Your business has to verify a lot of customer identity using online documents, you choose a solution, integrate it with your systems, and now it’s time to go live and see how the solution performs. After deploying the solution, you can see that your customer onboarding number has taken a dip. Let’s say most of your customers are providing authentic documents for online identity verification, if they still can’t get through the verification process, then it’s time for you as a business to look into the problem.
You start going through thousands of customer’s data and conclude that a huge number of documents are not supported by the document verification solution vendor. The reason could be that the document was recently issued by the government, or the document belongs to a country that the vendor can’t verify, or something else altogether.
All you can do is confirm with your vendor, how long it will take till certain documents are supported? The waiting period can result in your bleeding business every day.
Foundation of Online ID Verification
Document authentication on Government-issued ID documents is the foundation of online identity verification. Customer IDs are verified using two key methods. The first one is using automation technology, machine learning solutions, AI-based technology, or optical character recognition. The second step is to verify documents using an army of expert document verification teams. The manual method of document verification is usually more time-consuming and prone to error.
Understanding Document Forensics
- Cross-checking physical documents with online documents.
- Checking for minuscule changes in details, printing style, and other mismatched details.
- Verifying the information provided on documents with government databases.
Questions To Ask the Online Document Verification Vendor Before Choosing Services
As a business all set to invest in an online document verification solution, you should make sure to ask crucial questions. Here are the questions that are must ask:
- How many documents does the document verification solution support? How does the vendor measure the number of documents that have been issued by governments around the world? If a document has been issued twice by the government without any key changes, then does the vendor count that as two different documents or just one? How many countries does the solution support?
- The second question that you need to ask is how effective the solution is in verifying online ID documents? Can it detect all kinds of document tempering like physical, digital document forging, etc.?
- The last biggest question you should ask is how fast the solution verifies different types of documents. If a solution takes more than 5 minutes for each document then it would not be an effective solution for businesses with a lot of customer onboarding every day.
While these questions are highly important, there is one important question that businesses should ask their vendors:
- What is the rate at which documents are verified or what is the document verification velocity?
This question you need to ask is because a lot of documents go out of circulation every year and newer documents are issued in return. It is important to know if new documents can be verified using the solution or not.
Right Kind of Document Verification Solution Can Make or Break Your Business
New document types are being issued by governments all over the globe, which makes the older document types obsolete. Any online document verification solution that can verify new and old documents in real-time is crucial for businesses to reduce costs and improve the overall customer experience.
What Makes an Online Document Verification Solution Great?
In the end, it all comes down to how the solutions are built, poorly built systems can easily be fooled by sophisticated fraudsters who employ better technological solutions. Online ID verification technologies that rely on only one type of verification can be tricked once the weak point is determined. As a business, it can lead to poor customer experience, and to make things worse, weak document verification solutions can cause your businesses to be susceptible to all kinds of fraud. Common examples of these frauds are money laundering, stealing, and embezzlement.
Ideal solutions are all about providing security and efficiency while cheap solutions are all about capturing customer data. Therefore, the perfect solution must keep adapting to new document types and change according to industry trends. Algorithms must be sophisticated enough not to fall prey to tactics used by fraudsters, they should also be able to learn by themselves or they should have comprehensive solutions that don’t require machine learning.
If it’s possible, vendors should send unsupported documents for manual verification, while manual verification of documents is not ideal, it can still provide the solution needed by businesses. An online document verification solution should offer security out of all things. As businesses will need to verify a wide range of documents and confidential customer information, the solutions need to be secure and should not capture any information privately.
As a business looking for an online identity verification solution or an online document verification solution, you need to ask a couple of questions. How many documents can the solution verify and what is onboarding velocity? How much time does it take to verify documents and how effective the solution is in figuring out the difference between authentic and fake documents?
If you have been relying on manual methods for verification of documents, then you should ask the providers these questions and how well they work? Efficient document verification technologies can improve business operations and streamline the customer onboarding process.
DIRO provides a comprehensive online document verification solution. Our document verification technology verifies documents instantly, the technology can verify all kinds of online documents from all over the globe. DIRO’s proprietary solution blends technology and human touch to build a proper document verification solution. Our solution is effective in nullifying onboarding velocity.
Businesses can use DIRO’s document verification solutions for fulfilling the KYC and AML compliance, improving customer experience, and streamlining the remote customer onboarding process. Verified and authentic documents are provided with proof of authentication. Authentic documents are also placed on the blockchain which makes them immutable.
- DIRO’s HQ: (New York, USA)
- Website: https://diro.io/
- Email ID: (firstname.lastname@example.org)