Every other research publishes that identity fraud cases have risen globally and reached almost 45% by 2020. Moving forward, in 2021, only Americans incurred a loss of $56 Billion due to cyber identity theft cases. So, identity verification has gained popularity because of the significant loss incurred by companies and taxpayers. However, due to the heavy risk involved, many businesses still know in-person ID verification involving face-to-face identity verification and real-time investigation. For instance, this verification is extremely required when opening a specific bank account or requesting for a loan. Hence, with enhanced digitization, these ID document verification is why companies are shifting their concerns towards online as in-house verification is not standardized and scalable.
Why do Companies want to Transform In-house to Identity Verification Documents?
The growing number of Android phone subscriptions surpasses 6 billion and is projected to grow by a hundred million in the following years. With this advancement in Android phones, individuals are linked with the services almost every time. Hence, clients can do P2P payments, banking, international transfers, and shopping more conveniently with their Android phones.
More e-services lead to more client data, which increases the requirement to secure the information from imposters and individuals searching to breach the data. Therefore, firms need online verification of identity documents.
Reasons why document verification is essential are listed below:
- How to Reduce Fraud Prevention and Data Breaches
Increased frauds and data breaches have pushed companies to adopt ID document check procedures with optimal security measures. Therefore, the in-house person verification must be non-standardized and leave space for human errors. However, online document verification can quickly eradicate these errors.
- How To Improve Growth in Online Channels?
Industries have drastically moved towards cloud-computing channels during the COVID-19 so the following are the results:
- 66% of users use at least three communication channels to contact client service.
- 90% of users expect a digital portal for client service.
Firms must adopt online platforms with such a boom in digitization to conduct different business activities such as onboarding, shopping, and payments.
What are the Advantages of ID Document Check for Organizations?
- Instant Turnaround Time
Online document verification offers an instant turnaround for clients and organizations. It also helps physically drop the ID papers for investigation and then wait for an approximate time to get them authentic. Moreover, clients and firms can complete this verification electronically in a shorter time than required.
- Enhanced Client Experience
User experience is the most exciting business opportunity for firms. In the digital age, clients want a customer-centric user experience and a remarkable experience that urges them to eradicate all barriers to provide frictionless accessibility to its services. Here, “frictionless” is straightforward and provides a remarkable client experience.
- Avoid Money Laundering and Fraud Concerns
Applying efficient document verification procedures helps firms eliminate money laundering and fraud concerns. Therefore, companies use multifactor authentication for user ID verification. With time, more transactions with authentic ID processes are done to help companies eradicate data breaches in their companies.
- Improve and Sustain the Firm Reputation
To move in the long run, businesses must sustain a good reputation with their clients. However, with multiple online selections, it’s quite difficult for users to transform from one brand to another. Most firms depend upon authentic document verification processes that make it easy for customers to trust the firms and handle their sensitive data with more security. Hence, it improves the business’s reputation and makes clients trust the brand.
Why is Online Document Verification Important?
Users are more concerned about the privacy of their sensitive data while using any services. Clients will not retain if there is any loophole or the firm cannot secure their data. Therefore, online document verification is required to protect the data to service them in the long run. It’s essential to ensure a relationship between user and secure their identity in this digital era and security breaches. Following are some identity verification cases:
- Banking and Finance
It involves a banking process involving financial procedures and bank account opening for online purchases or sales.
- Financial Services
Document verification plays a vital role in the financial services industry to process claims, pricing, and credit underwriting to recognize the user and their spending habits to provide efficient services.
- Government and Public Administration
Identity document verification is essential for
- Medical applications documentation
- Identification to make different accounts
Also Read Role of online learning
It’s time for companies to consider supervising and leveraging these online digital identities. Companies must ensure they have the advanced technology to deal with the imposters. Furthermore, managing digital identity techniques by keeping your user in mind is essential.