You will definitely agree with me if I say that identity theft cases all across the globe are progressing by leaps and bounds, intermediating the complete globe. Everything is prone towards digitization and organizations are incorporating digital services to fulfill evolving customer needs. Do you know that 2.1 million frauds were reported last year, resulting in a hefty amount of loss? Talking of last year, technological innovations and acquisitions are prominently observed in financial infrastructures since the coronavirus outbreak struck.
These evolving fraudulent and identity theft cases lead us to the reality check that it’s high time for tech giants and financial infrastructures to amalgamate themselves with robust, reliable, and effective products that provide AI-powered identity verification services. There are numerous reasons why businesses of all sizes and genres need to implement an identity verification process, here are the top 5 reasons why identity verification acquisition is mandatory for financial infrastructures.
Enhances Customer Experience
Providing customers an efficient experience and fulfilling their demands at the exact time of the requirement is the key to success for the enterprise. The digitization and OCR data extraction technology enhances the process of data capturing for the assurance of customer identity verification. This not only satisfies the customer but also helps in developing a transparent relationship between business and customer. Hence, the acquisition of an online identity verification solution is crucial for the satisfaction of customers.
Low Friction Engagement Mechanisms
Traditional identity verification solutions and services are prone to error and are tedious which is not appropriate to thrive in the current era. Such a process results in an exhaustive customer experience and as a result, customer searches for alternative solutions. Contrary to this digital online identity verification solutions attain innovative artificial intelligence and human intelligence algorithms. This verification process provides results that are highly accurate, efficient, and effective.
Online digital identity verification processes result in streamlining various processes such as manual address verification, data capturing or data extraction, automatic population of customer databases and provides effortless access to services without compromising the privacy and security of potential customers of the business. Thanks to the digitization and innovations in artificial intelligence as well as cognitive technology that resulted in streamlined processes. The streamlined processes help in the detection and prevention of fraudulent activities and appropriate actions on time whenever an illicit activity encounters. This combat counterfeits, money laundering activities, chargebacks, terrorist financing, and other relevant illegal activities.
Customer-Centric Workflows Across Channels
It is concluded by numerous researchers and analysts that the key to success is the consistent experience of customers across different channels. Acquisition of AI-powered identity verification solutions helps in the verification and authentication of customers in a matter of seconds without compromising customer experience and privacy. Biometric authentication solutions and facial identification are appropriate for the enhancement of workflow across different channels.
Provides Value To Services Through Secure Access
AI-powered identity verification solutions provide a wide range of solutions and services including OCR data extraction, biometric authentication, video interview KYC, OCR data extraction, consent verification, NFC verification, facial biometric authentication, and the list is growing with every passing day. The incorporation of such solutions plays a promising role in the enhancement of the security protocols of the organization. This also enhances the services provided by the organization via secure access to it.
Without a doubt, identity theft leaves the victim violated and poor just like other forms of stealing. Greed is the mother of fraud and it’s the main reason why fraudulent activities are progressing faster than the speed of light in this modern age of innovations and technological advancements and innovations. Identify if an individual is the most crucial thing and protection of that identity is even more important. Technology is still under development which means that cybersecurity is not yet completely trustworthy, but don’t take me wrong, that does not mean at all that enterprises do not need to attain sophisticated measures for the enhancement of cybersecurity protocols. Here’s when AI-powered identity verification solutions and services play a promising role. Today online identity verification solutions are getting very robust and they effectively combat money laundering, terrorist financing, chargebacks, counterfeits, illicit money transfers, identity theft, and other relevant fraudulent activities.