COVID-19 has provided businesses with a landscape to have online experiences. Although the pandemic is over, there has been rapid growth in the digital world. The cloud-based technology has transformed every business and industry. Businesses have utilized swift onboarding services where customers can easily execute their processes. Where the internet service has facilitated this digital era, the ratio of cybercrimes has also increased. Organizations are required to identify their customers before having them onboard, it provides safety measures to prevent future risks. Customers use online systems to reach any business or organization. There is a need for electronic identity verification solutions to make onboarding secure in this era of technological advancements.
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Why Do Businesses Use Electronic Identification Verification (EIDV) Solution?
Businesses use EIDV solutions to comply with ‘Know Your Customer Regulations’ (KYC). It empowers companies to reach authentic clients onboard and make business secure.it provides hassle-free onboarding and enhances customers’ experience as well. Online identity verification solutions help businesses to grow and scale their operations over time.
The EIDV process plays an essential role in successful business operations. It facilitates business operations in the following ways;
- EIDV facilitates business with a reduction in error rate. Automated machine learning (ML) algorithms execute and perform several operations regarding the customer’s verification. ML algorithms are out of any kind of fatigue or biases, thus they eradicate the risk of errors and mistakes. It prevents the organization from having any kind of error in the verification process and makes it secure with authentic clients onboard.
- The EIDV process includes various EIDV checks which provide access to more signals such as IP address and customer’s online behavior, it helps to identify the risk profile in case of a fake client. While online verification, data is provided in digital form, it is matched with information provided manually in case of risk profile. It makes the organization secure from any kind of future risk.
- Electronic verification systems improve business operations with fast processing. Information is analyzed, compared, and fetched electronically. It eliminates the risk of bottlenecks and verifies clients within seconds. It facilitates organizations to replace hourly work with seconds. Additionally, EIDV provides error-free results.
- EIDV allows the storage of information in electronic databases which facilitates integration and linkage. If there is a duplication of identity in the database, it is merged and the spoofing risk is eliminated. The EIDV process facilitates the integration of databases.
- Electronic verification service providers facilitate organizations to build trust with clients. EIDV enhances customer’s privacy in the case of private and sensory information. Automated verification allows a few humans to be exposed to this personal information, it builds trust between organizations and clients.
Why Do Companies Replace Manual Verification with EIDV?
Many organizations have replaced manual verification methods with online identity verification solutions. EIDV facilitates organizations to collect information digitally with the help of scanned documents. It facilitates both organization and clients and builds trust between them. EIDV is more encouraged to use than manual verification processes due to the following reasons.
- EIDV is safe as it reduces errors made by human beings during manual verification. Despite hard work, humans may make errors due to fatigue and workload pressure.
- In EIDV, AI models are trained to identify real and fake documents with the help of automated algorithms. AI and ML pre-trained models are more reliable in data extraction and verification as compared to humans. Humans are prone to tiredness, fatigue, and mental pressure.
- Electronic identity verification allows organizations to have online legitimate customers onboard as AI and ML automated processes verify scanned documents provided by clients from a long distance. While in the manual verification process, clients are required to come onsite and submit their documents in hard form to be verified.
- As digital automated verification systems are not bound to time duration, clients can verify themselves at any time while in the case of manual verification businesses are bound to onboard customers only during working hours. It may cause blockage and slow progress in business operations.
- EIDV complies with advanced technology such as artificial intelligence, which is essential for businesses to have successful KYC compliance. Thus the use of EIDV enhances compliance with regulations of KYC and makes businesses secure from any kind of fraud.
Key Takeaways
Companies use electronic identity verification services to make onboarding secure. It facilitates both online and offline verification services. Now businesses are quick in their operations with the help of digital resources. The EIDV process has replaced the manual verification process and facilitates organization with accuracy, quickness, and cost reduction. It verifies individuals and makes the organization aware of every kind of future risk. Additionally, the use of EIDV services makes an organization able to cope with this digital era of technological advancements.
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