Till the COVID-19 pandemic tapers down, work from home and remote functioning have become our current “normal”. We’re in a time where digital transformation has been forced upon companies to remain afloat and surf the wave of changes this situation calls for.
Work processes are adopting new workflows and technology to ensure this period is productive and not stagnant. Staying connected is at the top of the list of work from home priorities. All interaction and meetings have now taken to calls and video conferencing. Third party video conferencing tools were aggressively downloaded by millions in this span. A few weeks in, however, privacy concerns have started circling many video conferencing platforms.
Privacy plague
Video conferencing has surged in popularity recently. Everything is being done online. From taking school lessons, virtually attending weddings, and hosting cabinet meetings. But, it’s privacy shortcomings have now been brought to the fore. In an era of social distancing, as everything takes to the digital, online security cannot be distanced from. It is imperative to protect personal data and organization data shared over the digital space. With most of the tech industry holed up at home, the sheer volume and frequency of shared data has multiplied.
In the past few weeks an online harassment method termed “Zoombombing” emerged [1]. Malefactors disrupted calls on the platform Zoom by flashing inappropriate content such as pornography, hate speech, and shock videos. Privacy advocates also revealed that popular video conferencing tools were caught sending personal data to Facebook. News reports are replete with such privacy concerns exposing these apps’ vulnerabilities.
Whether you’re the type to have tape over your laptop camera or not, it is safer to distance yourself from unsafe platforms. At the same time, privacy does not have to be sacrificed at the feet of convenience.
Digital Trust for Banks and Financial Institutions
For banks and financial institutions, it is imperative to maintain processes that do not jeopardize the privacy of their customers. And at the same time offer protection from fraud. A successful example of a banking workflow that is adapted to be 100% digital is the Know-Your-Customer process for onboarding and customer verification.
Using VideoKYC ensures there are no compromises on safety standards. We have honed the process with numerous layers of checks and balances. These include AI-enabled video forensics and identity document checks. They eliminate security gaps by combining human scrutiny with both software and ML and AI-enabled learning.
While generic video conference tools are not secure enough for financial services, our systems have always been designed for banking grade technology. We’ve developed our tools in a way that banks and financial institutions trust us with their data. This has now been taken a step further with our video-conferencing tool. It is developed keeping the needs of banks and financial institutions in mind.
In some cases the COVID-19 crisis is serving as an impetus to go digital. In other cases digital help is needed to coordinate between offsite and onsite officials. It is a daily need for confidential cross-country interaction. Either way video conferencing is essential to preserve uninterrupted work.
Enumerated below are some uses and features of this technology:
- Since it is a safe and secure method of communication with no scope of privacy infringement, banks can schedule a call with the customer. This will cut down on the back and forth time that accompanies financial transactions.
- Instead of the relationship managers from banks having to be physically present, they can now use our tool to communicate with the users. With COVID-19, this can help ensure banks continue their normal functioning, with higher efficiency. Our compliant VideoKYC has now merged with video conferencing, allowing REs to clarify issues in real time.
- The features are customizable for the bank. The organizer (bank) can restrict the functionalities available to the user. For example, a bank can decide they do not want to let the user switch off video during the interaction.
- The technology is good for auditing the call. Any breach in protocol can be caught through this auditing. Since this has been developed keeping banks in mind, no other third party software enables this.
Certainty of security in a time of uncertainty
We can’t say till when you’ll have to work from home. But, we can ensure that our tools are tested to be secure, simple, and even compliant.
- No leakage of data
The platform prevents the leakage of personal data such as email IDs and photos. - End-to-end encryption
We ensure end-to-end encryption of all data shared over our platform. A third party cannot decrypt the calls. - Seamless communication
While the technology ensures full protection of the interaction, the UI ensures it is also easy to use and seamless. - Only a person with an invitation can join the call. This prevents any hackers or miscreants from disrupting the call. Our video conferencing tool ensures there is no scope for malicious activity such as “Zoombombing” to occur.
- Signzy has control over the data flow. There have been recent concerns where data is being routed through China by video conferencing platforms [2].
Companies that adopt Signzy’s secure video conferencing have one less thing to worry about in these strange times.
About Signzy
Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.
Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.
Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com
Written By:
Signzy
Written by an insightful Signzian intent on learning and sharing knowledge.
