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A Brief Overview of Identity Verification Solutions

Published on 29 August 18

Evaluating a new customer is, in fact, a two-step process. Financial losses and compliance challenges may occur due to improper authentication and verification. Identity Authentication solutions employ a cross blend of alternative data in the network and traditional data to help comprehensively understand a customer. Today, all of it can be done using non-public data for secure authentication and affordable prices.

Importance in Customer Acquisition

Service providers help businesses across various industries to streamline their enrolment process and digital application. It guarantees a hassle-free customer experience while diminishing the risk of fraud, at the same time. As such, the conversion rates are high. These providers have customizable, highly configurable and seamless software-as-a-service solution.

Procedure for Verification

When a customer initiates a transaction, service providers collect minimal information to validate the identity of the applicant. This helps in completing the enrolment process seamlessly. This task is made possible by harnessing the power of an identity network and risk assessment tools. It makes use of two different experience to match the needs of the customer.

Businesses can fulfill all the regulatory requirements affordably by verifying the identity data provided by the potential customers. Modern day technology used by service providers can remediate customers and allow them to proceed through the underwriting process. When issues are resolved, the software employed can return contrary data and provide verification flags for efficient and comprehensive manual reviews.

Knowledge-based Authentication

Knowledge-based authentication quizzes ensure clarity in profile changes, account originations, and high-risk transactions. They can help authenticate and verify almost every US customer from youths to emerging market segments. You can talk to a reliable service provider to learn more about the same.

Detailed Data Assessment

Businesses cannot merely rely on scores for making a critical assessment for authentication and compliance. Accurate data is crucial to driving manual investigations and rules-based strategies. The software for data collection and evaluation delivers specific and intuitive responses to identity-related questions. The answer to the essential questions lay the foundation for solving compliance and verification challenges.

Identity Verification for Services

Service providers provide authentication of ID cards, driving licenses, visas, passports and residence permits. With full automated ID checks in place, the software generates results in a matter of seconds and helps one determine whether a document is authentic or fake. It creates an audit trail after every check and has a database equipped with reference materials from many countries.

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