Why businesses should be implementing a digital ID verification tool
As remote working and digital adoption sweeps the globe, we have seen the benefits that regulated businesses can gain from implementing this technology firsthand.
With a significant number of individuals turning to digital spaces to conduct business and personal activity, companies need to be increasingly careful of assessing the real identity and intention of people presenting themselves online.
That, coupled with an increase in identity fraud, is the reason why digital identity verification is currently spiking in demand and is a key consideration for the digital transformation strategies of many businesses.
What to look for
In recent years, checking identity documents manually has raised questions with regards to validity and efficiency. How do compliance teams really know that a document is genuine, and which may open up their business to fraud later down the line? Are the individual employees tasked to deal with these documents actually equipped to tell the difference between a counterfeit and the real thing? Even with sufficient and ongoing training, it’s one thing to spot a fake document in the office, but it’s another thing entirely to do so working remotely with a lack of face-to-face interaction. With an increasing number of domestic and international identity documents to check, potentially at large scale and within tight timeframes, the task is becoming even more arduous and this pressure increases the risk of human error.
When it comes to finding the right digital ID verification tool, the key is to look for a Regulatory Technology provider that knows the regulated business market. You should seek a provider that has a solution that sets a global standard yet is tailored for the enhanced local regulatory framework and compliance requirements related to the Channel Island trust industry.
Usability and accessibility
It is imperative that you consider the usability and accessibility of a digital ID verification tool, adopting one that offers an enhanced client experience. After all, digital tools are an extension of your client service and should be designed to enhance that service, offering simplicity of use. They should be a help to your clients, not a hindrance.
Often overlooked, the key to successful digital implementation is finding products that can be completely tailored to the needs of your business. It’s about carefully considered integration into existing business processes.
Having a solution that is accessible on any web enabled device is also imperative. The more opportunities to easily capture information and provide a seamless onboarding process for the client the better.
Introducing Vaiie Identify
Vaiie Identify is a digital ID verification tool that is accessible on any web enabled device which sets a new global standard in real time remote identity verification for the financial services industry. It verifies a customers’ identity in seconds with fast, secure and easy to use digital ID authentication, facial recognition and liveness checking.
It achieves identity verification first time, every time, thanks to sophisticated but easy to use authentication software ensuring all KYC and AML obligations are met, which provides a user experience that exceeds expectations.
Article first appeared in Connect Magazine Issue 103