Digital document verification in businesses with global coverage of clients and an immense network of AI models brings forth nothing but accuracy and speed.
The divergence from conventional methods of authenticating a client’s ID by corporate and the financial sector so far has made commendable improvements in the business cycle of organizations.
The service of identity document verification by global IDV providers is recommended by successful enterprises in different industries.
It is obvious that bringing any change in a firm’s infrastructure or operation models affects countless things including customer reaction and experience therefore any modification needs to be thoroughly examined.
It needs to be understood by businesses that by implementing AI-driven authenticating systems, the number of financial crimes, information breaches, and regulatory non-compliance penalties by a huge difference, that too on a reasonable price. The procedure of identity document verification is concise and close to perfection.
How Does Digital Document Verification Work?
- A client for customer onboarding is required to submit a couple of images of ID records. The AI-based solution accepts multiple sorts of documents, including passport, CPR smart, employee letter, driving license, ID card, and so on
- For identity document verification, the customer also needs to transfer a recently taken selfie on the interface of the solution
- Afterward, the digital system authenticates the ID of the client in no time by confirming the presented credentials from international non-public data banks and sanctions. OCR service converts the soft copies of documents into text for authentication.
- The facial recognition technology in document validation services confirms the customer by authenticating facial dynamics and comparing them with the face on the submitted proofs in identity document verification.
- The entire screening process takes seconds and displays the final conclusion with maximum authenticity
Standout Features of Document Verification Services Provider
AI-based systems in customer onboarding are recommended for numerous reasons that provide a headstart to every business owner in the race against fraudsters. There are a plethora of characteristics of the global solution. To name a few:
Near Field Communication technology is the best of the lot. By the time there were NFC-enabled ID proofs issued by the government, the providers of identity document verification seized the opportunity.
A business can swiftly validate clients despite an extensive setup of computers and smart technologies.
Due to this particular feature, a financial institute or a normal enterprise can confirm a client with a simple smartphone in no time.
Identity document verification with information of international e-data storage units makes the customer onboarding seamless and free of errors. A business can never guarantee its clients and their intentions. The display of money laundering status and other sanctions clears the doubt.
On the basis of identity document verification, a concerned business in the corporate or financial sector can use a risk-based approach and categorize its customers into low-risk, neutral, or high-risk sections.
Great Customer Experience
The accuracy rate and swiftness are some of the highlight qualities of AI-based systems that lead to a better customer experience. A globally ranked solution of identity document verification can facilitate business owners to authenticate their customers at an ultrafast pace.
Quick conversion of prospects to the clients increases the revenue and the AI models take care of false documents and imposters throughout. This is a unique selling point of identity document verification that benefits the client firm and its customers as well.
The solution for identity document verification can easily spot false certificates and discard synthetic customers because of the immense network of thousands of AI models. How often it is said that a machine cannot shine in some aspects like a human expert.
Now due to deep learning, automated solutions of identity document verification can be understood like humans as well, and therefore the margin of inaccuracy gets even more reduced.
Now or Never
Financial violations are at their peak, in the most developed and progressing nations, the crime ratio is going beyond limits. All of this simply supports the fact that identity document verification through AI-based systems is the present and the future.
Especially due to the recent work from home situation, the client onboarding and recruitment process of companies have been completely digitized, giving the scammers more room for their game.
Identity document verification is highly optimizable for literally every single entity surviving out there in this pandemic. Banks, insurance companies, crypto exchanges, healthcare providers, ride-hailing platforms, gaming, and the list can go on forever. All of these are victims of ID frauds that lead to financial offenses.
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The identity document verification solution is becoming an urgent need of business entities and the financial sector in this climate of consistently increasing ID frauds and financial violations.
Every business with a growing revenue margin is a target of scammers. Identity document verification merely takes a few seconds but provides ultimate protection to businesses.