Identity verification is an essential step that ensures the identity of a person adding an extra layer of security to the login process, among many other things. There are multiple methods and ways to verify the identity of a person. Traditional methods included providing a face to face identity proofs, but nowadays, relying on these methods can prove to be a loss in the customer database for your company.
Here are some industries which are using Identity verification to their benefits:
All the banks and non-banks nowadays have to follow specific rules and regulations without which no financial institution can register a customer in their institution. Regulations that banks have to follow before they register a customer are:
- KYC (Know Your Customer)
- AML (Anti Money Laundering)
In the past some years, complying with these processes meant a lot of paperwork which, in short, resulted in the loss of many customers. But nowadays, identity verification is a lot easier and simplified by the introduction of the video identify verification process.
Now that we know that it is imperative to verify identity in financial sectors, the medical industry is no exception. Keeping track of patients and verifying their identity forms an important part of this industry. Verifying identity is important in the medical industry as it ensures that the right patient is getting benefits from the government schemes and insurance. Nowadays, this process has simplified as it has become paperless. This process is done with the use of cloud-based software or so. The use of biometric and now even face verification is proving to be a big advantage for the patients.
And not just patients, but identity verification on entry and exit of the staff is also reducing the human workload and simplifying the whole process. What better could happen in this time of COVID 19 than facial recognition, which eliminates the “touching” part of any identity verification process. You can learn more about this identity verification at www.idenfy.com
This industry has been worst affected by the lack of any verification identity process.
In the last decade, this industry witnessed a plethora of fraudulent cases where a false identity was submitted to reap the benefits of products. Nowadays, many identity verification processes have limited the scope of these fraudulent cases going up, but this is not the only problem solved by advancement in identity verification. Now the telecommunication companies can increase their customer databases in far-fetched areas with the help of an online customer identity verification process. This has significantly helped the telecommunication companies. Moreover, the number of fraudulent cases has considerably gone down after streamlining the use of the verification identity process with biometrics and video identity verification.
Now that we have successfully passed two decades of the 21st century, we are entering a completely different world of technological advancement. And in this world with pace-loving people, you definitely can’t use old, slow, and redundant methods to verify their identity. We hope that you chose to switch to modern tech to verify identity and add an extra layer of security to your products; till then,
Stay Safe and Keep Smiling!!!