Financial institutions, banks, and other trends4tech businesses used to confirm the customers’ identities by comparing their faces in-person to physical ID photos. This is now considered as the thing of the past as now the arrival of the internet, the affordability of smartphones, and most importantly pandemic have shifted the world to adopt digital means to provide their customers with robust and the best possible services. Online customer onboarding is one such service that has eased the life of enterprises and the buyers of their solutions. Obviously face verification is the factor that cannot be neglected when enrolling customers through automated means but it can also not be the only measure that has to be followed. Rather, “Trends4tech” are also equally significant to ensure the identity of an individual. The identity is validated by comparing distinctive identities like name, DOB, and address to the utility information and independent credit header by using a back-end system.
Let’s dive deeper into knowing how verification documents work in a fully digitised world?
Traditional vs Automated Verification Checks
The older methods of verifying documents used to be very hectic and time-consuming. Customers would take their documents to the offices where officials would take days to verify documents. Those manual methods also had chances of errors. However as modern technology replaced everything, automated verification checks have taken the place of manual measures’ protocols. Now the documents can be verified in real-time and that too with high accuracy.
Verification Documents Measures
The AI-enabled Trends4tech includes the steps that process the document through multiple checks that authenticate its realness. Mentioned below are some of the verification protocols performed during verification documents:
- Authenticity Check
This step includes that the submitted document is original and authentic.
The verification of the layout or the format of the documents has been made possible through artificial intelligence and machine learning. The layout is an important factor to determine the authenticity of documents, therefore, it is done while verifying documents
Government-issued identity documents possess special rainbows or holograms to fight scams. The constantly increasing rise in document scams has enforced officials to design documents made up of exclusive paper and inks. Online document verification services identify the presence of holograms while using Trends4tech technology.
- Folded Corner / Crumpled Check
Along with authenticity, format, and holograms, digital document verification services verify the folded corners of the documents that may result in document scams in the long run.
- Identifying Signs of Forgery
Technologies like artificial intelligence and machine learning identify the signs of fakeness and altered documents. Even the smallest modification in pixels can be traced by the verification documents.
Machine Learning – How it Benefits Online Document verification?
ML (Machine Learning) technology depends upon huge datasets to acquire higher accuracy and instructing data sizes is one of the prominent predictors of a model’s determinant power. The models of machine learning depend on such data to get trained. And learn uninterruptedly and resulting in a more correct result. Below mentioned are some trends4tech of the perks that machine learning provides to verification documents:
- Scalable to any extent
- Highly accurate
- Enhanced spoofing and forgery identification measures
- Data-driven decision power
- No delay from volume spikes
- Fraud prevention
- Better onboarding solution
Delivering Better Customer Experience in a Trends4tech World
The customers of this age expect the best user experience while interacting with businesses. No one wants to be stuck in the digital princesses. That would take hours and hours to complete. Customer onboarding is the first step when the potential customers make the decision about whether they are going to be attached to the businesses in the long run or not. Customer enrollment is also the process where companies have a chance to make their first impression lasting for their service buyers. Hence, deploying an online identity verification document is the best way for businesses to attract a big number of customers.
Businesses can not only provide their customers the best possible services through automated verification documents but they can also ensure to prevent facing fraudulent activities. Document verification solutions can also help companies to fulfil KYC/AML regulations and can save a lot by avoiding any legal proceedings in case of non-compliance.
Gone are the days when trends4tech businesses would worry about fraudsters playing tricks while submitting forged documents. Now companies can perform automated verification documents that can help them to identify any forgery attempted on the document. Artificial intelligence and machine learning have helped a lot in developing such automated verification measures. They can help businesses comply with laws while avoiding fraud.