After COVID-19, it became crucial for businesses to shift their activities online, and the companies that follow this transformation have survived. The digital system has become an essential part of our daily lives. More and more digital interactions attract the attention of hackers as they come up with new tricks to exploit the user’s account. Businesses getting online services also increase the risk of fraud. In 2022, more than 21.5 thousand incidents were reported. To safeguard the company and customer’s credentials, electronic ID verification services are verifying the identity of the people, allowing only verified persons to log in to the user account.
What is Electronic Verification of Identity?
Verifying a person digitally using biometrics such as face, voice, sound, and fingerprints ensures that the person is authentic. These solutions provide services in almost every industry, from financial to healthcare. They are customisable, and their working changes with the company’s structure. E-IDV solutions can handle large amounts of data; every verification is done in seconds.
Importance of Electronic ID Verification
- These scanners prevent companies from all kinds of scams, as they check the authenticity of the customer through multiple steps. They streamline the onboarding of customers, keep attendance records, unlock phones and monitor the customers.
- Many business activities are made convenient through it; these verifiers save the time of companies and customers. Implementing these solutions can show a significant increase in the companies’ revenue.
- Electronic ID verification services are reliable and authentic as every task is performed by advanced artificial intelligence tools and machine learning; no manuals are required for its functioning. They are free from all kinds of human errors, as the systems do not get tired or unconsciously commit any mistake.
- Customer onboarding is streamlined through it, and individuals living in remote areas can also be verified. People from rural regions did not enjoy such benefits in the past because it took time to travel to cities to get them registered. Electronic identity verification has made these processes convenient for them, as they do not have to follow 9 to 5 timings of the offices for their registration and other protocols of the companies.
- The clients’ documents are also uploaded in the soft form and then matched against the templates available in the database. If they are matched, then verification is completed. Otherwise, the scanner will reject the request.
- Companies can lessen their paperwork in record keeping and onboarding of their clients; every task is performed digitally. So businesses can maintain their records of the customer’s data. Everything is stored in the database of the company. Whenever the client faces the camera or their fingerprint verification is done, the complete data of the customer will pop up.
- Reusable digital identities are also possible; customers do not have to get verified repeatedly. This verification is performed once, and next time, if a client wants to open an account, he just has to face the camera; no further documents or verifications are required for it.
Working on Electronic Identity Verification
The following steps are involved in the functioning of E-IDV:
- Customers submit scanned documents, such as residential addresses, utility bills and identity card numbers.
- A liveness check of the client is done to ensure that a natural person is present.
- Data given by the customer is matched against the templates already present in the database.
- If the documents are identical, they are verified; otherwise, they are rejected.
Industries Implementing E-IDV Services
These solutions are used in every industry, and their wonders can not be denied. Here, we will discuss some initiatives that are getting electronic identity verification services.
- Banking
- Insurance Companies
- Government
- Health Sector
- Fintech
- Gaming
- Real Estate
- Forex
These solutions have simplified the activities of these industries and made their functioning more accurate and dependable. Businesses’ success is only now possible with the role of these systems.
Conclusion
Business operations are scaled through these verification systems as these solutions minimise the risk to the company by continuous monitoring of the clients. Risk assessment prevents companies from any kind of future scam because every client will be well known by the business. E-IDV promises a positive customer experience, as it offers a friendly interface to them. Clients prefer the companies that keep the customer’s credentials in safe hands. These digital technologies also lead to an increase in economy; therefore, the government has made it essential to comply with businesses with the latest Anti-Money Laundering (AML) regulations. Companies implementing these solutions can even rank them globally due to the remarkable wonders of these verifiers.
