As several industrial services become automated, it is vital for monetary institutions to give users quick, secure, mobile, and online authorization to products and services. This usually implies rethinking the user journey, especially the platform in which a user and monetary institutions initially establish an association – onboarding and account origination. The account opening acquires shared trust between a user and monetary institutions. Users need to hope the financial intelligence keeps their private information safe and secret, in return, the financial intelligence must authenticate that the user is who they say they are. Establishing online trust acquires online identity verification capacities.
In this blog, we give an intensive guide to one of the robust digital IDV solutions for forming online trust – automated identity document verification powered by AI.
Standard Digital IDV Solutions
The most prevalent adopted document verification techniques involve:
- Face Biometric Authentication – Comparing a front picture with an image on a verified identity document. For example, the picture on the passport.
- ID Document Verification – Adopting artificial intelligence and advanced modules to authenticate that an identity document is legitimate, using a picture of that document taken by the user on their phone number.
- OTP Authentication – A OTP is transmitted to the applicant during the account opening and application method.
- KBA – The user is required to explain a number of inquiries based on their private data, for instance, based on data from credit bureaus.
To give a fast, online user experience while also building faith, the perfect combination of these online ID methods is document verification and face verification. These technologies make it feasible to automatically authenticate the identity of almost all possible users using government-authorized identity documents such as driving licenses, passports, or national identity documents.
How it operates: Digitized document verification with AI.
Imagine a situation in which a user is applying to open a new present and checking account utilizing a banking mobile application. The bank has automated document authentication included in their mobile account opening procedure to set up an identity for the candidate.
There are 2 major objectives of the characteristic: document acquisition and document examination.
Document acquisition stage:
- The consumer begins the account opening method and is required to take pictures of their ID using the front camera on their phone number (two pictures for driver’s licenses and passports and one copy for identity document verification).
- The document authentication technology delivers picture quality checks on the taken pictures to make sure they are of adequate quality that they can be authenticated.
Document Analysis Stage:
- The taken picture of the identity document is transmitted for authentication.
- The pictures are analyzed using AI, data points are captured (for instance, name, expiration date) and the ID is authenticated.
- The account opening solution acquires the solution or result, conducts a number of data matches, and determines whether or not to enable the applicant to persist.
- The taken picture of the identity document is sent for authentication.
- The picture is examined using AI, data points are selected such as name and expiration date and the ID document is authenticated.
- The account opening solution whether or not enabled to continue.
- It sends a notification to the candidate to notify them of the matter.
The time of this procedure relies on the level of document analysis evaluated as characteristic of the procedure. Defining the level of evaluation includes a balancing of user experience problems and uncertainty.
Digitized identity documents authentication gives monetary institutions a way to more efficiently authenticate the identity of the latest and present users. When included in a digital account procedure, this technique of automated ID enables any individual to open a bank account digitally. Monetary institutions looking to perform digitized identity document authentication into their account opening procedure should recognize the level of document verification in order to consider ease of use with safety requirements.
Digitized identity document validation can also be linked with face verification as part of digital ID verification during mobile account opening. Face verification, which is 98.67 % precise and getting more so by the year, as stated by the NIST, is an especially beneficial biometric modality for online account opening as it assists combat intelligent application scam attacks and the customer experience of capturing a “picture” is very natural and beneficial.
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