What is Video PD?

Video PD (Video Personal Discussion) is an innovative technology that transforms the way businesses interact with their customers. It is a video-based communication medium that enables real-time, personalized face-to-face interactions between customers and businesses, revolutionizing the traditional verification and onboarding processes.

Video PD allows connecting with a live representative to customers through a secure video call. This enables businesses to verify the customer's identity, gather necessary information, and provide a tailored onboarding experience, all while maintaining a personal touch.

By integrating video solutions, businesses can better understand their customers' needs, build stronger relationships, and enhance the overall customer experience. This technology is particularly useful for banking, financial institutions, lenders, healthcare, live-commerce, and other organizations that require detailed customer information for verification and onboarding purposes.

How Traditional Verification Processes Fall Short?

Traditional customer verification and onboarding processes face various challenges that restrict significance and impact the overall customer experience. The inability to establish a personal connection during the verification process can also undermine the trust and connection that businesses aim to build with their customers.

Another challenge is the limited ability to verify the customer's identity effectively. Traditional methods, such as document scanning or authentication, can be susceptible to fraud and may not provide the level of security and assurance that businesses and customers require in today's digital landscape.

There are more challenges in traditional verification processes:

  • Geographical Limitations: Businesses are often unable to reach out to customers in remote or distant locations, leading to a limited customer base and missed opportunities.
  • Delayed Onboarding: The time-consuming nature of in-person meetings and physical document verification can significantly slow down the customer onboarding process, resulting in a poor customer experience.
  • Lack of Personalization: Phone calls and face-to-face interactions, while required, can often feel impersonal and fail to address the unique needs and preferences of each customer.
  • Increased Operational Costs: Sending agents to customers' homes or offices can be a costly, time-consuming, and resource-intensive process, putting a strain on the business.

Understanding these challenges is crucial in appreciating the value that innovative solutions like Video PD bring to the table.

How Video PD Solves the Personalizing Customer Interaction Problem?

Video PD addresses the shortcomings of traditional verification processes by providing a more personalized and engaging customer interaction. By leveraging real-time video interactions, businesses can create a seamless and efficient onboarding experience that caters to the unique needs of each customer.

One of the key advantages of Video PD is its ability to establish a personal connection between the customer and the business representative. Through the live video call, customers can interact with a real person, ask questions, and receive immediate feedback, encouraging a sense of trust and connection that is often lacking in traditional verification methods.

The video-based solution allows businesses to gather more comprehensive information about their customers, including visual cues and non-verbal communication. This enables them to better understand the customer's needs, preferences, and concerns, and tailor the onboarding process accordingly.

Businesses can also streamline the verification process, reducing the time and effort required from the customer by integrating video solutions. Instead of navigating through lengthy forms and questionnaires, customers can simply engage in a personalized video discussion, where the necessary information can be collected in a more efficient and user-friendly manner.

Increasing Adoption

The BFSI sector is increasingly adopting Video PD solutions for applications such as customer onboarding, KYC (Know Your Customer) processes, and remote advisory services. This trend is fueled by the need for secure, face-to-face interactions in a digital format, which helps build trust and maintain compliance with regulatory standards.

Technological Advancements

Integrating AI and machine learning with Video PD infra improves the security and efficiency of these interactions. For example, AI-driven facial recognition and biometric authentication are becoming standard features in Video PD systems used by banks and financial institutions to verify customer identities remotely.

Market Growth in BFSI

The AI in the BFSI market, which includes Video PD solutions, was valued at USD 14.2 billion in 2022 and is expected to reach USD 94.1 billion by 2028, growing at a CAGR of 33.9% during 2023-2028. This growth reflects the increasing dependence on AI-driven video solutions for customer interactions and fraud prevention in the BFSI sector.

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Who needs a Video PD (video personal discussion)?

Video PD is useful for organizations that require detailed customer information for verification and onboarding purposes, such as:

  • Financial Services: Video PD is particularly beneficial for banks, investment firms, and insurance companies can use Video PD to securely onboard new customers, verify their identities, and collect necessary financial information in a personalized and efficient manner.
  • Insurance Companies: Insurance providers require detailed information about customers to decide risk and set premiums.
  • Government and Public Sector: Government agencies need to verify identities and gather information for various purposes, such as issuing identification documents or processing benefits.
  • Live-commerce: Online retailers can use Video PD to enhance their customer onboarding experience, verify customer identities, and provide personalized support during the purchase process.
  • Healthcare: Healthcare providers can leverage Video PD to onboard new patients, conduct virtual consultations, and ensure compliance with regulatory requirements.

