Digital ID Verification is the main Key Weapon in the War on Identity Crime

Due to the outbreak of the coronavirus, it has caused a dramatic change in the way we live our daily life. Nowadays, everything is revolving around technology. So, with the sudden evolution of trendy technologies, it is better to adopt the digital trend of the world. In this pandemic, it is necessary to maintain the social distancing; therefore, most of the banking processes or any other financial institutional processes are performed remotely via digitally. Online ID verification has always been the main focus for businesses which need to comply with KYC regulations. This has gained popularity as it reduces the risk of application fraud during customer onboarding. 

Nowadays, it is better to access financial services online. This will not only keep you protected from the coronavirus, but this is also useful in terms of saving time, makes things easy, saves cost, etc. In this modern era, most of things are performed online. As per the present scenario, it is better to do the banking process online rather than an ‘in-person’ visit to any bank or financial institution. 

It is true that the remote banking processes need a great level of trust between banks & consumers. Banks interacting with new customers online need to know the true identity of the customer. The bank must ensure that the new customer is not a fraud; this can only be possible via carrying out Know-Your-Customer (KYC) processes. With the acceptance of the digital world, online id verification seems amazing. But the ability to verify the identity of an individual online during the customer onboarding process using digital identity verification is somewhat crucial. Nowadays, there are many ways by using which you can easily verify the customer’s actual identity.  

Importance of ID verification online 

Without the presence of trust in their customers & citizens, organizations or any governments won’t be able to proceed with the digital transformations. In the same manner, with the absence of trust, consumers do not feel comfortable using any online tools. This means that they miss out on access to important services.   

The digital identities are basically designed to resolve all challenges which people face with the in-person presence of the individuals. ID verification online providing security via fingerprints and facial recognition. This is a frictionless experience for consumers & it is ensuring compliance for businesses.  Here are some important points which clearly shows the ID verification online benefits:

• Online id verification helps to build a sense of trust from all sides. 

• Provides best user experience 

• Saves traveling cost up to a great extent. 

• It also helps to prevent frauds 

• The quick online identity verification process 

About Signzy: 

So, are you interested in an organization that helps to provide the digital identities for the online onboarding customer journey? If yes, then choose Signzy. This is the first-class award-winning platform that provides a high-end ID verification system that helps identify and eliminate fraud attempts. Signzy uses facial recognition technology, which allows secure Online KYC. Moreover, we also offer the best Video KYC, which makes your online onboarding process easier. 

Signzy is one of the leading platforms which provides the best services to its customers. Do you want to experience the best Online id verification process? You can freely go with Signzy to enjoy its excellent services. They have perfect interactive digital onboarding systems that will surely make your journeys hassle-free. If you want to eliminate your customers' form filling and physical visits, then reach us right away. We will be highly thrilled to serve you. 

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. 

Real- Time Video Identity Verification Explained

Online video identity verification has come up with one of the most secure and automated services in recent times. Since financial industry is now getting more digitized and advanced than ever before, the need for online identification services is growing too. The goal is to make workings and business processes simpler for you and customers.

Online video identity verification services –

 

Following up with online video identity verification and KYC (Know Your Customer) process eliminates several risks of online frauds and financial crimes. Nowadays, there are so many scammers around everywhere, who are willing to do such wrongful scams, if they find the slightest of the vulnerability in your business system. The goal is to eliminate the threat of a breach, tough compliances, takeovers, and identity thefts.

 

Effective online video identity verification services help you in addressing such predicaments. Such solutions work exceptionally well in the approval of real customers, reduce charge backs, deter fraudulent activities, and increase business conversions to a great extent.

 
What are online video identifications?

 

Video identity verification is a convenient, quick, and extremely secure means of verifying customer’s identity online, in a short span of time.

 

Having a secured identification process at one’s end makes it very difficult to scammers to make any sort of identity fraud. It works as a deterrent that works great in ensuring now wrongful activities will take place and often work great in providing you with the peace of knowing you are at the safest end.

 
Benefits of integrating online video identity verification process in a business –

 

·         Having an online video identity verification process at place, speeds up the customer on-boarding process.

·         It significantly reduces the risk of online fraud.

·         It helps a business with KYC/AML compliance, and building trust.

·         This process works great whenever it happens to improved security.

·         Identity fraud can really cost you a lot. Therefore, having such a solution at place improves efficiency, saving you time and money too.

