What do you mean by Identity Verification? Why is Identity Verification an important process?
Ever since the digital transformation in banking, we have seen a giant shift towards digital onboarding in financial services. Technologies like liveness and identity verification solutions have started to be a prominent step in intelligent digital onboarding. ID verification software with the capability to onboard customers quickly and remotely have helped in this shift towards digital customer onboarding.
Going forward into 2023, lets understand how these Identity Verification Software work and why it is a crucial step for all businesses to use an identity verification solution on their platform.
Identity Verification: What is it?
When opening a bank account, asking for a loan, or engaging in other financial transactions, identity verification is a crucial step in making sure a person is who they say they are. Although identity verification is a crucial security tool in the fight against new account fraud, it also helps financial institutions’ Know Your Client (KYC) and anti-money laundering (AML) initiatives, which evaluate and track customer risk.