In the modern digital world, identity fraud and incidents of money laundering & terrorist financing are increasing with time. For this reason, business experts want to implement an innovative digital solution to help enterprises fight crimes and streamline their business operations. The implementation of document check services can facilitate corporations achieve their targets timely. This way, professionals can maintain a competitive advantage and offer a positive experience for users.
The following article looks closely at the importance of document check solutions and how businesses can use the innovative system easily.
Document Authentication Solutions: A Quick Insight
Record authentication is a solution for verifying clients’ identities by screening government-issued records. For this reason, customers can only submit ID cards, rental agreements and passports.
AI-driven record authentication services can facilitate financial firms to identify & discourage fraudulent activities. The support from Artificial Neural Networks (ANNs) can help the system process large volumes of data without lowering the quality of the final output. The state-of-the-art service checks holograms, micro-print, and MRZ code. Clients can quickly authenticate their identities by providing an image of their government-issued records.
Applying document check can help businesses streamline their onboarding procedure and ensure a positive experience for clients.
The rising cases of fraud are perplexing for specialists and to mitigate the risk of such cases, it is important to provide proof of identity before accessing digital accounts. In case of inconsistencies in records, the system will stop processing the application. Only in the case of genuine records, do customers receive final verification results.
Top 5 Benefits of Document Check Solutions
Quick Turnaround Time
There is no need for clients to submit their identity verification records and wait for several days and even months to receive the final results. The application of online document check can help businesses offer a positive experience to customers and validate their identities quickly.
Ensuring Simplicity of the Process
Nowadays, identity verification systems have become as simple as offering a digital photo of government-issued passports or driving licences. This can be easily accomplished with a webcam or a selfie from a smartphone.
Providing Faster Services
Corporations that use the latest document check solutions can easily streamline their customer onboarding procedure. This approach frees customers from waiting in long lines or even physically visiting the office for ID verification. The application of an innovative approach enhances customer satisfaction & increases brand awareness.
Fighting Identity Theft
Using the latest document checking approach can help organisations fight identity fraud by validating users’ identities through official papers.
Facilitating a Positive Customer Experience
Implementing the latest document check solutions can help businesses to increase customers’ confidence and offer a positive experience every time.
Ensuring Flexibility
Document check services can help enterprises manage the whole record authentication solutions while ensuring uniformity and flexibility across jurisdictions worldwide.
As per Straits research, the global identity verification market size will reach a financial worth of around 32.94 billion by 2030, showing a CAGR of 16.35% from 2022 to 2030.
As per the report, the main market driver behind the sector is the growing literacy around internet and digital platforms.
The growing need for virtual identity verification will contribute to the rise of smart solutions given by corporations. Growing online operations e.g., bank transactions and online onboarding have highlighted the importance of the service in global marketplaces. The rising demand for internet services has also led to the expansion of third-party IDV solutions worldwide. This way, firms can easily verify customers’ identities digitally. Moreover, people around the world are becoming more literate about digital platforms through the use of internet services. Finally, the rising number of consumers worldwide who purchase online solutions also contributes to the expansion of the IDV market or document check solutions.
Corporations can easily depend upon online data and computer networks for daily operations and accomplishing commercial objectives. In modern times, internet users are sharing and storing sensitive and financial data. Cybercriminals use fake credentials to open smartphones, make internet payments and pose as digital merchants to achieve malicious goals. The application of document check can easily fight the rising cases of fraud.
The Bottom Line
The application of document check services can streamline the onboarding experience for businesses. This way, corporations can easily attract genuine clients worldwide while providing a positive customer experience.
Using state-of-the-art customer checks can help businesses ensure high data security and discourage bad actors from exploiting mainstream systems. Hence, the importance of record authentication services becomes obvious.
