With the rapid digitization across the world, verification of digital identity is fast turning out to be critical for Banks, Telcos, Retailers, and Insurance companies. Onboarding customers is actually a lot more than just onboarding. It is about designing an experience that is seamless, convenient yet secure and stable.
Digital identity verification solutions are essentially fast, secure, less intrusive, and accurate. They prevent fraud in real-time by authenticating customer identity in the least amount of time. The eKYC solutions empower industries, including banks and financial institutions, to control customer behavior, strengthen compliance with regulatory guidelines, mount customer database credibility, conduct remote authentication, and access documents in real-time, all without affecting their expenditures.
USD 26 billion fines have been levied on banks for non-compliance with AML, KYC, and sanctions in the past ten years (2008-2018).
Crucial for both the bank and its customers, eKYC solutions come as the best line of defense to fight back online identity frauds. Online identity verification services help mitigate the abuse of personal data along with protecting the payment system against money laundering and other bad online invading.
To put it simply, digital KYC has turned out to be a vital investment for banks to keep their head above water. On top of that, more than ever before, the ever-changing expectations for fast, secure, and hassle-free verification, have put banks in a race to fix their tedious verification process while preventing ML from sustaining their customer onboarding. Remember, unlike in the past, customers hold more power to shoot up or debunk your organization’s growth dramatically. This means, there is no way to skip this phase!
This post will unbox some of the most important highlights, you must know for easy going. So let’s get into it:
What are Digital IDs for eKYC systems?
Having a working digital ID opens doors in the economic, social, and political spheres to a safer and more secure digital world. In addition to verification and authentication, a good digital ID provides uniqueness, user consent, and a high degree of privacy protection. Correctly implemented, this can be of benefit to individuals and societies overall.
McKinsey Global Institute research estimated that digital IDs could unlock three to 13% of GDP by 2030 for countries that implement the technology.
Banking companies can benefit from digital ID since it enhances customer experience and productivity while improving risk management. The use of digital IDs is replacing the traditional paper-based method of authenticating people’s identities via online traditional verification such as passports and driving licenses. Digital channels may be used to conduct verification such as biometrics (iris, face, fingerprint), PINs, security tokens, passwords, geolocation, or online document verification.
FinBraine Digital Identity Solutions Amend Data Access Anytime, Anywhere
Data is the BIGGEST asset for any organization, and so for banks. Where conventional ID verification restricts banks to bring the transparency factor, online ID verification solutions empower banks to go limitless.
Digital Identity Solutions allows organizations to access data in a single tab to improve customer relationships & customer abandonment rates while bringing a transparent system to work in.
FinBraine’s IDBraine solutions help organizations in tremendous ways:
- Identify and verify customers more quickly and accurately
- Detects financial crime without damaging crucial customer relationships
- Faster turnaround times and lower operational costs
- Enhanced security
- Improved customer experience and questions
Digital identity verification solutions for Secure Access
Never stress about non – compliance! IDbraine introduces a comprehensive range of intelligent customer onboarding for enhanced customer experience, better regulatory compliance, and increased accuracy of data processing.
Customer onboarding is made easier with digital KYC. Identities can be verified with ease, security, and smartness. Based on a risk-based approach, our solution combines convenience and security without sacrificing security.
Some compelling Features of IDBraine
- Impersonation Fraud Prevention
- Instant validation and verification
- Instant Data extraction
- Geo-fencing/ restriction
- Geotagging- Residence validation
- Machine learning-based face match validation and liveness detection
- Automated capture of personal information
- Data capture from ID
- Biometric scan
- ID verification
- In-App KYC
- Face match and liveness detection
- AI-based identity and document validation & verification
Final Thoughts
Digital identity verification solutions are indeed the most effective way to combat fraud in the financial sector. FinBraine’s IDbraine solution package is designed to streamline your customer onboarding process without exceeding your budget. It is possible to secure your customer acquisition and privacy shield using IDBraine’s advanced technologies without significantly impacting your budget.
For more information on IDbraine, click here:https://finbraine.com/products/id-braine/
