Identity verification is a necessity for financial institutions. It’s also one of the most challenging aspects of customer onboarding. When you’re trying to verify someone’s identity, you have to make sure that it’s the right person and that their information hasn’t been compromised by hackers. This is where an identity verification platform can help as it makes the process easier by providing tools and services that make sure your customers are who they say they are.
What is an identity verification platform?
An identity verification platform is software that helps financial institutions verify the identity of their customers. The purpose is simple: to help banks, credit unions, and other financial services ensure that they’re dealing with legitimate customers and employees. These platforms can also be used to verify the identity of contractors or third parties who have access to sensitive data such as bank account numbers.
The first step in any digital identity verification process is for someone to submit some kind of credentials (like an email address) so that they can be verified through traditional means (like checking their physical address). Once this has been done, the applicant will continue through your website or mobile app without needing any further credential checks until they are ready to complete their transaction—at which point they will need one final authentication step before proceeding with their purchase or transaction.
How it works
Identity verification platforms are a type of software that helps financial institutions to collect and verify customer information. The process includes collecting all relevant documents from the customer, checking them against a database, and even checking the customer’s identity against a database.
This process is very important because it helps in reducing fraud by providing reliable information about your customers and also reduces the cost incurred during manual validation processes.
It can help you verify your customers’ identities without adding extra steps
An identity verification platform is software that allows financial institutions to verify the identity of their customers without requiring them to visit branches or call centers. It can be used to verify the identity of a customer right when they interact with you, such as when they try to open an account or make a purchase. This means that your customers don’t have to provide documents like their social security card or passport for you to verify their identities.
The benefit of this technology is that it takes away some of the friction caused by traditional methods of verifying customer identities. Instead of requiring customers who want to open accounts in person at your branch office, they can use an app on their phone or tablet as part of the process—making it easier and more convenient for everyone involved.
There are many different ways to verify your customers’ identities, but an identity verification platform can help you do this with less work on your part. It also helps to ensure that you’re meeting all of your compliance requirements for verifying customer identities. This can make it easier for you to open new accounts, which can increase your business’ revenue stream and grow your customer base.