With criminals using refined techniques to impersonate identities. It is significant for businesses to e-verify the documents of their clients in a more secure way.
Technology is massively evolving by providing numerous benefits to various sectors. Identity verification is a major concern in this matter to ensure a secure customer onboarding process. For keeping customers satisfied and uplifting a business’s growth, it is essential for companies to adapt to the latest advancement made in document verification solutions. Fraudsters have found new loopholes to perform data breaches by using fake documents. Using the advanced software for modifications, it makes them challenging for businesses to differentiate between original and fake documents. With the massive increase in the number of identity thefts worldwide, as per FTC, around 2.2 million identity complaints were registered in the year 2020. To fight this rapidly increasing menace, it is significant for businesses to e-verify the documents of their clients to deter any potential risks of fraud.
How does AI-based Document Verification Help in Combating Frauds?
To prevent the cases of deception, the financial task action force (abbreviated as FATF) has embedded laws and regulations based on the KYC/AML compliance, adhering to businesses to listen. According to these laws, companies are required to perform due diligence on the clients before onboarding them. Complete evaluation of their documents will allow them to develop relationships based on trust. A document verification system will check if the client of having any links with high-risk individuals. It fetches out details about any cases of money laundering associated with them in the past. This process was manually carried out through in-branch visits to banks, government offices, and much more. Thanks to the advanced technologies, this process has become seamlessly easier with the help of artificial intelligence-driven document verification solutions.
Can Complex Manual Document Verification Procedures Harm The Businesses?
Customer onboarding is a crucial step for ensuring a business’s success. Getting authentic clients onboarded who have better intentions is vital for companies through verifying their identities. Going through the whole procedure of in-person visits and waiting for the results of verification for weeks can be time-taking. Complex procedures of manual document verification systems can affect the customer’s decision. As per Finextra, 40% of Brits abandon the procedure because it is time-consuming and involves hassle. In contrast to this, online document verification services verify documents digitally in an efficient way without the need for physically visiting an office. Since the system is AI-based, minor manipulations made to the documents get detected which may get missed by the officer during the manual process.
How to Verify Documents through Online Document Verification Services?
As businesses need more reliable, cost-effective, and accurate solutions, it is feasible for them to implement digital document verification solutions. Moreover, to verify documents online, the user has to merely upload an image of the government-issued document such as their passport, ID document, or any other legal document, etc which acts as proof of evidence to cross-check the details of the user’s details. So, after extracting the data through OCR, and analyzing that all the necessary documents checks are in place, the verification results are dispatched which are later on saved in the client’s back office.
Why does Digital Document Verification need to be Implemented?
Customers opting for the traditional methods of verification have to go through a set of officers to get their documents verified. Hiring these officers to check paper files can let the company face huge amounts of costs that are being paid to them. Digitally-enabled document verification solutions can help companies to cut costs as the system is automated.
Don’t Get Left Behind
Competitors are increasing in the market on a daily basis by adopting new innovations. However, this can heavily impact the customer’s expectations as now they want to attain quick results. Knowledge-based verification and two-factor authentication have become incompetent ways of verification. Moreover, the arrival of AI-based authentication made it possible. So, in order to compete with them, businesses need to adopt online document verification services by leaving behind ineffective forms of manual verifications.
Retain Customer Loyalty
Moreover, providing a seamless customer experience is the main goal for retaining customer loyalty. Businesses can value the time and money of their clients by implementing online document verification services. So, it will provide accurate verification results speedily, saving time for the consumers.
Wrapping it Up
Document verification can provide immense benefits to the companies as they can verify documents in cost-effective ways by using advanced encrypted technologies. Gone are days when a customer had to physically visit offices to submit their documents. Since the process to e-verify documents has made document verification much smooth and more secure. Moreover, the accuracy is not questionable in contrast to the manual document checks. Many industries are taking advantage of it such as finance, healthcare, the e-commerce industry, and much more. So, by enhancing customer loyalty, companies can readily onboard customers in a more convenient and secure way.