to spend much less time and effort throughout the verification process when video solutions are included. Customers can participate in customized video conversations rather than filling out long forms and surveys, which streamlines the process.
Video PD in the Insurance, Banking, and Financial Services (BFSI) Industry
Growing Take-Up
Video PD solutions for customer onboarding,KYC (Know Your Customer) procedures, and remote advising services are being adopted by the BFSI sector more and more. This trend is driven by the requirement for safe, in-person encounters in a digital format, which supports organizations in establishing credibility and upholding legal compliance.
Innovations in Technology
The security and effectiveness of these interactions are improved by the integration of AI and machine learning with Video PD infrastructure. Banks and other financial organizations may now more accurately verify the identities of their customers remotely thanks to AI-driven facial recognition and biometric authentication, which are quickly becoming common features.
Market Expansion
With Video PD solutions included, the AI in the BFSI market was estimated to be worth USD 14.2 billion in 2022 and is expected to increase at a compound annual growth rate (CAGR) of 33.9% to reach USD 94.1 billion by 2028. The increased reliance on AI-driven video solutions for fraud detection and client engagement is reflected in this growth.
Sectors Gaining from Video PD
Financial Services
Video PD helps banks, insurance businesses, and investment firms by securely onboarding new clients, confirming identity, and gathering financial data in a tailored and effective way.
Insurance Providers
In order to evaluate risk and determine premiums, insurance companies need comprehensive client data. They can collect this data effectively and safely thanks to Video PD.
Public and Government Sectors
Video PD is a tool that government agencies can use to verify identities and collect data, which is necessary for processing benefits or issuance of identification documents.
Live-Commerce
With Video PD, e-commerce merchants can improve client onboarding, authenticate users, and offer tailored assistance throughout the buying process.
Medical Care
Healthcare providers use Video PD to ensure regulatory compliance, perform virtual consultations, and onboard new patients.
Advantages of Using Video PD
Customized Client Experience
Businesses may design a unique and interesting onboarding experience using Video PD . Real-time video solutions facilitate the development of personal relationships, improve comprehension of client demands, and offer customized support.
Enhanced Productivity and Efficiency
Video PD saves time and work by expediting the onboarding process for both businesses and customers. It is easier to use and more efficient when long forms and questionnaires are removed..
Comparative Benefit
Putting Video PD into practice gives companies a competitive advantage. Businesses can stand out from rivals by providing a customized and effective onboarding experience.
Adherence to Regulations
By offering a safe and auditable verification procedure, Video PD assists companies in adhering to pertinent rules and regulations in sectors like banking and healthcare that have stringent regulatory requirements.
Pixl: Pioneering the Use of Video PD Systems
Extensive Features
In order to satisfy the various needs of companies and their clients, Pixl provides an extensive feature set. Secure video conferencing, sophisticated identity verification, flexible workflows, audit trails and compliance, smooth integrations, and perceptive analytics are some of the salient features.
Safe Online Video Meetings
Pixl offers a dependable and safe video conferencing solution for face-to-face, real-time communication between business personnel and clients.
Verification of Identity
During the onboarding process, sophisticated technologies like document verification and facial recognition guarantee the legitimacy of customers' identities.
Tailorable Procedures
Businesses can customize the onboarding process to meet the unique demands of their customers and special criteria thanks to Pixl's end-to-end configurable SDK.
Audit Trails and Compliance
Features for cloud recording guarantee thorough audit trails, which assist companies in complying with regulations and presenting proof of their verification procedures.
Smooth Interfaces
Pixls solutions facilitate seamless data flow and a unified customer experience by integrating with identity management platforms and current systems.
Final Thoughts
With the help of Pixl's insightful and analytical tools, organizations can monitor important performance metrics, pinpoint areas in need of development, and make informed decisions.
Pixl: Pioneering the Use of Video PD Systems
There will be a constant need for Video PD solutions as the digital landscape changes. Companies who use this technology will be in a strong position to stay competitive, satisfy evolving client demands, and adhere to legal requirements. Businesses may usher in a new era of tailored client encounters through the use of Video PD, increasing customer pleasure, operational effectiveness, and long-term profitability.
Businesses may drastically improve client onboarding, increase operational effectiveness, and uphold regulatory compliance by utilizing Video PD technology, giving them a competitive advantage in the marketplace.