Why Identity Verification is Vitally Essential For Fintechs?

17 Nov 2022

The Fintech industry is experiencing a significant stimulus and thus presents huge opportunities for the economy. However, with vast success opportunities come bigger threats. A significant threat haunting the FinTech industries includes Identity Fraud. This problem is rising, yet many FinTech organisations fail to comprehend its graveness.

In such a scenario, identity verification is an essential practice that works like a light in the dark. This article will explain why identity verification is quintessential for FinTech organisations.

Advantages offered by identity verification to the fintechs

Here are a few ways identity verification solutions can empower the functioning of Fintechs.

• Employing biometrics for a better user experience

With the help of biometrics, the identity verification service can assist apps and businesses verify the identity of anyone, anywhere, anytime, with newer and better tools such as ID verification for Fintechs through APIs, machine learning, or

• Data risk analysis

The identity verifications services bestow their clients with big data risk analysis, facilitating higher transparency and credibility for the Fintech sector. With this, financial institutions such as banks and lenders can identify prospective borrowers before proceeding with their applications and reject the cases with high fraud probability.

• Encouraging digitisation

Identity verification solutions embolden Fintechs to adopt digital services. This feature helps them serve their customers better, as Fintechs can offer a faster onboarding process, reduced application abandonment rate, enhanced user experience and ultimately drive financial inclusion in India.

• Escorting security in the fintech world

The cruciality of having an overall data protection framework for the internet user base is inevitable. In this regard, identity verification solutions are helping financial businesses detect fraud identities and fraud through their facial and voice recognition tools.

Security solutions by Accura Scan

Fintech organisations must partner with a solution that offers ID verification for Fintech involving techniques like real-time face match, biometrics, digital KYC or all. Suppose you, too, are the leader of a Fintech organisation. In that case, you need a powerful AI-based ID verification technology to secure the data of your customers and prevent disasters such as fraud and data theft. Reach out to the Accura Scan experts today to understand your data's potential risks and how ID verification can help you mitigate them. Call us on +91 820-898-8751 for more details.

FAQs

1. How does identity verification work?

Identity verification works by obtaining an individual's facial, audio or biometric information and matching it with the records.

2. Why is API needed for identity verification?

With API, companies can ensure KYC, KYB and AML compliance by accessing all the official data sources worldwide.

3. What risks does identity verification eliminate?

Identity verification eliminates the risk of identity fraud, data theft, hacking, etc.