Document verification is a major and crucial process for every business whether it’s a bank, an educational institute or a healthcare organization. Documents such as passports, national ID cards, utility bills, credit cards, etc. Provide a strong piece of evidence about someone’s identity ensuring that the person actually exists. Over past years, documents have always been considered as proof of identity and are verified during the customer onboarding process.
In fact, even if you go to buy alcohol, the salesperson firstly asks for your ID card to see if you are above eighteen years or not and that’s how you verify your identity. This is just one scenario, there are multiple cases where documents are being used for customer verification and a whole new domain of document verification was introduced. With the more stringent requirements from the regulatory authorities, document verification has become prevalent than ever.
With time, there have been many changes in the strategies and process of document verification. At first, the whole process was manual, but organizations started leveraging AI technology to come up with a more effective and efficient document verification solution. Here are the top five benefits of incorporating AI-powered document verification in business.
Quick and Convenient
Traditionally, we have been verifying documents manually which means a lot of paperwork to deal with. It requires a lot of human efforts to carry out the whole process and quite time-consuming. Moreover, it is prone to errors and won’t be accurate in every case. Previously, in order to verify the documents, people have to physically present the documents, which is quite cumbersome.
With AI-powered document verification solutions, customers can remotely verify their documents. These solutions allow users to upload their documents and the system can efficiently verify and validate them in real-time. This leads to enhanced customer experience and convenience. In addition, these verification services are based on advanced artificial intelligence and machine learning technologies; which means they minimize manual supervision in the process.
Supporting a paperless environment
The manual document verification process involves going through paper documents which means once the process is finished, the documents can’t be just disposed of off. They need to be properly stacked in the files and efficiently stored for later use. This is one hectic task for the organizations to properly store the documents and keep track.
Digital document verification saves businesses from this mundane task of securely storing the huge pile of papers. The whole verification process is done online, and the data is stored in the company’s database which is easy to retrieve anytime in future
Eliminating the document fraud
In the past, there have been cases when the customers have presented fake papers and documents to get verified and access the services, for instance presenting a fake ID card to go to a local bar or a photoshopped bank statement to apply for a loan. The majority of the time, these documents weren’t even identified to be tampered or fake. The reason is a naked eye isn’t efficient to identify the tampered or forged documents.
This limitation in the traditional process is proactively addressed by the online document verification services. Based on the principals of AI and machine learning, these services can instantly identify the photoshopped element in the document. AI-powered document verification solutions not only check the information but the authenticity of the document as well by validating the format and information on the document.
Another major benefit of using digital document verification is that it offers the security and safety of the document. In this data-driven world, the customer’s personal data serves as a goldmine for criminals. These services ensure to meet the data privacy laws and store the user collected information and documents in a secure manner so that no unauthorized person can access the information.