The Future of Identity Verification: Why Video KYC is Becoming Obsolete

In recent years, video Know Your Customer (KYC) technology has become increasingly common among businesses to quickly and easily verify the identity of their customers. We expect this trend to dissipate shortly, becoming obsolete.

By: Flagship Team

Because of the development of more innovative technologies in identity verification, video know-your-customer checks will probably become obsolete in the not-too-distant future.

Artificial intelligence (AI) and machine learning are examples of such technologies. Businesses can now use sophisticated algorithms to verify their customers’ identities without relying on video technology, thanks to the proliferation of artificial intelligence (AI) and machine learning (ML) across various business sectors.

Show Tweet from <blockquote class="twitter-tweet"><p lang="en" dir="ltr">Video KYC will be meaningless soon, I guess.</p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1603295726749904896?ref_src=twsrc%5Etfw">December 15, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Businesses can quickly and accurately verify a customer’s identity using multiple data sources, such as social media profiles, online information, and even biometric data, if they use artificial intelligence (AI). These data sources include online communication, social media profiles, and biometric data. Because of this, businesses can now verify a customer’s identity through other, more sophisticated methods. This renders video KYC obsolete.

Blockchain is yet another innovative technology shaking up the identity verification industry. Customers can create digital identities that are both secure and unchangeable thanks to the application of blockchain technology. Customers can now create a digital identity, which they can then use to verify their identity across various platforms and services. Customer can use their digital identities to verify themselves, eliminating the need for video technology. This renders the use of video KYC redundant.

Show Tweet from <blockquote class="twitter-tweet"><p lang="en" dir="ltr">.<a href="https://twitter.com/cz_binance?ref_src=twsrc%5Etfw">@cz_binance</a> is <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@binance</a> already thinking about other solutions to this problem? For instance, digital identity could be a solution that would require a one time physical check before the creation of the ID.</p>— Flagship (@FlagshipFYI) <a href="https://twitter.com/FlagshipFYI/status/1603386776806215684?ref_src=twsrc%5Etfw">December 15, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The proliferation of biometric technology is one factor that renders video KYC less critical. Facial recognition, fingerprint scanning, and iris scanning are examples of biometric technology advancing rapidly and becoming more widely available. Because of this, companies can now use biometric technology to conduct customer identity verification in a manner that is both speedy and accurate. Customers can now use their biometric data to verify their identity without video technology, which renders the video Know Your Customer (KYC) process obsolete.

To summarize, the development of artificial intelligence (AI), blockchain, and biometric technology is rendering video KYC obsolete. Because companies will soon be able to use these technologies to quickly and accurately verify their customers’ identities, video KYC will become obsolete in the not-too-distant future.

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