We sit down with our Principal Product Manager, Nitesh Nahta and Senior Product Marketing Manager, Suzy Thomas to find out why VideoIdent Flex is all set to become a game changer.
In April 2024, we launched VideoIdent Flex, a customizable video identity verification solution aimed specifically at the UK market.
Our original expert-led product, VideoIdent, has been a cornerstone in identity verification for over a decade, serving the strictest requirements in highly regulated industries across Europe. VideoIdent Flex, re-engineered specifically for the UK market addresses the nation’s growing challenges of identity fraud and compliance related Know-Your-Customer (KYC) and Anti-Money Laundering (AML) requirements. It also ensures fair access and inclusivity in today’s digital world.
Can you tell us a little more about VideoIdent Flex?
Nitesh: VideoIdent Flex, from our expert-led video verification toolkit, will revolutionize the onboarding process by focusing on the human touch in KYC onboarding. Our proprietary technology will boost conversion rates while thwarting escalating fraud attempts. What sets it apart? Unlike its predecessors, VideoIdent Flex transcends its origins as a German-centric product. Leveraging years of refinement, insights and unmatched security, we’re extending its capabilities beyond German borders.
Suzy: VideoIdent Flex caters to a diverse range of global use cases, including boosting customer conversion rates, reducing fraud attempts, verifying high-risk individuals and onboarding VIPs. It offers a face-to-face service or provides an accessible and personalized alternative to automated identification processes.
Further differentiating IDnow in the market, VideoIdent Flex can also be combined with our digital signature solutions, allowing us to expand into loan and investment use cases from financial services, as well as recruitment, legal and insurance. With its advanced technology and expert-led verification, VideoIdent Flex offers three pre-configured packages tailored to suit different risk levels within organizations.
How important do you think VideoIdent Flex will be to the UK market?
Nitesh: Video verification is already a trusted AML-compliant onboarding solution across many European countries. Enter VideoIdent Flex: a versatile product catering to both AML and non-AML needs, boasting a seamless process, high conversion rates, and budget-friendly pricing. This marks a significant shift for IDnow, offering a distinctive value proposition that sets us apart. It’s a game-changer, enticing customers outside of the DACH region who hadn’t previously explored expert-led video verification.
Already embraced by numerous EU clients, this launch signifies our expansion beyond the DACH market, solidifying our foothold across the continent.
Suzy: I’m excited about the potential impact of VideoIdent Flex! It not only expands our market reach beyond the DACH and France+ regions, but also allows IDnow to break into new territories, including regulated and unregulated sectors in the UK, and non-regulated markets in DACH, France and beyond. With the UK’s highly competitive document and biometric verification market, VideoIdent Flex serves as a powerful differentiator, offering a face-to-face, fraud busting solution that will drive organizations to better recognize, trust and engage with IDnow.
I believe there are three main drivers that make this an excellent time to launch our new solution:
- The economic pressures to close expensive physical branches.
- Increasing consumer demand for remote digital experiences that can be accessed anytime, anywhere.
- Societal pressure driving environmental and corporate governance concerns.
We’re excited to launch and see the market reaction. We believe it significantly enhances our value proposition and solidifies our position as industry leaders in identity verification.
Interested in more information about VideoIdent Flex? Check out our recent blog, ‘How video identity verification can help British businesses finally face up to fraud.’
By
Jody Houton
Senior Content Manager at IDnow
Connect with Jody on LinkedIn
