Assessing Benefits of Identity Verification Solutions

A change in business process from traditional methods of verification to automated identity verification systems has been accelerated by the pandemic, for lenders at the point of customer acquisition. With the help of forward-looking guidelines from regulators, lenders are adapting to faster, safer, and more legitimate automated digital verification solutions.

Digital Identity Verification- Paving the way for more reliable and smoother customer acquisition
Digital verification solutions offer lenders increased automation, shorter turnaround times of validation checks and improved levels of accuracy. Lets’ pin down some of the significant benefits that identity verification brings with it:

  1. Attains increased automation with greater reliability: Along with a high standard of security, customers also look for a company that can provide a smooth, hassle-free onboarding process. The main advantage of having a Digital Identity Verification system is that it is an extremely fast process. Easy to operate & incredibly accurate, this system ensures a smoother onboarding process compared to the old school methods. This is the reason most lenders today are looking forward to digital verification solutions & tools.
  1.  Create a positive customer experience: Digital Identity Verification solutions allow lenders to offer a simple and seamless onboarding experience to existing and new customers. Customers today are spoiled for choices in terms of product features and pricing. Reducing friction in onboarding journeys can be instrumental in retaining old clients and attracting new ones.
  1. Curtails risks of frauds: Fraudsters have become more advanced in devising newer methods to commit fraud. One of the ways is to create high quality false documentation, that seemingly doesn’t look invalid. Digital verification solutions offer lenders the chance to validate the authenticity of these documents and mitigate this risk. With time, lenders can use this data to incorporate identity verification process results into their risk models.

Choose CRIF’s IDenCheck – the best to stay ahead of the competition

IDenCheck by CRIF gives you the benefit of –

  1. Accurately screening the personal KYC details provided by a customer against a broad range of positive and negative databases (including government databases) in real-time. This makes it simpler to identify genuine customers.
  1. Offering a user-centric design, the solution ensures every detail is captured to verify the customers. IDenCheck returns verification scores for each KYC detail submitted, thereby allowing lenders to define cut-offs for automation.
  1. The solution is available as an API allowing any source system to invoke the service and consume the results in a seamless manner.

All in all, IDenCheck is just the right partner for the companies that know their priorities well!

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