Technology and the internet have changed businesses beyond recognition due to innovation in recent years. Customers and businesses communicate digitally in this digitized world. In this busy world, no one has time for face-to-face meetings or direct contact neither it is considered as a suitable option. Manual authentication trends for physical confirmation of an individual are long forgotten due to the time they take. The significant increase in digital fraud has caused the loss of millions for individuals and businesses. Businesses are always the easy target of cybercriminals and fraudsters. Customer identity verification KYC as well as business verification KYB is essential to save businesses from intruders and scammers.
Bombarding individuals with questions and strangling them in the cumbersome verification process is a time taking option and time is money for businesses. Manual authentication is even frustrating and ends in losing the customers.
Security and customer experience always go side by side, for a secure growth of the business. The goal is to achieve both at the same time which is possible by deploying identity verification solutions. Through the use of biometric facial verification, document verification, and address verification working on the phenomenon of machine learning, and other advanced technology identity verification solutions verify the real-world user identity. Integrating these services in your system not only eliminates the time-consuming onboarding process but it also helps the business in meeting regulatory and compliance standards.
ID verification for KYC and KYB:
KYC is essential for businesses and organizations as per regulatory authorities. KYB is also important when dealing with other businesses for the partnership to make sure the other business is a valid company and not a shell company. These days there are some serious digital security concerns for all sorts of businesses because of scams like digital fraudulent activities, data breaches, and ID theft are on the rise and abusing the systems easily. Such activities are translating a significant revenue loss for the businesses that fall victim to these criminal activities.
Taking into account these problems, every business wants to protect itself from fraudsters, saving them time and cost for fulfilling the orders of customers who don’t exist, henceforth preventing them from accessing the business and carrying their illicit activities. The use of digital verification services is a safer and cheaper solution in the long run with real-time verification results. The ID verification and authentication solutions are quite vigilant solutions for the businesses since they make it easy for the organizations to achieve a secure customer base while enhancing the customer experience as well.
It is the utmost responsibility of banks to ensure that they have the right services to ensure that the identities of all the applicants are verified and authentic. So banks are heavily reliant on digital KYB & KYC services for all this and without them, banks would be suffering a lot because of heavy fines that they will be made to pay by their regulators.
Brokerage firms need to be really vigilant about businesses that need to partner with them. They have to deal with a lot of other businesses on a daily basis. So KYB should be performed to keep imposters or fake businesses at bay by brokerage firms. Such businesses can be venomous so it is mandatory to authenticate them beforehand. This technology is cost-effective good old methods require huge staff which is not the case for digital identity verification. Digital KYB & KYC provides an extra layer of security and efficiency of the business.