Understanding Document Verification

During the onboarding, companies are obliged to comply with Know Your Customer (KYC) guidelines and verify their customers. This is tricky and risky when done manually because of the high chances of human error. Somehow, online services have come up with advanced digital document verification solutions which provide authentic and accurate results, and that too in seconds. These services ensure a seamless experience because of their step-by-step technique. The cause behind this is document fraud which costs the global economy a high fortune said to be £3.2 trillion annually. 

Why Do Companies Need Document Verification?

Authentic Onboarding

Companies need to inculcate friction-free onboarding to enhance customer experience. For clients, what matters the most is the security and trust they have put in the firm, not the time that is taken to submit the ID documents while signing up. To deliver better assistance, companies should focus more on authentication and less on the speed of the process. 

KYC Compliance

Businesses need to comply with the authority guidelines to thrive. Digitization has enabled customers to work remotely but with opening windows for fraudulent happenings. For untroubled working, companies are in need of digital document verification solutions which will ensure compliance with Know Your Customer (KYC) guidelines which are crucial for the finance sector especially.  

Cost-Effectiveness

Digital onboarding and verification can reduce operational costs which are more when processes are physical as risks, chances of mistakes, and multiple rechecking will be eliminated. Document verification processes provide companies with cost-efficient and effective solutions which have reduced the hassle as well as the long spans of time taken to verify the customers. In 2019, the UK authorities imposed a $1.1 billion fine on Standard Chartered Bank because of its poor compliance with the standards set so far.

Enhance Customer Experience

Companies are in a state of continuous competition and so not only in their own sectors but across the digital world. This has happened because of the shift from face-to-face to online dealing hence increasing complexity. Customers are also becoming technologically advanced and expect higher levels of transparency but with zero compromises on efficiency, security, and privacy. ID document authentication leading to customer identification has now become a necessity for every company. It was highlighted in the PwC’s survey on the complexity of trust, that 49% of the customers have started to purchase because of the trust in the company. 

Fraud Prevention

The main cause for which document verification solutions had to come up with advancements is fraud prevention. Undoubtedly, fraudsters have become resilient and with this, companies need to prioritize document verification to accurately identify people they are dealing with. If businesses fail in executing this, it will cost them a loss of trust, and customers withdrawal. To ensure authentic onboarding, companies are in need to verify their customers.