In this age of digitization, the world has been moved toward the use of digital resources for enhanced work operations. Now companies perform most of the business processes like registration, onboarding, and identity verification through digital means. Business enterprises eliminate lengthy manual document verification processes and utilise digital ones. Online document verification solutions facilitate business with remote client onboarding and registration processes. All industries need to carry out online Document verification to verify customers’ IDs and combat fraud, forgeries, and other illegal activities in this digital realm.
Online Document Verification: A Quick Review
Document verification is a process in which the identities of users are verified by validating various identity documents like passports, national ID cards, and driving licences. It helps businesses to comply with Know Your Customer and anti-money laundering regulations. Industries use a document verification process to acknowledge the legitimacy of users by providing information. In the case of forged and fabricated documents, companies can fall prey to fraudsters and suffer heavy financial damage. The document verification process involves a set of protocols and checks to determine the legitimacy of information. Giving way to imposters can bring business decline, reputational damage, network breach, legal penalties, and incredibility.
Digital document verification is a reliable solution for verifying clients’ data through robust AI and ML technology. Companies use online document verification processes to validate any kind of document such as;
Educational certificates, degrees, and transcripts
Employment letters, payslips, and contracts
Utility bills, tax papers, and rental agreements
Bank statements, legal contracts, social security cards, insurance slips
Passports, driving licences, or identity cards
How Document Verification Works for Different Industries?
Online document verification is playing an important role in different industries to accommodate a large number of customers by providing streamlined business operations. Here are some of them:
Financial Industry
Banks, insurance companies, and other financial institutions carry out online document checkers as a part of their customer onboarding process. It is an essential part of the KYC process and enables institutions to comply with AML regulations. From account opening to loan processing and from investing in mutual funds to insurance services, document verification ensures a secure financial environment for both customers and financial institutions.
Healthcare Industry
Healthcare sectors, pharmacies, and daycare providers use a document verification process to acknowledge the legitimacy and reality of their patients. Many pharmacies and medicine companies provide online supplies and require a reliable solution for smooth work processing. Online document verification enables health institutes to deliver accurate medical treatment to their patients and streamline online work operations. Document checking protects health providers against identity theft and fraudulent activities. Many fraudsters use fake ID documents during the provision of insurance and health cards. The digital document verification process also facilitates the patient’s record-keeping process while securing their privacy.
Travelling Industry
In this time of online travel services, companies use digital document verification solutions for verifying entities during the remote registration process. It helps them to identify fake identities, stolen credit cards, and risk profiles. Online document verification processes help travel agencies control fraud attacks and streamline workflow. Many travel companies are associated with the third group to provide hoteling services in tourism packages. In the case of fake service providers, travel companies suffer heavy losses. Additionally, the online document verification process helps to overcome illegal immigration and protects airlines from legal actions and penalties.
Crypto and Blockchain Industry
The crypto and blockchain industry uses online verification documents services to avoid fraudsters and have a safe environment. Crypto agencies must identify users for a secure workflow and streamlined business environment. Additionally, a reliable document verification solution allows firms to have AML and KYC compliance.
E-Commerce Businesses
E-commerce businesses use online document verification processes The e-commerce industry involves a high rate of online transactions with vendors, suppliers, and customers. Online document verifications not only secure businesses from account takeovers or fake accounts but also enhance customer experience. Logistics involved in the shipping of products also require document checking for safe delivery. It involves the verification of photo identity, contact details, and address. E-commerce businesses need validation of addresses, emails, contacts, and IDs of persons to have streamlined work operations.
Final Verdicts
The online document verification process is the primary requirement of every industry to enhance security and streamline workflow. It enables organisations to have an automated ID verification process through AI and ML algorithms. The online document verification process includes optical character recognition technology which discourages imposters’ attempts to bypass security measures. OCR technology fetches data and converts it into machine-readable form.
