How Blockchain Can Affect Traditional Banking?

Blockchain has taken the world by a storm and is changing everything, from payment transactions to how the money is raised to security in online banking. The main question here is, can traditional banking embrace the change or will it be replaced by something new? It is undeniable that blockchain affect banking in a number […]

how does blockchain affect banking industry

Why aren’t KBA Questions The Best Practice in Online Banking?

Knowledge-based authentication or commonly known as KBA has been used since the dawn of financial services. KBA questions have been used as a key data point by almost all organizations during customer identification programs. Basically, knowledge-based authentication questions are used to verify a customer by asking them to answer a series of complicated questions. These […]

6 Things You Should Follow While Verifying Business Documents

A business has to have documents that look official, provide accurate information, and can be scanned for verification. The editing and proofreading part of preparing a document is important. Numerous documents can be deemed labeled business documents and they help you maintain a wide range of communication internally and externally. If you’re trying to do […]

Best Ways to Reduce Friction During Customer Verification Process

Businesses have to verify hundreds or even thousands of customer identities every single day for several reasons. To reduce fraud of all kinds, e-commerce organizations, banks, hospitals, and other financial institutions have to verify customer identities. The most obvious reason for doing customer identity verification is identity fraud. Although a strict customer identity verification process […]

Identity Theft and Cybercrime: Key Statistics & Facts

Identity theft is without a doubt one of the biggest concerns for consumers. Fraudsters develop and employ new technologies that assist them. Research conducted by the Javelin Strategy & Research in 2019 showed the number of victims of identity fraud fell down to 14.4 million in 2018 as opposed to a staggering figure of 16.7 […]

Legal Challenges of Blockchain Technology: What Are the Most Common Problems?

In all honesty, Blockchain technology is powerful, exciting, and has multiple uses. The first use case of blockchain was with cryptocurrency, other use cases range from online transactions to decentralized apps and common supply chain processes. As good as blockchain technology is, there are some legal challenges. Before institutions begin to utilize blockchain technology for […]

Is Online Document Verification for Digital Services More Important Than Ever?

The process of digitization is growing widely. Even the global smartphone users have reached up to 2.9 billion, and the number is rapidly growing. More and more customers are demanding faster digital services like online banking. Nearly 40% of all customers are more likely to obtain a particular digital service from businesses they are associated […]

why do need online document verification

KYC: How Does KYC Complement ID Verification Process?

It is crucial for businesses to know their employees and it is even more crucial to know who their customers and clients are. KYC (Know-Your-Customer) is a vital regulation component for any business to reduce fraud. It is a process that helps to identify and verify customers and who they claim to be. Especially for […]

Customer Verification: Why Do Online Businesses Need to Know Their Customers?

The online landscape is rapidly changing how businesses interact with their customers and vice-versa. Businesses have been realizing quickly how important digital methods of connectivity are. Digital space providers are ever-growing in industries like e-commerce, finance, and social media. Customer needs are evolving and they utilize the newfound convenience of digital methods like online shopping […]

5 Trends that Ensure Digital Identity Verification is Crucial in Digital Age

Organizations have been making their switch to digital services for a long time, the pandemic brought a drastic change in the trend. One common change is how we access our financial services online. As most people are looking forward to returning their lives to the pre-pandemic era, digital channels and services are necessary. It is […]

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