Enhanced Customer Onboarding: Utilizing Digital Document Verification
Customer onboarding is a process that is crucial for businesses operating on all scales as it streamlines the customer journey, helps customers understand the product, and encourages customer retention. While onboarding, businesses need to carry out document authentication to verify the legitimacy of the entity they are dealing with. With the rise in digitization, it is now relatively easy for fraudsters and cybercriminals to mask their identities and commit crimes while maintaining anonymity. Businesses must identify and block these illegal activities to avoid financial losses and compliance issues with regulatory bodies.
Online Document Verification: Digital Onboarding
Digital onboarding is collecting data on a user at the time of onboarding and verifying it without the need for the customer to be physically present for it. This uses technologies such as machine learning (ML), OCR, and big data analysis to scan a user’s documents. The extracted data is provided to the business in a traditional onboarding process for verification.
Recent developments in Artificial Intelligence technologies have led to the development of enhanced identity verification and document verification services that can automatically scan the needed data and carry out automated checks through numerous global databases.
AI-Integrated IDV Solutions
AI-integrated IDV solutions have made identity verification and document authentication easier than ever. By utilizing these automated services, business owners can eliminate manual verification processes and free themselves of the mental turmoil associated with them. These solutions use advanced OCR and ML technologies to scan documents and carry out efficient verification processes accurately
Adopting an AI-integrated IDV solution not only helps businesses cut expenses but also saves them a lot of time that would have been otherwise spent on manual verifications. The onboarding process is efficient and precise due to these technologies, it uses its previously developed patterns to identify potential risks and flags them automatically as soon as it recognizes them.
Document Verification for Businesses
Businesses, in general, need document verification in a lot of aspects. Whether verifying an entity’s identity or cross-referencing documents, businesses must deploy advanced document verification to ensure no illegal documents get by. Educational institutions can use these document verification technologies to conduct verification processes when enrolling students and conducting online sessions.
The majority of processes that businesses usually carry are now performed online. From inventory management and payroll processing, on-paper records have been rendered useless and replaced by digital records. Document attestation and compliance checks are now also performed online, which makes the presence of reliable document verification services necessary.
OCR Technologies: Document Verification Solution
Optical character recognition (OCR) is the technology that converts text from hand-written documents into machine-readable text. Modern IDV solutions utilize this technology to carry out automated document authentication and verification processes for businesses, ensuring streamlined and error-free business processes.
OCR technologies can be separated into Traditional OCR and Intelligent OCR. Modern OCR technologies are AI integrated and can This type of OCR is more accurate than traditional OCR and can be used to recognize text in a wider variety of fonts and formats. However, it is now being utilized by modern document verification services provided by AI-integrated IDV solutions.
- Enhanced Efficiency
Modern IDV solutions utilize OCR technologies to improve the productivity of businesses. OCR can help carry out smooth and automated identity document verification as it saves money and consumes less time. The accuracy of these solutions is what makes them so credible and adaptable. Manual processes have a lot of room for errors, which can significantly impact a business’s processes and reputation.
- Improved User-Experience
It is to be noted that not every entity is subject to illicit or illegal activities. Incorporating advanced due diligence and verification processes can annoy normal users and cause damage to a company’s reputation. AI-assisted OCR technologies eliminate this challenge by carrying out verification processes in a matter of seconds. This way, users maintain a good relationship with the company and have a positive experience.
- Data Security and Enhanced Compliance
Modern document verification services allow businesses and customers to have advanced security. IDV solutions currently available in the market can help businesses comply with the rules and regulations of the country or jurisdiction they’re functioning in by blocking illicit activities on their radar. These solutions build trust with their customers by ensuring data confidentiality, allowing them peace of mind.
- Scalable and Adaptable
OCR solutions provide business owners with scalable solutions for their document verification processes. Sifting through physical documents for this purpose can be a hassle, which should be avoided at all costs. With the global economy in a recession, much uncertainty circles around businesses. These changes go unnoticed when an automated IDV solution is at play, they scale according to the business’s needs and requirements.
Digital Document Verification is a full-scale solution for businesses looking to scan and verify large amounts of documents in less time. By utilizing these solutions, businesses can save a lot of resources and nurture growth.