Across these diverse industries, Video PD offers a solution that addresses the limitations of traditional verification processes and delivers a more personalized, secure, and engaging customer experience.

Why Should Businesses Implement Video PD In Their Customer Onboarding Process?

Implementing Video Personal Discussions (Video PD) in the customer verification process can enjoy several benefits that improve the overall customer experience and streamline their operations:

  • Personalized Customer Experience: Video PD allows businesses to create a more personalized and engaging onboarding experience for their customers. By leveraging the strength of real-time video solutions, businesses can establish a personal connection, better understand customer needs, and provide tailored support accordingly.
  • Improved Efficiency and Productivity: Video PD can streamline the customer onboarding process, reducing the time and effort required from both the customer and the business. By eliminating the need for lengthy forms and questionnaires, the process becomes more efficient and user-friendly.
  • Increased Security and Fraud Prevention: Video PD offers a more robust identity verification process compared to traditional methods. By leveraging facial recognition, document verification, and real-time interaction, businesses can better provide the authenticity of their customers and mitigate the risk of fraud.
  • Competitive Advantage: Implementing Video PD can give businesses a competitive edge in their respective industries. By offering a more personalized and efficient onboarding experience, businesses can differentiate themselves from their competitors and attract and retain customers more effectively.
  • Regulatory Compliance: In industries with strict regulatory requirements, such as finance and healthcare, Video PD can help businesses comply with relevant laws and regulations by providing a secure and auditable customer verification process.

By adopting the Video PD Solution, businesses can enhance the customer experience, improve operational efficiency, and gain a competitive advantage in the market.

How does VideoSDK help with Video PD Solution?

VideoSDK is a leading and best video PD solutions provider across the globe that helps businesses streamline their personalized experience. We offer a comprehensive suite of features that cater to the diverse needs of businesses and their customers. Some of the key features include:

  • Secure Video Conferencing: Provides a secure and reliable video conferencing solution that enables real-time, face-to-face interactions between customers and business representatives.
  • Identity Verification: VideoSDK leverages advanced technologies, such as facial recognition and document verification, to ensure the authenticity of customer identities during the onboarding process.
  • Customizable Workflows: Our end-to-end customized SDK offers the flexibility to customize the onboarding workflow, allowing businesses to tailor the process to their specific requirements and customer needs.
  • Compliance and Audit Trails: VideoSDK’s cloud recording feature for detailed audit trail purposes, ensures that businesses can meet regulatory requirements and provide evidence of their customer verification processes.
  • Integrations: Our solutions often integrate with existing systems and identity management platforms, enabling seamless data flow and a unified customer experience.
  • Analytics and Reporting: VideoSDK’s solutions provide businesses with valuable insights and analytics, allowing them to track key performance indicators, identify areas for improvement, and make data-driven decisions.

Features Offered By VideoSDK

VideoSDK solutions come with a range of features that enhance the customer experience and streamline the verification process:

  • Accurate Geo-tagging: Precise location tracking to verify the customer's identity and the authenticity of the interaction.
  • Image and Video Capture: The option to capture and store relevant documents, photographs, and video footage for future reference and compliance purposes.
  • Storage Integration: Own storage integration option with an instant dump feature for real-time recording and audit.
  • Secure Data Encryption: Robust data encryption protocols to protect sensitive customer information and ensure compliance with data privacy regulations.
  • Analytics: Our analytics dashboard provides valuable insights that allow you to track key performance indicators and make data-driven decisions.

By leveraging these comprehensive features, businesses can enhance their customer onboarding experience, improve operational efficiency, and maintain regulatory compliance, all while strengthening their competitive position in the market.

Conclusion

As the digital landscape continues to develop, the demand for Video PD solutions will only grow. Businesses that embrace this technology will be well-positioned to meet the changing expectations of their customers, stay ahead of the competition, and maintain regulatory compliance in an increasingly complex business environment.

By implementing Video PD, businesses can unlock a new era of personalized customer interactions, driving customer satisfaction, operational efficiency, and long-term success. This technology will play a pivotal role in shaping the future of customer engagement and onboarding.