When do you need to verify documents?
The original passport or ID card was the gold standard for establishing a person’s identity in the past. However, in the digital realm, online document verification is essential for gaining the confidence of the intended audience.
In order to ensure that a document is legitimate, its validity must be verified.
Authenticity of supplied papers can be checked, information extracted with OCR software like Nanonets, and identities matched through document verification.
Using a document verification tool like Nanonets, you may check the legitimacy of a wide variety of legal documents:
- Identifying Document
- Passport
- License to Drive
- Financial Report
- Contract for Payment of Utilities, Taxes, and Insurance
- Proof of Employment
- Books and Pamphlets
- Letters to Employees and More
Verification of Documents
Document verification refers to the process of checking the authenticity of a document. The most credible and trustworthy forms of identification are those issued by legitimate institutions, such a driver’s license, bank statement, or other official government document. The process includes verifying the legitimacy of a badge’s watermark, typography, and carrying element. Additionally, information from the beginning of the ID is compared with information from the machine-readable zone of the document.
For what reasons is it crucial to verify documents?
Organizations may speed up and strengthen their client onboarding security by using document verification to confirm the identity of new customers. Organizations like banks, financial institutions, and cryptocurrency startups, which often handle high-value transactions, will find this to be of special importance. When evaluating and validating new account applications, companies of this nature must have the utmost confidence in the identity of their business partners.
Improving the Process of Getting New Customers
Many businesses have made great strides in recent years toward enhancing the onboarding process for new customers by simplifying the entire customer journey. Customers value speed, but it’s not everything. When opening an account, many customers care more about feeling safe and secure than they do about how quickly they can provide identification documents.
The Value of Identity Verification in the Financial Sector
Your primary objective is to approve more applications, but you must do so without increasing the likelihood of fraud or financial loss to your firm. Identity verification programs allow for this to happen.
Some of the ways in which financial institutions profit from this are discussed below.
Identify verification helps prevent many forms of document fraud. People who commit fraud in connection with a loan application include those who use stolen identification or otherwise provide false information.
Making sure all applicants are at least 18 years old is important for legal reasons.
Safeguarding against illegal activities such as money laundering, identity theft, and other scams that could land you in jail (or the poorhouse).
Protecting your business’ sensitive information from cybercriminals is as simple as implementing an identity verification system.
Spend less on overhead: Employing AI technology that verifies documents for you (within seconds) is a great way to cut down on human mistake and save time.
Fulfillment of expectations: Customers will remain satisfied if service times are reduced.
How It Operates
The candidate prepares their paperwork and then visits your private, bespoke site.
Documents and/or faces can be scanned using their device’s camera.
The scanning technology instantly reports a success or failure based on the parameters you set.
Online document verification has many advantages.
● Quick response time
Online document verification services can swiftly validate the identity documents submitted electronically, eliminating the need for physical submission or emailing and waiting for personal verification of the documents’ validity.
● Easily Operated
Using today’s document verification technology, it is now possible to verify an individual’s identity using just a photo of their identification card, passport, or driver’s license. This can be done face-to-face with a webcam or remotely using a smartphone photo.
● Rapid Assistance
Businesses that rely on electronic document verification could help their customers by providing a streamlined onboarding process. Customers need not stand in long lines or be present in person for verification of their identities. All in all, the process boosts both brand recognition and customer satisfaction.
● Identify Theft Prevention
By relying on users’ identification documents, businesses can reduce the risk of identity fraud with the help of online document verification.
● Smooth Navigation and Interaction
Obtaining consumers’ trust is straightforward with the digital document verification method.
● Modular Procedures
Managing the entire document verification process, document verification systems ensure global consistency and adaptability.
Conclusion
There are a few things you should consider as a company searching for an online identity verification solution or online document verification solution. What is the solution’s onboarding speed and how many documents can it verify?
