For several years now the banking sector has been adopting laid-back and inaccessible techniques for document authentication services for its clients. Such techniques are time-taking and, most significantly, are expensive. This is not only valid for financial institutions but for online platforms and conventional and physical stores as well. According to research, stringent digital document verification rules that financial institutions outlay for the client makes their account opening procedure more complicated and time-taking. It might also be the basis for placing their information at stake which can leave individuals not happy with the service they get.
The banking sector and monetary institutions are, therefore, known for being strict and skeptical about adopting new technology. Other high-tech companies like merchants and crypto markets are more open to employing document authentication services to comply with compliance laws. Some of the various disadvantages of manually verifying documents involve chargebacks, fines for breaches, bogus declines, legal fees, and regulatory penalties. This is just the cherry on the top; the record of failings for laid back and conventional processes goes on. This is when it comes to an urgent need for companies to invest in advanced and tech-savvy solutions to authenticate their users.
The study established by Business Insider stated that the emerging solution for identity document verification and user verification techniques in the year 2020 will involve solutions based on AI, biometrics, and Blockchain regulations. Financial and technology businesses that are now giving SaaS products are emphasizing artificial-intelligence-based solutions for document authentication services. There are several techniques for document verification. There are various ways in which document authentication services can increase the cost for the company.
Using document authentication services to avoid false decline
There are researches that present that due to manual verification techniques, retailers are thrice as likely to reject a document or order due to the doubt of scams. This can also usually happen with returning users since there is no other way for the merchant to recognize if the user is making a repeat purchase. This can make it difficult for companies to achieve loyal consumers – and may end up pushing them away too. Document authentication services help prevent such errors. It requires significantly less time to authenticate users through online document authentication services and can assist an online company to recognize whether they are repeating customers. Similarly, financial institutions can also perform document verification to check if a user is showing his accurate details or is actually a fake person. This can drastically enhance sales revenue for companies, whether digital or physical.
Limit Chargebacks and Adverse Reviews
Usually, we see circumstances of fake orders being placed through stolen credit/debit cards or identity data. This enforces the companies to pay back the financial institutions and the user and, on top of that, pay a large amount of penalty to the banking sector for not performing document authentication protocols. Therefore, it can result in adverse reviews for the companies, affecting their repute with any possible or existing users, since no one wants to purchase from a merchant with unprotected data security. Indulging in a smart online document authentication services technique can assist companies to reduce fraudulent orders, thus reducing undue penalties and damages.
Quicker identity document verification can limit buying abandonments
Supposedly, checking out cart abandonment rates can increase as high as 70 percent for online payments. One of the main reasons for this is the extended time for authentication processes. A digital identity verification document authentication service can assist in increasing this procedure by at least 5 times. Document authentication services are based on AI and can authenticate the identity of a user within seconds. This allows a company to verify its users without any friction that usually affects purchase abandonment. With quick verification techniques, in which companies can raise the effectiveness of their checkout process.
Seamless Check-in processes and smart purchases
Ever got penetrated in a long check-in line at the air terminal or had to encounter delays due to long check-out processes during transactions. At the interval of flight check-ins, flight agents are ought to authenticate the travelers physically. This makes the complete procedure lengthier, resulting in long lines of checkout. With the help of document verification, verification of travelers’ document authentication can be quick and smooth. Lastly, online check-out processes can be long and have a greater possibility of the client leaving the buying procedure without completing it.
Anika Sharma