Digital transformation is at an all-time high and all the organizations are switching to digital methods instead of physical ones. The process of digitization has sped up due to the global pandemic and businesses being forced to operate using online methods. With more and more customer interactions taking place online, the potential for online fraud and identity theft is at an all-time high. For business operations to keep up with the digital transformation and reduce the risk of fraud, document verification solutions aren’t a choice, they are a must-have thing.
To make sure a business, be it a bank, financial institution, and FinTech reduce their risks of fraud, they need the help of document verification solutions for several things.
What Are Digital Documents?
A digital document or an electronic document is a piece of document that is intended to be used in an electronic form or can be printed for use. The development of computer technology has made it possible to use and distribute electronic documents instead of using physical documents everywhere.
A digital document can be anything, an online proof of identity, bank statements, driver’s license, utility bills, or anything that declares the identity of a person. Digital documents can be used to open a brand new bank account, make transactions and so much more. There are basically two types of document verification, physical and document verification online. Financial organizations like banks and third-party payments providers need to learn how to do digital document verification because manual methods are prone to errors and are time-consuming.
Why Do Businesses Need Digital Document Verification Solution?
Online identities and online documents are becoming the norm nowadays. To make sure these identities and documents remain safe from online attackers and businesses aren’t tricked by these documents, document verification solutions are needed. One great example of a document verification solution is DIRO’s document verification solution.
1. KYC Compliance
Utilizing a secure and reliable document verification solution is crucial for digitization. Although shifting to digital methods of working can make sure employees can work from remote locations, digitization can also increase businesses’ exposure to financial crime.
To make sure the transition to online operations goes smoothly, businesses need to employ secure document verification solutions. Sectors like finance and banking are highly regulated and organizations need to follow regulations like KYC compliance to keep thriving.
With more and more people moving towards online banking and digital banking features, businesses need to find solutions that can help them verify a variety of online documents. During a pandemic, the use of online banking has grown by 15% among all the 4 major banks in the USA. Solutions like DIRO’s document verification solution will help banks, financial institutions follow up with their KYC Compliance.
2. Supporting a Smart Economy
As more businesses and customers move towards digital operations, we are also shifting to a smarter economy which is favorable for businesses to increase their productivity. This expected growth of business organizations is reliant on the culmination of different digital technologies such as AI, blockchain, and other solutions that can grow your business. With the use of digital document verification solutions, these online technologies will be even more secure.
Banks need to provide customers with transaction solutions that go smoothly & digital document verification can provide a helping hand to make sure these transactions become as secure as possible from the onboarding process. Digital innovations have allowed financial services to verify customer documents with simple steps.
3. Changing the Digital Document Verification Process
Since the pandemic hit the globe, some businesses have grown at an exponential pace, while others have almost perished. Instead of trying the old methods to return to their old glory, businesses need to adopt new methods to resurface. By adopting the latest document verification methods like DIRO’s digital document verification, businesses can improve the adaptability, speed, and security of business operations.
Customers and businesses that are faced with more risk of online fraud today than ever are turning to secure online solutions. According to reports, residents of America 18 years and older have been targeted the most for digital fraud in the last year. Businesses need to adopt secure document verification technology to make sure they can bridge the gap in their fraud prevention methods.
4. Improve Digital Document Verification Solutions
One of the primary reasons for needing a secure online document verification customer is for building trust between brands and customers. Now there’s no limit to online solutions that businesses can adopt to improve their online document verification solutions. Using them, financial services can easily verify customers’ documents without reducing user experience.
How do DIRO’s Document Verification Services Help In Improving Digital Security?
DIRO’s unique and innovative document verification technology facilitates the verification of bank statements, bank account holder information, proof of address, utility bills, and more. With the use of technology, banks, financial institutions, and FinTechs can reduce their risk for fraud, and comply with KYC and AML regulations all the while improving the customer onboarding experience.
The documents can be verified against the original web source with automated user consent and impersonation checks. Users can verify original documents by logging into a secure browser and getting strong proof of authenticity in seconds.
