In this age of technological development, companies use digital means to process various business operations such as client onboarding, registration, and payments. Companies require digital solutions to verify clients’ identities while onboarding. The ratio of cybercrimes is increasing day by day.
The online document verification process facilitates organizations to verify clients’ identity due to remote onboarding. It comprises a robust mechanism of artificial intelligence that provides highly reliable results. Companies use identity verification methods to keep fraudsters away. As per the report, market revenue for identity verification has reached from 4.93 to 18 billion U.S. dollars for the year 2017-2027. The online document verification process enables organizations to get rid of fraudsters using fake identities to perform identity theft, money laundering, data breaches, and financial terrorism. This blog post will answer the most asked questions about the online document verification process.
What Is The Online Document Verification Process?
Document verification is the process of verifying all the information provided by the clients. It enables organizations to detect forged, tempered, or fake documents used by the imposters. The document verification process enables organizations to verify Know Your Customer (KYC) documents which may include identity cards, passports, utility bills, etc. Companies use document verification processes to identify clients during remote onboarding and business relationships.
What Documents are specifically Used for Online Verification?
Companies use an online document verification process to identify their clients’ legitimacy while onboarding. Different organizations use this process for specific purposes. Documents used for identity verification may vary as per the priority. Mainly companies require the following documents:
For Address Verification
- Utility Bills
- Bank Statements
- Lease Agreements
Proof of Identity
- Identity Cards
- Driving Licenses
- Visa Cards
- Debit/Credit Cards
For Legal Verification
- Tax Return
- Bank Statements
- Credit reports
For Educational Verification
- Degree Certificates
For Legal verification
- Marriage Certificates
- Court orders
How Does The Process Of Online Document Verification Work?
For online document verification, companies do not need to collect and verify documents manually. Clients are not required to travel and submit hard copies of various documents for identity document verification. They just have to submit digitally scanned images of various documents and verify them automatically with the help of artificial intelligence (AI) and machine learning (ML) mechanisms. Online document verification works in the following steps;
Clients upload scanned images of various documents either through webcams or Android.
Scanned images go through the analysis process. Various pre-trained AI and ML algorithms execute internal processing and analyze all the information. Optical Character Recognition (OCR) technology fetches data from the scanned images.
Automatic processes convert fetched information into digital form to store it in electronic databases.
Various automatic cross-matches and checks process all the information stored in an electronic database and verify its authenticity.
How Does The Online Document Verification Process Differ from the Traditional One?
Traditional document verification involves human effort regarding data collection. Information fetching and storage. It involves the whole manual processing of data to identify the legitimacy. It is a lengthy procedure and involves multiple employees. The online digital document verification process reduces human efforts and processes with the help of AI and ML technology. It reduces the cost of multiple hirings, Besides this online document verification process provides more reliable and authentic results and protects organizations from criminal attacks.
What Are The Major Benefits Of Online Document Verification Process?
The document verification process provides the following advantages;
- It enhances business scalability with automated solutions for identity verification. It allows organizations to be available 24/7 and onboard more clients as it is not time-restricted.
- The online document verification process filters only legitimate clients to be onboard and enables an organization to have a seamless and smooth onboarding process.
- Automated document verification processes provide clients with enhanced privacy as their data is not exposed to more human beings. It enhances companies’ credibility and business experience. Therefore, it enhances the customer’s experience and leads to great business success.
- Online document verification processes involve AI and ML robust mechanisms that are highly sharp to detect any kind of variation in case of forged or tempered documents that cannot be identified with the human eye in the manual document verification process.
- It enhances business revenue in terms of both the automatic identity verification process and the least hiring as companies do not need manual processing methods.
Companies using verification of documents through online processes enable organizations to have automated solutions. It enhances business scalability and protects against fraudsters’ illegal actions. Additionally, it leads to great business success due to enhanced customer experience. Companies have replaced traditional manual verification methods with digital automated online document verification processes to have enhanced business workflow.