Benefits of Identity Verification

Identity verification has become important in our ever-changing world. It is important for a number of reasons, such as compliance with government regulations, security and fraud, among other things. Identity verification is an important process that ensures that someone’s identity tallies with the one it is supposed to.

Identity verification is an essential requirement in most processes and procedures, both online and offline, in all kinds of situations, from opening a bank account to completing tax procedures electronically. In a number of sectors, the identity verification process is known as the Know your customer (KYC) process. We understand the importance of verifying identity and that is why Simplify Synergy offers identity verification services.

 

WHAT IDENTIFICATION ENTAILS

Identity verification is a process that ensures that a person is who they claim to be. It debars criminal elements infiltrating one’s vital information and using it to perform heinous activities without authorization. Similarly, the process prevents people from creating false identities or committing fraud.

Typically, identity verification services come in different forms and methods. The process depends on the channel and the way the verification is done. There are two major ways it can be done

 

1. The traditional face-to-face process

This process involves the individual. The individual could personify themselves in a company, institution (tax agency, employment service) or organization. They then deliver their identity document (ID, passport or equivalent) simultaneously that the agent can verify together with a photograph that tallies with the identity of the person delivering the document. A photocopy of the document is made, a form is filled out, checks are made, and the identified user is ready to proceed with the pertinent steps.

2. The Online method 

The online method of identity verification, otherwise known as the eKYC method, verifies the identity digitally. Only a device with a camera (computer, tablet, mobile) and internet connection is needed for this process. The process entails:

 

• The user who wishes to register visits the website of the company
• Pe.rmits the use of the camera and microphone to verify identity.
• He is asked to show the ID document on both sides, and it is recognized and verified.
• The user shows his face, smiling at the camera.
• A separate team of competent agents validates the video in another process.
• The identity has been verified, and the person’s credentials and the recorded video with the person’s identity document and face and the validation of the email and telephone service as proof that the user is who he says he is. The company or organization then registers the user.

 

Benefits of Identity Verification

 

It validates one’s reputation 

Trust, particularly in a digital landscape that’s inherently fickle, is vital. Consumers can switch their preference of a product to another if their needs are not met, hop from one business to the next if they’re not getting their needs met or aren’t satisfied with the service being provided. More so, in a world where people’s identities can be stolen to perform heinous activities, one could lose customers if they do not feel secure with your brand.

On the flipside, validating your reputation and making customers comfortable with your brand can do wonders for your business.  Being able to verify a customer’s identity swiftly helps to solidify that all-important trust.

This is why majority of organizations are using verifiers that take care of the identity verification process through customer documents, face-matching selfies, and checking the KYC watchlists. Using a third-party verifier makes the process swift. It keeps customer checks on file and allows companies to continue to onboard their customers without spending precious time fact-checking documents themselves.

Prevents fraud and Money Laundering

An individual or company that doesn’t take identity verification seriously opens itself up to risk. Some of them are the risks of fraud and money laundering. One of the key factors that were possible was that they didn’t have a solid identity verification system. As a result, companies adopt risk-based models that employ identity verification to assess which users might be high-risk.

 

They can then use this data to create authentication levels based on the risk potential of certain transactions. Afterwards, they can note those that are good and those that might be fraudulent accordingly.

Improve Customer Experience

This mostly deals with companies. Today, most customers fancy organizations or companies that use a digital workflow. This does not need the excessive use of paperwork. By this,  customers get a seamless onboarding experience. Also, they can get instant access to your product or service. Employing digital identity verification methods like facial recognition and automatic scanning, among others, means customers don’t have to wait hours or days to get started.

The process of identity verification for most businesses reflects this:

• Gather ID documents
• Verify the authenticity of the ID documents
• Ensure customer authentication
• Create a report for auditing purposes

Although this method is good, it takes a lot of time if done manually. This is why it is vital to go digital. It makes the process of checking the documents easier and more seamless.

If you missed the post on how to enrol for NIN in London, check it out here

Conclusion

Companies should be better informed of the benefits of identity verification and how it can benefit their company and it’s customers. To find out more about how Simplify Synergy can assist with providing identity verification for your company, please contact us

Is there more you’d like to let us know about identity verification? Let us know in the comment section