The customer expects companies to preserve their confidentiality, safety, and identity when using the services They hold the organization accountable for it. Customers will leave an organization or corporation that cannot safeguard their identity and risks losing their customer data. To maintain a trusting connection with customers and secure their identities in this age of data and security leaks, it is critical to develop a smart solution that delivers both security and reduced friction for consumers. Some of the industries that require document attestation are:
The Banking Sector
It covers banking operations such as creating a bank account and other banking processes for digital sales and money transfers. Document attestation plays a critical role in detecting identity fraud in the banking and other financial sectors.
Government Institutions and PA
Document verification in the government and public administration sector is used for the extension or issuance of digital certificates, identification documents, verification of identity for registering on government webpages, and medical paperwork.
Identity theft is a major issue in the finance sector. In order to deliver good services, financial businesses must identify clients, their prior behaviors, and other criteria in order to handle claims, credit screening, pricing, and other considerations.
Healthcare is a paper-intensive sector. Digitalization of patient identity document verification can help patients get well sooner. An identity document verification process that is automated and computerized can cut patient waiting time, improve patient satisfaction, and minimize care staff labor.
In retail shops, online document checks are employed to identify consumers and deliver appropriate loyalty benefits as needed.
It encompasses goods and services buying and selling, as well as other online money transfers.
Use Cases of Document Attestation
At several points of the client lifecycle, online ID verification can employ. Among these use cases are:
Customers are happy to cooperate with banks and other businesses that are not physically close to them. It gives them a diverse choice of options. Banks and other retail marketers all benefit from a rapid, simple, and safe online account opening process.
Manufacturers and other retail merchants now have an active web presence for their companies. Clients’ connectivity is growing fast, as is the area of competing offerings. A validated and well-managed client acquisition strategy is essential for cross-selling and up-selling efforts.
Employee enrollment is another common aspect of identity document attestation. Having an easy-to-use document attestation mechanism aids in quick employee onboarding and enrolling current workers for access to applications, systems, and administration.
Future of Document Attestation
Authentification of a document is critical in the modern economy. With the expansion in the number of goods and services available online, customers expect frictionless access to such services and goods. Furthermore, they want all of this it jeopardizing their identity or privacy.
Meanwhile, companies want to know who is coming in to use their goods and services. This privacy and confidentiality may obtain with an online identity. However, this tendency will remain, and digital document attestation will be the solution to more simple and speedy internet connectivity while maintaining privacy and security.
Therefore, a decentralized method will aid in the protection of online identity in this aspect. This provides users with privacy, safety, and easy access to online services. Companies, on the other hand, profit from this while having access to a larger audience.
Identity verification advancements will have a significant influence on how people view online identity nowadays. The new ways will enable us to combat corrupt individuals, ensure security, and make lives easier.
Rise of Digital Identity Documents
In the digital age, traditional techniques of document attestation will become obsolete. ID papers (such as ID cards, driver’s licenses, passports, and so on) now issued in tangible form. These materials are sent through a centralized system that adheres to rigorous security and privacy protocols.
However, as more products are given online, many projects migrating from physical ID cards to electronic IDs. The Digital Identity and Authentication Council of Canada (DIACC), for instance, is conducting several tests to build Canada’s electronic identification system.
Nevertheless, when it comes to online identification documents, keeping a high degree of security is difficult since they are readily fabricated or counterfeited if not adequately protected. There may not be an ideal answer for this right now, however, there might be in the future
Artificial Intelligence and Machine Learning
Artificial Intelligence (AI) and Machine Learning (ML) will play important roles in digital document attestation and fraud detection in the future. Companies will be able to safeguard their users’ identities by utilizing AI and ML. Increased usage of artificial intelligence will not only speed up and protect the client onboarding systems but will also prevent fraud activities. So, it is really playing a tremendous role in the verification of KYC documents.
It’s about time that companies start thinking about how to manage and leverage online identity. Businesses have to make sure that they have the necessary technologies to deal with this. Furthermore, they need to develop digital identity procedures with the consumer in mind. The customer experience makes all the difference. Finally, businesses need to keep up with the current industry development to avoid being out of sync with digital document attestation.
How financial crime is increasing and the steps companies are taking to tackle it? Here’s the Financial Crime Report 2022.