Before the technological advancements, businesses verified their customers by in-person meetings or paper documents. The identifiers here were name, address, photo, and date of birth. However, the world has transformed now and alongside it has created rooms for criminals. The manual verification process involves high human errors and hassles and queues are the additional issues.
Therefore, businesses are looking for more advanced, encrypted solutions like digital document verification. It validates the information so much that, it identifies watermarks, holograms, or any other alterations. By using these services, businesses won’t have to call customers for physical verification. However, pictures of documents from digital devices along with a selfie will do the work.
Online Document Verification – Brief Understanding of Scanning Process
Online document verification is carried out by artificial intelligence-based services that are incorporated in the platforms. When customers initiate the onboarding process after registration, the system asks for pictures of their government-issued documents in real-time. Furthermore, it also requires a selfie for pictorial identification. After submission, the OCR technology extracts data and runs verification scans. Within a few minutes, the document verification service fetches results and presents them in front of the clients. Also, it stores them in the back office. Hence if the information is authentic and matches, the customer is onboarded or vice versa.
Documents used here are identity ones including driver’s licenses, passports, card statements, ID cards. During the scan, if documents are fake or forged, the system detects them and rejects the entry. These are documents that criminals use, some of them are:
- Stolen Documents
Criminals and fraudsters use fake identities to be someone else. Fake documents genuinely do not belong to them. However, they make them escape the identity checks.
- Fake Documents
These are completely fake. Also, they lack the identifiers like holograms, watermarks, stamps, and signatures.
- Modified Documents
Criminals make some alterations to original documents to make them look genuine. They either change the font, alphabets in name, date of birth, or writing style. This way they can slide through the verification process.
Is Document Verification Solution Effective – Here Are Some Benefits for Proof
Through authentication of a document, businesses enhance customers’ experience, prevent fraud, and comply with regulatory standards. AI-based technologies provide more than one benefit to companies. Therefore, repeated attacks and breaches won’t be a big problem as the services don’t take much longer to verify the customers. Below are some of the examples of how digital identity verification backs your company.
Enhanced Customers Experience
As per what PWC’s study has indicated, customers are more attracted to the feature like a speedy and convenient process. Clients will abandon the process otherwise. Manual verification is a tedious process with various risks involved mainly human error. However, on the contrary, an online document verification system speeds up the onboarding process alongside quick and seamless identification. The documents it requires are an ID card, license, passport, and proof of address. Customers can simply upload these directly onto the website by using their devices.
Ensured KYC/AML Compliance
By using digital documents verification, businesses can onboard remote customers. However, they can not negate KYC/AML regulations. AI-based services have reduced the friction and provided instant results so that companies can adhere to the compliance as well as ensure real customers’ onboarding.
Tackles Fake Documents
Verification solutions use OCR technology to extract data that is later verified with the one in the database. Furthermore, the system identifies any tampering done with documents. It reduces the fight against fake identity papers.
Real Customers Onboarding with Reduced Risk
After digitization, businesses are growing and with this, they need robust solutions that will back their onboarding. Manual verification, however, involved various drawbacks like a slow process, human error, and less authentic identification. Furthermore, customers are more likely to abandon the process because it is not transparent. On the contrary, digital documents verification ensures the security and privacy of data. It enhances customers’ experience and prevents fraud.
Removes Geographical Barriers and Restrictions
Businesses’ prime concern is to an onboard big number of customers. Document verification solution has removed the geographical barriers. For instance, the e-commerce industry is spreading its wing to assist global customers. Therefore, to comply with the regulations and provide services to real customers, document verification online is a reliable solution.
In the End
Digital document verification works behind the curtain. Customers upload documents, OCR extracts data, and technology verifies the identities. It analyzes the information and identifies if there is tampering done with documents. Industries like finance and banking, e-commerce, and others are the most exposed to risks. However, digital solutions are in line to back the authentic onboarding process and fuel the growth.