Not so very long ago, the concept of customer ID verification was overlooked as hardly a requirement. As technology advanced, cyber fraud greatly increased and regulations tightened. A serious overhaul was required in the area of Identity Management and Verification
Hearing, “Sir, may I see your ID” is no coincidence! It holds genuine purpose and reasoning that many might not understand so easily.
In the emerging world of FinTech, where new technologies see fruition ever so frequently. Businesses have become keen on implementing technologies that help enable them to stay ahead of the curve. One such technology coming out is real-time identity verification.
Real-time ID verification enables businesses to automate their onboarding through effective services that match their use cases. Amplifying productivity and effectiveness altogether.
Three key businesses that need ID Verification to Prosper
E-commerce
A decade ago there was no concept of online buying and the purchasing of goods of all kinds. Since the rapid growth in technology and the potential outreach of the Internet. More and more people have started using the internet across a range of mobile devices. Witnessing the increase and shift of traffic to digital mediums, businesses have followed suit by establishing their digital businesses.
The likes of Amazon is a perfect example of how online buying has revolutionized E-commerce. In order to ensure protection to businesses and deter potential cyber fraud away from platforms. ID verification is being employed to prevent future chargebacks that might arise from fraudulent account owners and transactional information. ID verification enables safer account openings with reduced false positives. Especially in the case of age-sensitive items, ID verification in combo with age checks can reduce access to under-age items that are intended for maturer audiences.
Digital Lending in Mortage
Where traditional lending is occupied by large banks having the same corporate mindset and time consuming manual processes. Startups have emerged, who’ve started using FinTech for the benefit. Bridging between traditional lending channels and frustrating customer experience. As applications rise for mortgage lending, these digital startups have started securing the vast customers lost by traditional lending firms. In order to continue sound business operations in the digital space. ID Verification is taken on as a crucial business process for effective fraud prevention during the onboarding process. Able to onboard more and drive profitability, digital lending is able to offer competitive rates and gain popularity of its own.
Hospitality & Travel
Can we, even for a second think about our lives without staying in a hotel or traveling through an airplane, at some point in our lifetime. Hospitality and travel are all around us. Whether it’s on ground or air, a cheap motel to an expensive honeymoon suite.
The influx of guest needs to be looked up for legitimacy. That legitimacy usually comes from identity validation through proper identification documents. This ensures the person standing at check-in, is the one who carried out the hotel booking and match.
Same is the case for air travel where identities need to be matched, with the ones at ticket purchase to the one made at booking.
To Conclude
Be it tourism, digital transactions or digital space, one aspect is clear. The threats associated with cybercrime drive businesses to secure themselves with additional ID verification services that are born to protect what’s right and restrict what is wrong. Click into the source, to find how provider’s are creating an impact.