 

With video KYC (Know Your Customer) identity verification using liveness checks, there are no wonders why so many financial businesses and companies are choosing to implement this security procedure in their business.

 

Use cases of video identifications –

Today these online video identity verifications are extensively used in the financial service sectors ranging from banks to government institutes to initial coin offerings to crypto currency market to the block chain.

 

The purpose is simple – to maintain the standard of compliance and trust, along with great user experience. Integrating video identifications is a good idea and preferred by America and other countries because it merely offers great security as compared to other conventional solutions.

 

Wrapping It Up –

 

It is not just about America anymore, but many more countries have, too, started implementing these online video identity verification solutions. As a matter of fact, the overall acceptance and implementation of this process is spreading all across the world, and it is just a matter of time till it is going to spread everywhere else, too - all because of its good and benefits.

 

 

The Future of ID Verification Suite for Seamless Customer Interactions in a Digital World

Customers nowadays have expectations of an impeccable experience, enriched competence, and responsiveness while interacting with banks, NBFCs and other financial institutions. Customer on-boarding is a prospect to gather pertinent info and know about the customer and their apprehensions. The first step towards refining customer experience is a completely digital on-boarding practice. Digital customer on-boarding has proven to ease operating costs.

In the current financial situation, it is vital for banks and other business institutions to maintain their present and old customers while attaining new ones. Therefore, now banks are trying hard to deliver an end-to-end digital acquisition and astringent experience that is unpretentious, and bespoke. Finance institutions are competing to keep up with online video verification to progressively have a check over mobile and multi-device client base.

Major Challenges Facing Digital KYC & CLM

The major challenge facing the commerce is the “client experience” in client lifecycle management and client on-boarding. In spite of its revenue-making abilities, client on-boarding lingers technology-lagging, subsidized made up with data stacks. Lately, client on-boarding teams are fraught to onboard new clienteles with new & ever-developing rules. A recently held Fenergo survey claims that financial organizations are dropping up to $10bn in income due to deprived data management. As a matter of fact, this shows a relationship, which suggests that financial foundations must accumulate up to or more than 100 fragments of data from customers in order to finish the on-boarding process. Even though, a deprived centralized data management plan & incompetence to re-use existing user data plus documentation make the inevitability execute client outreaches, thereby persuading the user experience.

How Innovative Technologies are Reforming KYC Compliance? 

There are practical means to implement innovative and incipient technologies in different aspects of business. Via linking the end-to-end digital client drive, numerous financial institutions are finding ways to augment the computerization of manual actions. Let’s consider an example over here to see how these innovative technologies are reforming. The practice of (OCR) i.e., Optical Character Recognition to automate the intake of data on citations may decrease operational inadequacies at a greater extent. In addition, the introduction of eSignatures & electronic ID&V technologies are working to form frictionless user journey thereby improving the complete customer experience.

What can ID Verification Suite offer?

                         

A comprehensive ID verification online solution is made around customer behavior, making your service effective and reliable.

These suites develop a 100% automatic solution driven by intellectual software with user confidentiality in mind, safety by design, and reliable. It is reliable, simple to assimilate, and ready to meet the requirements and desires of your business.

To put it simply, these suites make certain that your clients are genuinely who they claim, and that's simple as taking an ID image and taking an identity proof. 

• The suite provides different forms of document verification to bring into line with your safety expectations: from inspecting the cogency of the Machine-Readable Zone (MRZ) to extra progressive control below white light, infra-red and UV checks. You can even authenticate the info stored in the chip of the official papers.
• No matter if you desire service in SaaS mode to gauge up or setup your servers on-site to meet the terms with a specific country or business rules, these ID Verification solution is effective enough to meet your requirements.
• Implement these ID Verification Suite solutions where it ensembles your workers the finest. The cross-platform solution supports mobile & tablet devices.

 ID Verification Will Make Life Simpler and Identities Safer

 In an ever more associated digital world, online ID verification is a fundamental part of your online safety. While you may not practice it too much at the moment, in the impending years, it will become as predominant as using a username and PIN.

Identity Verification is an extent in which some of the most stimulating new tech developments are developing. These offers an added advantage – people’s belief in the business and the brand is reinforced by seeing in action that the safety and confidentiality of their personal information is something the business pays more than edge service to.