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Role of Electronic Identity Verification in Banking Sector

Digital banking has changed the trend of daily transactions, and now clients prefer online payments. The number of banks’ branches is also reduced because the users need to visit the branch. The rising use of digital banking has also increased cyber crimes; therefore, companies must integrate with Electronic Identity Verification.

The companies must incorporate the latest tools so that the client retention rate can be enhanced. The Biometric solutions aid in verifying the customer’s identity to control data breaches

e-ID Check in Banking

The bank’s onboard clients through Electronic Identification Verification so that the user’s identity is verified correctly and discourages the access of the hackers. The company makes sure that only real clients are interacting with the organization. The entire process is done online; no user’s physical presence is required.

The clients must submit a government-issued identity card, bank statement, and residential address. The given data is then matched against the previously stored data of the database; if both are the same, it means the client is authentic. If the customer has given the wrong papers, the user is unauthentic.

How are e-IDV Solutions Better than the Traditional Methods?

  • Electronic Identity Verification mitigates cyber crimes, and it discourages fake account scams. They provide seamless services to the customer and facilitate them. The user experience is enhanced through it, and the client must face the camera for the authentication. They are very secure as the advanced solutions perform the entire task, and no manuals are involved. The organizations can comply with the latest regulations imposed by the government. They do not have to perform further steps for compliance, and the solution aids in reducing the penalties.
  • The traditional means were complex, as the employees had to perform the entire task. They must collect and compare the data with the government record to ensure the customer is genuine. Conventional ways needed to be more authentic, reliable, and prone to human errors. Small mistakes cause massive losses to the business, and the company can even lose its clients due to such issues.

Why Do Banks Need to Integrate with the e-IDV Process?

The eidv Service Provider ensures that the bank is onboarding legal clients, helping businesses mitigate fraudulent activities. The organization can even verify their users and ensure they do not get associated with any mysterious activity later on. The business ensures that the customer is not performing money laundering or data breaches.

If the person is politically exposed, then such authentications are also rejected. The satisfied clients recommend the business to other people. This way, positive word of mouth is promoted; this business can attract new customers. It is an indirect source of marketing that does not require any heavy investment.

How Fraudulent Activities are Controlled Through the e-IDV Solutions?

In 2022, the cyber security market in South Asia increase by over 9%; the companies must integrate with the biometric solution to control fraudulent activities. The solutions aid in measuring the risk rate of the users, and they are then segregated according to it.

How is the Client experience Enhanced through the Electronic Identity Verification?

Businesses can build the trust of their customers in the following ways:

  • Seamless Services

Clients prefer a company that understands their demands and provides them with services accordingly. The biometric solutions provide them with smooth and seamless services.

  • Swift Services

The biometric system saves the time and assets of the people; the users do not have to visit the office; their verification is done digitally. The whole process is done in seconds, and the customer does not have to go through a complex and time-consuming process. 

  • Sense Feelings

The scanners can read the client’s face and sense whether they like or dislike the product. The companies spend a lot on marketing activities to understand the choice of the clients. The biometric solutions hold all the customers’ data, and they can utilize this information for research purposes.

Conclusion

Electronic Identity Verification enhances the companies’ surveillance and ensures the organization interacts with the right clients. The biometric solution mitigates fraudulent activities and data breaches. The companies can improve their revenue through it and retain their users for long.

The organization can satisfy its clients by providing a user-friendly experience, saving time and resources. The developed countries mostly employ these scanners and utilize their benefits to their maximum. Hackers can’t bypass the biometrics, as they must undergo multiple verification steps. Biometric solutions allow only verified clients to log in to their accounts.

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