The Importance of Electronic Identity Verification in Digital Growth

In the digital era, companies must use biometric systems to regulate their business operations. The organziations can control activities and daily work by properly implementing electronic identity verification. The solutions can onboard clients, perform their verification, and monitor them continuously. There is no need for any user manual; the entire task is performed by artificial intelligence and machine learning. In 2023, the revenue of the global biometric system is about 42.9 billion USD; its market is increasing daily. The companies implementing these solutions properly are rising worldwide, and their profit continuously grows.

Image by storyset on Freepik

What is Electronic Verification?

The identity of the customers is measured by using their unique physical characteristics: the face, iris, retina, fingerprints, and voice of the customer are used to ensure that the same person is trying to log in to the account. The scanners verify the identity of the users, and clients are asked to submit their documents for verification. The entire process is done online; no actual customer presence is required. This process is unique, as artificial intelligence and machine learning are involved in the whole process.

Which Industries are Utilizing Online e-IDV Services?

  • Financial Industries

The company planning to scale its business without increasing the number of employees can easily enlarge its organization by integrating online e-IDV solutions. Electronic identity verifications provide services in every industry, especially in the financial sector, because they demand high security. The banks are always at the edge of fraudulent activities because of their increased revenue. The legal authorities have made it essential for banks, insurance companies, and investment agencies to affiliate with their clients after proper verification, verify their documents, and continuously monitor them. So that later on, they do not get involved in the unauthorized activities.

  • Health Sector

Hospitals also benefit from online electronic id verification, and they onboard their patients; these solutions have also made the tasks of doctors, paramedical staff, and patients convenient. In the health sector, any slight delay can lead to risk to the patient’s life, so they must comply with the swift solutions. Electronic identity verification saves the victims’ entire data; this way, when the patient’s medical history is known, the doctors can give them proper treatment at the right time. With just a single click, the entire record of the sufferer pops up, and the doctors do not have to ask for the whole patient’s history; they can check the complete information through the system.

  • Travel Agencies

An electronic verification system aids in onboarding the travelors, and the visitors do not need to visit the office to book the flights; the entire process can be done anywhere in the world. The e-passports have resolved the issue of waiting in long queues for immigration. The advanced solutions allow the passengers to face the camera; if verified, they can simply be seated in the plane. The booking of hotels is also done online, and this process is convenient for both the passengers and the companies. The organizations can welcome their client by verifying their identity digitally. The users can even enter their rooms without assistance by passing the e-check verification.

  • Real Estate Agencies

In real estate agencies, a large number of document verification is required; this is a very time-consuming process as the operators must verify all the papers and ensure the client is authentic. Electronic identity verification has regulated the daily operation of real estate, as the manual does not have to verify the clients. The users are verified by submitting their papers digitally, and the system matches the documents with the previously stored image in the database.

  • Telecommunication Companies

Telecommunication companies must record the customers’ data; sometimes, employees misinterpret the data. Such mistakes and misunderstandings cause considerable company losses; electronic identity verification has solved these problems. As the biometric system records the client’s data, these scanners do not commit any mistake. They are error-free, as advanced tools are implied to perform verification. These solutions also preserve the users’ data, as it is impossible to decode these scanners, so hackers can not expose the customers’ information. The traditional ways were prone to error and data exposure, as humans were involved in them.

Conclusion

Electronic identity verification is very swift; the verification process is done in seconds. The risk of fraud and cybercrime is reduced, as only legal persons can affiliate with the company. These scanners are customizable, quickly adapt to the existing functions and make it more user-friendly. The clients also prefer organizations that keep their data secure and preserve the rights of their users. E-check verification allows clients to perform it from anywhere; they do not have to go through a lengthy process; therefore, users prefer such companies.

Post by Contributor
Reviewed and Checked by Worldlistmania Editor