Fintech companies have brought much-needed technological advancements into the global business scenario and have caused a paradigm shift from traditional financial practices. More and more people are adopting complete-digital methodologies to carry out their financial procedures. More than 58% of the world’s population has access to the internet today.
The need for and importance of identity verification
Digital Identity verification is extremely critical in order to maintain a smooth online transaction procedure through various payment gateway enabled platforms. It is also required for an effective customer onboarding procedure. It involves verification of the identity of a customer through biometrics which includes fingerprints, iris scans, etc., photographs, scanned digital copies of physical IDs, etc.
With the trend of more and more business processes going digital, the identity verification market is also on a steady rise. According to a study it is expected to grow up to $12.8 billion by 2024, which is almost double of the 2019 figures which were $6 billion. The increase in the number of people having internet access across the world has made it convenient for the facilitation of digital payments. Hence there is a sudden rise in the companies which are providing or offering real-time ID verification services. Let us now have a look at ten tools that are enabling better identity verification and how they can be a boon for financial institutions.
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Onfido
Onfido uses machine learning technology to provide services to its customers. Facial biometrics are captured using artificial intelligence to authenticate the identity of a person. Selfies can also be used for identity verification procedures. The company aims at minimizing frauds and is providing its services to more than 1500 companies all around the world.
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Jumio
Jumio helps companies to minimize the risk of fraud. It aims to provide a complete solution to the problems of identity thefts. It is the creator and identity service provider of the Net verify technology. Identity theft can very easily be detected due to embedded AI technology. It also provides services like documentation verification, screening, etc.
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ID insight
It has adopted a next-generation approach for identifying people’s true identity online. It uses address data and other information scoring tools to provide more approvals for a company at a reduced cost. It also provides functionalities like predictable scoring and configurable matching. Large financial companies have already started relying on ID insight due to their stellar performance.
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IDology
They provide real-time identity verification solutions that enable organizations to verify the identity of customers, including their age as on their applications or websites. It establishes better security protocols, increase in revenue as well as higher compliance. It puts the business in control by allowing them to retain and collect only the required information.
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Trulioo
It is one of the most comprehensive solution providers for identity verification. It is used by in total of 5 billion people including 300 million companies. They provide a user-friendly portal and super convenient API access to the clients. It fulfils all the requirements for identity verification, including anti-money laundering and KYC.
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Mitek Systems
The tool/product is known as Mitek verify. It serves the identity as a service market. The technology uses numerous analytical and artificial intelligence-based algorithms along with biometric information to support identity verification services. It has a structured and layered process for ID verification which makes it one of the most efficient service providers in the market.
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Socure
It supports real-time verification of identity with predictive analytics. For companies which need a lot of identity processing in a short amount of time, real-time verification is extremely beneficial and convenient. It uses AI embedded technology which helps in lesser false-positive results and faster automatic approvals. It also uses machine learning and social identity data in a combined format.
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Acuant
This platform has a combination of the most effective features for the purpose of identity verification, especially for financial institutions. It has biometric facial recognition, live testing, etc. the Acuant Face ID feature is for biometrics, the Acuant Web ID is for information processing in an online mode, and the Acuant Assure ID is for gauging the authenticity of the application. All the featured solutions on this platform are omnichannel and hence prove to be very convenient for its clients.
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VIX Verify
This software as a service solution is one of the most trusted tools online for identity verification when it comes to onboarding and compliance. It is increasingly used by fintech companies. Right from cryptocurrency to mobile users, the VIX portfolio has everything covered. It is a comprehensive end to end identity verification tool, which also covers biometrics and document verification.
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ID Now
It is one of the world’s most advanced solutions for identity verification which is infused with machine learning technology making it an identity as a service solution. It can in real-time verify more than seven billion identities which include people from all across the globe. The tool levels-up the security in an organization to top-notch levels. Onboarding, transactions, payments, etc. can be streamlined and improved with this technology tool.
Banking services, payment gateway authentications, credit card processing, etc. are some of the processes in the financial sector which need a robust identity verification mechanism to ensure there are no cases involving theft and fraud.
In fintech companies, identity verification will be used in three main processes, namely onboarding, screening, ongoing screening, and real-time screening. As the fintech world expands into the digital space, there will be need for more such identity verification solutions in order to maintain confidentiality, protect customer and user data and to ensure authenticity.
