Industries That Can Benefit From Biometric Identity Verification Technology

 

Biometric identity verification for optimized and secure customer onboarding is trending across various industries all over the world. The deployment of quick and easy-to-use applications for identification, verification, as well as end-to-end digital onboarding, is consumers are expecting from service providers. The following are some of the industries that are the forefront of deploying advanced verification and onboarding technologies.

The financial services industry is one of the industries that are benefitting a great deal from biometric identity verification. Banks and other businesses in the financial sector are supposed to comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations for years. However, these processes have become synonymous with friction and frustration because institutions have had to increase onboarding security for compliance.

Since customers are forced to supply an excess of paper documentation and personal information to open new accounts, something that results in unpleasant experiences. The new benchmark is to onboard new banking customers safely, and in real-time, through the use of digital and automated methods.

E-KYC is the most optimal solution, which refers to Electronic Know Your Customer checks. These checks include the digital verification of the identity and personal data of a customer. Through easy-to-use software applications, the identity of a client is confirmed in real-time, by simply providing an ID number and conducting a biometric face or fingerprint scan.

With the use of facial recognition applications, customers can verify themselves via a selfie photo and a liveness video. Identities of new customers can be confirmed in seconds. Fingerprint recognition software provides helps verify identities through the same process, but with the use of a single thumb scan. New customers are therefore able to open accounts without any annoyances, and service providers can rest assured that the customers they are dealing with can be trusted.

For more information on the industries that can benefit from biometric identity verification technology, visit our website at https://loginid.io/

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