Benefits of Using Mobile Identity Verification Technology in Your Business

 

With mobile identity verification technology gaining popularity in the business world, you may be wondering if it is something that you can also benefit from your business. Mobile technologies create real opportunities for financial service firms to capitalize on cost-effective and engaging customer acquisition methodologies. The following are some of the benefits of using mobile capture to optimize the omnichannel customer acquisition experience.

First of all, mobile identity verification can help reduce friction in the data capture step by extracting data directly from IDs and other documents that are presented by the prospect. Using machine learning, mobile auto capture technology can extract relevant front-side ID information and rear-side barcode scans. Using those documents to reduce data capture friction helps kill two birds with one stone.

Another benefit of using mobile identity verification technology is that it helps outsmart faulty Knowledge-Based Authentication with ID document authentication. KBA is considered to be less and less effective with every new data breach. Even if KBA remains effective, banks require a reliable and consumer-satisfying alternative like identity verification based on IDs authentication.

Real time ID verification is another important benefit of using mobile identity verification. Using a variety of approaches, real time ID verification aims to establish that a government-issued ID presented by a prospect is genuine. The current image analytics power fast, easy, as well as accurate ID verification via mobile devices.

Also, mobile identity verification technology creates another factor of authentication with facial biometrics. There are some identity verification applications that offer the additional assurance that prospects presenting a valid ID are doing so with their own ID, and one that has been stolen from someone else.

For more information on the benefits of using mobile identity verification technology in your business, visit our website at https://loginid.io/

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