4 Reasons Why Conducting Document Verification Is Important

The rate of digital transformation is currently at an all-time high, and virtually all businesses are moving away from traditional practices and toward digital ones. The global pandemic has hastened the development of digitalization, which has been accelerated as a result of businesses being compelled to conduct their operations through online techniques. The risk of identity theft and fraud committed online is at an all high as a result of the growing trend toward conducting more customer transactions online. Document authentication services are not an option; rather, they are a necessity for corporate operations that wish to maintain pace only with digital transformation while simultaneously lowering the risk of fraud.

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  Making certain that the actual identity is used

Authentication procedures are put into place to thwart the attempts of imposters to access your online accounts. During this phase of the process, the relevant organization will require you to enter your personal details into the system as well as upload the necessary papers. Because these files are kept on such an electronic platform, you will always have access to them, regardless of where you are or when you want to access them. The document is considered valid despite there having been no in-person inspection of the location in question. Only with document verification that you have already completed may you immediately log in to the program or your account without having to deal with the difference in time or location. You are able to carry out all of your self-service operations within the software even without assistance from a second person when you make use of document verification.

• Obtaining the trust of the customers

There has been a recent uptick in the number of businesses looking into the ways in which identity verification services may be used to win back the trust of customers while yet maintaining a convenient user experience. A great number of businesses are investigating the ways in which document verification uses can be used to instill greater trust in their customers while simultaneously easing any concerns that may still exist over the possibility of onboarding the incorrect kind of clients.

Among the most promising techniques involve Optical Character Recognition (OCR), which “reads” words written on an identification card as well as uses this information to populate form fields; Smart Capture, which also automatically identifies an identification type of document to use the camera in a user’s device; and Smart Capture, that also instantly affirms an identity document type using a user’s device.

• More quickly embarking on the journey

Onboarding processes must be streamlined and as painless as possible for today’s customers. The requirement of in-person, existing manual verification is becoming more of a burden as the practice of document verification becomes more widespread. Customers eventually give up, which is bad news for the company because its reputation is at stake. In light of the fact that 84% of customers believe that a successful onboarding experience is just as important as a company’s products and services, businesses have a need to place a high priority on the speed with which they gather and verify documents.

• Easily accessible

Using the latest document verification technology, verifying an individual’s identity is now as easy as presenting a digital photo of an identifying document such as a driver’s license or passport. This process was formerly extremely time-consuming. You can accomplish this either in person with such a webcam or remotely using a picture shot with your smartphone. Either option is acceptable.

Conclusion 

The most recent developments in identification verification technologies enable financial firms to potentially onboard subscribers in a quick and secure manner. Having anything to do with financial matters is a highly serious endeavor that must not be done lightly.