Banking, financial services, and other industries that required to validate identities could readily compare a face to an ID in the old world—before smartphones, high-speed internet access, and a pandemic transformed the world digitally. This visual inspection was done in the presence of potential clients. The verification, of course, could hardly be taken at face value—pun intended. It has to be backed up by unique identifiers like name, date of birth, biometric data, ethnicity, and so on.
Using Digital Documents to Confirm Physical Attributes
Document verification is the process of confirming the authenticity of a document. Officially issued documents, such as a driver’s license, bank statement, or other state/federal documents, are the most widely acknowledged and verifiable. Personal data, such as name, age, and address, as well as document attributes, such as stamps, watermarks, fonts, and carrier materials, are checked for legitimacy.
Customers no longer need to be physically present for their documents and identities to be validated with the advent of digital banking. Of course, with cellphones so readily available and always in hand, this isn’t a problem. A photograph and a government-issued ID are all that are required of a potential consumer. Even better, they can provide a video as proof of existence and identity. With today’s technology breakthroughs, this verification can even be done in real-time.
What is the process of document verification?
This is how it normally works: an automated system walks the user through a step-by-step process while performing the verification process in the background, in which physical characteristics are matched with a selection of acceptable identities. This is actually more effective than manual examination because the software uses mathematical comparison techniques to detect forgeries with more precision. If necessary, a layer of manual document inspection can be added. Some of the factors that an automated document verification solution analyses are as follows::
Consistency of data across papers, such as full name, document number, date of birth, and so on.
Signs of fabrication or modification, such as a change to the original image
A three-dimensional representation of the patient document for authenticating holograms, which are notoriously difficult to manipulate.
Edges of documents that indicate superimposition for modification
Overall document quality, such as optically detectable ink, text overlay, watermarks, and so on.
Machine Learning’s Contribution to Document Verification
The amount of data provided to a machine learning algorithm determines its effectiveness. This data is used to continually train and learn, allowing it to improve its performance.
These are the characteristics:
Fatigue-related errors are never a possibility.
The method can detect sophisticated scams that are undetectable to humans.
Global identity documents can be accessed quickly.
It enables companies to provide better service to their clients.
Slight tweaks to rulesets allow for seamless compliance with global requirements.
Associated costs are low
Ability to connect to a worldwide database Instant scalability to any extent
Customer Expectations in a New Technology Environment
Organizations who have failed to jump on the change bandwagon will soon be obliged to do so, as customer expectations and the technology landscape change at a fast pace. An out-of-date approach to document verification can have a huge, though unanticipated, influence on a company’s bottom line.
Consumers today want simplified user experiences with minimum friction, particularly during onboarding. As Online document verification becomes more common, even a simple request for several selfies or head-turning angles has a detrimental influence on the consumer experience. Even little friction might drive prospects to bounce before they become customers at a time when consumer expectations have reached all-time highs, with 80 percent of customers stating that A company’s experience is just as vital as its products and services.
An outdated approach to document verification can have a significant, albeit unintended, impact on a business’s bottom line.
In seconds, low friction and automated decisioning
Consumers today desire simple, frictionless user experiences, especially during onboarding. Even a simple request for many selfies or head-turning angles has a negative impact on the consumer experience as document verification becomes more widespread. At a time when customer expectations are at an all-time high, with 80 percent of customers saying the experience a company provides is as important as its products and services, even minor friction could cause prospects to bounce before becoming customers.
Conclusion
At its core, an identity verification system should strike a balance between effective fraud control and a frictionless client experience. We can avoid the high operational costs of human review by automating with DocV, and we can scale more cost-effectively. Socure’s DocV provides a holistic, unified response for evaluating an identification across various aspects.
