For many years, identity management technologies and assistance have remained an in-demand commodity in finance and banking.
Banks and financial institutions are now more dependent on online identity verification service technology to guard the privacy and security of the data they have gathered about customers, employees, and partners.
Also, by facilitating the creation of secure and streamlined ways to present access control and identity authentication, ID management technologies have become vital elements in the financial services industry.
Moreover, the online identity verification of a customer during online account opening can help banks build better trust and prevent online identity fraud.
Benefits of online identity verification for online account opening
The constant improvement in technology has conferred a transcendent influence on different business sectors across the globe. Users can conveniently execute even the most tiresome tasks over the internet.
One of the principal examples of this technological advancement is digital identity verification. With this online identity verification service, customers no longer ought to wait in long queues at the bank to deposit an unending list of documents to open a bank account.
However, with the help of digital identity verification or e-KYC, this entire process of account opening takes only a few hours, making online account opening more convenient for banks and their clients.
Mentioned hereunder are some prominent advantages of digital identity verification in online account opening :
- Digital identity verification helps cut corners.
Presently, real-time or physical identity verification requires anywhere from an hour to four weeks. This relies entirely on the available workforce in the bank and financial institution and the number of clients onboarding every day.
Nevertheless, by integrating the digital identity verification process, banks and financial institutions can readily complete the identity verification process of more customers per day compared to physical identity verification. This facilitates better productivity and working efficiency of the bank.
- Clients can schedule identity verification at their convenience.
Real-time bank identity verification usually relies on the bank schedule. This needs clients to free up a significant part of their day for the verification process, where a lot of their time and day gets wasted. However, online identity verification for online account opening enables clients to perform this verification at their convenience.
Also, the geo-tagging option is available in various client KYC and onboarding software. This option ensures that the client isn’t cheating and is abiding by the location regulations of the financial institutions and banks.
- Lesser paperwork, lesser carbon footprints and better assistance
The paperless and contactless features of online identity verification make it even more popular amongst banks. This online ID verification presents a comprehensive online experience to its clients.
Moreover, the digital platform for identity verification further decreases carbon footprints and helps save additional expenses on paperwork.
Apart from this, online identity verification for online account opening is a secure process. This client verification gets conducted through demographic and biometric data stored in the database, accessible only when the customer confirms their identity.
Choosing the accurate digital identity verification software can simplify the online account opening process for banks and customers. While several KYC Verification solutions are available, the ones offered by Accura Scan are truly swift, secure & seamless.
This online identity verification software includes real-time ID verification, facial recognition, video and forensic spoof detection for better fraud control. To know more about our solutions, you can contact us on +91 820-898-8751 or reach out to us at firstname.lastname@example.org