Working of Online ID verification Process

Identity verification has become a familiar and everyday practice in our humans' life. We’re required to fulfill these norms again and again in a day, be it while punching a password at some counter or giving our ID proofs to get something done and proceed ahead. However, in case of high-value and other sensitive agreements like getting a new account opened in the bank or applying for credit card stuff, an extra thorough ID verification online is required to be done in order to ensure safety and give a safe environment. 

Since it’s already been a tech-savvy world where frauds are happening more and more, digitization of the verification processes are of utmost importance to ensure the safety and security of customers online. Even though many modernized processes have been implemented, manual ID verifications processes are prone to error and extremely slow. 

Unfortunately, it is serving lost of cons to businesses these days, resulting in ineffective and poor customer experience and frauds happening in big numbers. However, that needs to be managed adequately to comply with the regulatory compliance. 

That’s where using digital technology to automate ID verification; businesses get the ability to give a consistent, smoother experience to users and customers. This makes financial institutions adopt automated solutions. Probably, the best part is this technology makes it possible to onboard new customers online by carrying out the verification process digitally. 

Considerably, the best part is, it decreases the risk of getting fooled online or of getting your identity used by some other person, using ID verification methods. 

The best part is, it minimizes risk by giving higher assurance that facilitates compliance, such as anti-money laundering, as well as know your customer process. 

ID Verification Online Process 

That’s a process where people are required to showcase government-issued ID proofs and verify their identity if they are the actual ones in person or not. For firms rendering services to users or financial institutions rendering banking services, there are innumerable occasions where this ID verification process is required like – 

A telecommunication provider seeking for a new service agreement 

While opening a new bank account or changing any account information 

Estate agent finalizing an agreement 

While having a new insurance policy 

Even though these processes are done in person earlier, online ID verification makes it feasible to be done digitally. This amazing verification process makes it possible to save time while creating more efficient processes. What’s more, another great feature is that it saves paper by heaps, which is the best part. This complete process is done by analyzing alpha data, facial recognition features, and other technologies. As a matter of fact, this complete process ensures that the specific person can view and sign the agreement, and there’s no wrongful happened in the meantime. 

To get your business equipped with the right solution, reach our Signzy team today.