Digital Document Verification | Fortify Functionality of the Financial Sector 

The financial institution is extremely sensitive to unauthorized access and financial crimes. Imposters have developed advanced solutions to conceal their illicit monetary funds by manipulating the customer’s financial bank accounts. According to a 2019 report, approximately 12,000 cases of online banking scams have been observed in the financial sector of Belgium. The financial sector should protect its customer’s confidential information and identity credentials by incorporating enhanced digital document verification solutions. Digital document authentication allows financial institutions to conduct an extensive document analysis process in order to provide financial service access to only authentic customers.         

Digital Document Verification – An Ultimate Solution to Streamlined Financial Services 

Digital document verification is the process of authenticating the customer’s documents by utilizing automated verification services. These services are extremely beneficial for financial institutions because they protect them from the influence of high-risk and fraudulent entities. The financial institutions store the sensitive identity information of various bank account holders. The imposters use advanced methods to breach these documents and conduct illicit financial activities. The digital document authentication services limit the access of such entities from the financial sector. 

The online document verification services are backed up by machine learning and artificial intelligence technologies. These advanced technologies are used in optical character recognition (OCR) and biometric verification solutions. The OCR technology is an automated data extraction service that converts complex data format into digital format. The digital transformation of data allows companies to track the documents and detect any inconsistency and inaccuracy that may harm the sector. OCR and biometric authentication technologies detect the document’s details to highlight the alterations, manipulations, and fabrications in the underlying documents.        

AI Document Verification – Eliminate the Challenges Faced During Manual Document Authentication 

Document verification services have been an integral part of financial institutions for a very long time. In the past, the financial sector used to validate the customer’s documents manually. Manual document verification often led to inaccurate data extraction and inconsistent findings, allowing imposters to easily manipulate the financial details of legitimate customers. The manual techniques were prone to human-made errors and were very time-consuming. These issues were resolved with the emergence of digitization.

The digital document verification is the ultimate solution to all the data inconsistencies that appeared due to the manual verification process. Automated documents verification solutions use advanced AI-powered technologies to detect the customer’s documents accurately. The financial institutions can use this service during the customer onboarding and new account opening processes. These solutions incorporate digital facial recognition and intelligent character scanning techniques that make document verification accurate and authentic.    

Document Verification Service – An Effective Solution to a Secure Customer Onboarding Process 

Digital document verification can effectively enhance the customer’s onboarding process. The digital document validation utilizes OCR and ICR technologies, which makes the data extraction and detection process faster and more convenient. It also helps minimize the waiting time during the onboarding process. The machine learning and artificial intelligence solutions enable financial institutions to confirm the document holder’s identity through extensive face recognition solutions. 

The facial identity checks detect the customer’s facial characteristics through 3D motion and depth analysis. They use active and passive detection techniques to conduct an extensive pattern and texture analysis of customer’s unique facial characteristics. It provides a real-time authentication solution, which enhances the customer’s onboarding and registration experience.         

Document Checker – An Automated Framework of Secure Document Verification

The financial institutions can optimize digital document verification solutions to authenticate the customer’s documents. This document authentication process is conducted through the following steps:

  • Document Accumulation: The document verification process begins when financial institutions collect the customer’s identity documents, such as identity cards, driver’s licenses, passports, and social security numbers. These documents are stored in the official government databases. 
  • Document Extraction: In the next step, the document information is extracted through OCR services. These solutions extract the identity information and convert them in a digital server. It detects discrepancies in the data, such as data alteration, substitution, fabrication, and forgery. 
  • Document Verification: In the last step, the documents are verified through AI-powered biometric facial recognition and a customer due diligence process. Through online verification of documents, the customers are screened against watchlists to examine their involvement in risky activities. The face identity checks validate the document’s legitimacy by comparing it to the live presence of customers.      

Summing It Up 

Digital document verification is essential for the consistent operations of financial institutions. These services use artificial intelligence and deep learning solutions to detect the alterations and substitutions in the documents. The online authentication solutions can effectively verify documents through OCR and biometric verification solutions. These tools extract the document information into digital format, which provides authentic and accurate results. The emergence of digital document verification solutions has mitigated all the challenges that were linked to manual document authentication services. These digital services provide real-time verification to the customers, which optimizes their onboarding experience and ensures a seamless customer financial experience.   

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