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What is the Document Verification Process, and Why Do Organizations Need it?

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Embrace the benefits of instant turnaround times, frictionless onboarding, and augmented client support by incorporating online document verification.

Verification documents is an integral aspect of daily routines. It aims to confirm the credibility of a user’s real-life persona, eradicating the hazards linked with data breaches. Moreover, digital advancements paved the way for incorporating online identity verification in different aspects of the virtual realm. By 2019, nearly 3.4 Million identities were compromised in a breach that is the alarming magnitude of the incident.

What is an Identity Verification Document?

Identity refers to a group of attributes assigned to a user, enabling their description and recognition. These features leverage fingerprints, birth dates, names and other characteristics. Moreover, it encompasses stable details such as phone numbers and residential addresses.

Online document checks involve the digital process of verifying a user’s identity online. As the acceptance of digital organizations continues to grow, the significance of online ID verification has become apparent. The potential risk of identity impersonation, service abuse and money laundering has immense threats. Hence, the execution of ID verification measures is crucial.

Why is Document Verification Becoming Crucial?

Document verification is vital in light of the substantial losses financial companies and taxpayers suffer. However, regardless of the associated risks, many organizations still depend on in-person techniques of ID verification, including real-time checks or face-to-face of an individual’s identity card. This verification is usually required while opening a bank account or for a loan.

As digitization expands, there is an increasing need to transition these document verification to online platforms. In-person ID verifications aren’t standardized or scalable, encouraging companies to investigate online identity document verification techniques. Online verification eliminates errors, accelerates the process and eradicates geographical restrictions.

Why do Companies Need Identity Verification Documents?

The smartphone subscription numbers exceeded 6 Billion, forecasted to grow by a hundred million in the following years. With an increasing number of smartphones, users are interlinked with services over the internet 24/7. With smartphones, clients can quickly transfer international P2P payments, banking, and shopping more effectively.

More online services lead to more client data-hence, increasing the requirement to secure that data from cybercriminals looking for identity theft. Hence, companies need online verifying documents. Some of the main reasons to embrace online identity verification is listed below:

● Fraud Prevention and Data Breaches

The rise in fraudulent activities and data breaches has forced companies to adopt an online identity document verification process that integrates robust security measures. In-person verification techniques lack standardization, making them tolerant of human errors. On the other hand, verifying documents eradicated these errors.

Companies ensure the highest security level during online identity document verification by enforcing security measures. It also protects companies against scamming activities, enhancing the overall verification procedures.

● Growth in Online Channels

The Covid-19 pandemic has caused a substantial shift in client behaviours towards online channels and industries. 90% of clients now can access an online portal for customer service. Businesses must offer digital platforms to encourage customers to seek assistance and interact. Moreover, research indicates that 66% of clients use at least three communication channels to reach customer service.  

It highlights the increasing demand for organizations to provide multiple digital communication options, including social media, chatbots and email. The overall digitization followed during the pandemic requires businesses to embrace digital channels for different business activities.

Such tracks include the client onboarding process, online shopping and digital payments. By empowering digital platforms, organizations cater to their customers’ evolving expectations or needs, stay competitive in the advanced landscape and provide a seamless experience.

● Frictionless Client Onboarding

Companies need a document verification process to streamline the procedure of client identity verification. It also offers a seamless and automated client onboarding experience and eradicates the need for extensive paperwork.

Benefits of Verifying Documents

1. Quick Turnaround Time

The online document verification process provides a quick turnaround, benefiting consumers and organizations. On the contrary, the traditional procedure of physically providing documents and e-verification enables substantially faster verification for both parties.

2. Augmented Customer Support

Companies now see customer experience as the most exciting prospect in the organizational landscape. In today’s world, clients desire a user experience that revolves around their needs, targeting a seamless client experience that reduces obstacles.

Moreover, the concept of “frictionless” pertains to organizations, the adoption of simplifying and easily accessible verification procedures eventually improves the client experience.

The Bottomline

The document verification procedure streamlines customer onboarding, providing frictionless and automated experiences while eradicating paperwork. The advantages of verifying documents involve an instant turnaround time that benefits both organizations and customers.

Accepting the online document verification process and integrating them into different aspects of the virtual realm helps companies ensure security.

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