Different business organizations have been using document verification for decades. It is used for the process of id and documents verification of the customers. As time advances technology changes. Due to the advancement in technology, the process of documents verification also adopted the change and its procedure has become more advanced with some new features. The documents verification technology has advanced because there was a need for this.
Introducing Document Verification Technology:
For the purpose of dealing with high-level transactions, this technology is introduced. Different Financial institutions such as banks, financial organizations have to deal with their customers and id documents on a regular basis and they have to be absolutely certain about who they are dealing with when they review the new applications for accounts. Due to the threat of online fraud and fake documentation this technology is improved. Digital Documents Verification system is done by scanning the official documents like bank statements, driving licenses or passports, etc. Due to the interaction of more customers with financial organizations documents verification has evolved.
Industrial Use Cases of Document Verification Services:
The distinguishing factor of document verification is that it is a trustworthy technology and there are no chances of fraud. Some of the industrial use cases of Documents verification services are described below:
Digital Document verification plays a vital role in the government sector. Government financial bodies can utilize remote document verification to attain a higher verification of identity. This technology has the latest features for the authentication of valid documents. It verifies the user identity through id cards, passports, bank statements, etc. Document verification provides identity authentication through the customer’s data input including government-issued documents and the id picture to a selfie picture using facial recognition technology.
The demand for document verification services has increased over the period of time. During the covid-19 crisis, there has been a massive change in the education system worldwide. The whole world’s educational institutions went online and there was online education all over. During that period, it was difficult for the institutes to verify their students that the actual student is taking his/her class or not. Digital document verification enables the institutes to verify the students who are taking online classes are the ones who are actually enrolled irrespective of the location.
As financial services are becoming more digitized the financial institutes require to provide more fast, reliable, and online access to products and services. Almost 40% of the customers are likely to obtain digital services from the business they are connected with. Most financial institutions including banks are willing to provide online services for the purpose of a greater customer experience.
The banks need to assure that customers are who they say they are. To verify the customer’s Id during the opening of the account certain documents need to be verified. The customer submits documents to the authorized entity. The credentials of the customers are then verified and then the customer can get access to his/her account. Online document verification is the most effective way of reducing online fraud.
Due to the advancement in technology, there have been various changes in the travel industry. Online document verification has become the basic necessity of the travel industry to compete with identity theft and fraud. The travel industry faced some serious crisis during covid-19 when countries issued the ban on traveling due to the disease. In spite of the decline in 2020, this industry carried on with further improvements in 2021.
Airlines are now starting to invest in technological advancements like document verification. The government has made it compulsory for the airlines to onboard those passengers who are vaccinated or either have a Covid vaccine card. Digital verification document is providing prompt services by identifying and verifying reports in a split second.
Online document verification is the detailed process of verifying the customer’s identity, the details that he mentioned in the documents. It facilitates in identifying fake accounts and preventing online fraud. As explained above there are a lot of industries like banking, education, government, travel that are utilizing document verification services for the betterment of customer experience Learn More