Saturday, May 18, 2024

    Document Verification Process – Enhance Customer Experience For Efficient KYC

    There are a number of methods available for the verification of the documents, it totally depends on what will be the need. It makes sense for industries to identify the origin of the documents with the highest standard of verification. The COVID-19 pandemic shifted the whole manual world into the digital world, mainly in banks and other financial sectors. Businesses verify the identities of individuals or companies digitally and with government-issued official identity documents. Some identity criteria, including full name, date of birth, address, and image on the documents, matched during the document verification process.

    What is the Document Verification Process?

    The goal of the document verification process is to confirm the authenticity of the documents while taking note of distinctive markings like watermarks. The document verification process can be done digitally through facial authenticity and uploading identity documents issued by the government. 

    What is Document verification?

    Getting digital and online identities put through on a long distance with the typical identity verification. Although it is not a wrong decision, there are a number of advantages to using legitimate and official documents as a step of the document verification process.

    The adoption of both physical and digital platforms is advancing the importance of document verification in the identification process. 

    Document Verification Process – Verifying ID Documents and Parameters Online

    Government-issued documents such as licenses, bank statements, educational certificates by State, utility bills, and others are the documents that businesses accept widely or verifiable documents for the process. The process validates the features of the documents such as fonts and styles, stamps, and official watermarks. Furthermore, the front and back of the machine-readable identity document’s personally identifiable information are being compared. 

    Digital customer onboarding makes the process efficient, applicants do not need to visit the office physically and present their documents to get verified. Customers can easily upload pictures of their identification documents and a selfie using a smartphone’s photo capture app.

    How Does the Document Verification Process work?

    Document verification process – works through a number of steps of essential validating checks, that scans the ID and observe the legitimacy by comparing the information stored in the database. Here are checks of the verification process:

    • Face Recognition: Customers provide identity documents with images with critical information if ID verification. These verification systems usually have the ability to extract image data from the provided identity document. Then verify it with the photos stored in the database. 
    • Data Association: most of the Identity documents issued by the government have information on the both front and back sides of the document. As per the identification concerns, must verify the association of the data just verify the correctness of the data and the reference to the user.
    • Scanning Document and Fraud Detection: There must be methods to scan identity documents and critical information, which might include barcodes, ID numbers, and extra and link them with the database. Furthermore, these scanners will verify the tempered or photoshopped documents through different types of recognition patterns. 
    • Database-Checks: The information from the scanned documents is reportedly compared to thousands of IDs that are stored in the national database. In comparison with the information from the multiple national databases to authenticate the legitimacy of documents.

    There is a reason why many verification solutions boast about being able to verify thousands of types of documents typically, more documents mean wider coverage for international customers.

    • Identity checks and Selfie Liveness: Advanced solutions, occasionally incorporated to mobile selfies for biometric verification. Additionally, the system will support liveness testing to ensure that the right user is present as well as instant image comparison with IDs.

    Role of Document Verification in Compliance

    Most compliance regulations do not require digital document verification necessarily even in regulated industries. Although, the continuous expansion in digital platforms has improved the demand for online onboarding and digital verification for customers. 

    There are a number of regulations that businesses use in their organizations to prevent terror funding and money laundering.

    • Know Your Customer (KYC)

    Know Your Customer (KYC) is a vast term used for customers’ identification before getting involved or onboarding with any business. Companies use KYC to know about customers. Whether they are suitable for the business or not means anyone was/is into any criminal activity.

    • Anti-Money Laundering (AML)

    Is a bundle of regulations that businesses are using to fight suspicious monetary activities with the help of KYC checks.

    Final Remarks

    Nowadays, almost every industry makes its working process online, when it comes to the digital onboarding of customers. Organizations have to verify the number of checks to validate the identity, including document verification. The document verification process is very comprehensive and smooth for customers’ onboarding in no time. 

    Maria Jones
    Maria Jones
    A Business Analyst who is always sharing business tips as well as career tips. She is passionate about the latest trends of business & implementation.

    Related Articles


    Please enter your comment!
    Please enter your name here

    Stay Connected

    - Advertisement -spot_img

    Latest Articles