BlogChoosing the best ID Verification & Digital KYC Service

Choosing the best ID Verification & Digital KYC Service

An increasingly interconnected digital world presents an abundance of opportunities to the businesses and at the same time throwing a myriad of challenges. With an increase in contactless modes of operations, knowing the customer is paramount to establishing a ‘two-way-trust’ between a business and their clientele. While the customers are assured that their data and transactions are safe, organizations will be able to make sure that they deal with customers that are legitimate and are in fact the ones they claim to be.

With the advent of AI technologies, the businesses must ensure that they always stay ahead of online fraudsters, by embracing comprehensive digital identity management / customer verification services all through the business lifecycle. Apart from accelerating on-boarding of customers, a good digital identity management software aids in de-risking exposure to fraudulent entities, plugging security vulnerabilities and enforcing compliance with regulations like KYC and AML.

Following must-haves will aid picking the perfect online identity management service provider for your business:

  • Cross-channels availability

    Customers want a seamless multi-channel experience right from account opening and documents submission to transacting and beyond. The product must support customer on-boarding, identity management and validation services across a spectrum of mediums including laptops, tablets and mobile devices.

  • Comprehensive online verification suite

    Digital identity management is an all-encompassing activity cutting across businesses and functions. In addition to being intuitive and user-centric to provide an engaging customer experience, the product should support:

    • Auto-filling of forms
    • Secure documents’ upload, image forensics, data extraction and validation
    • Robust and customizable automatic customer verification driven by a secure selfie-video process
    • Ability to integrate with regulators and global data providers for compliance and KYC checks
    • On-demand customization features riding on parameterized configuration set-ups
  • Speed and accuracy

    One of the main limitations of manual verification process is the lack of speed and accuracy owing to submission of physical documents / images, offline verification and silo process flows. Online verification products should address these shortcomings and aid businesses in achieving increased compliance rates and processing efficiencies.

  • Robust technology and support

    Constant technology upgrades to stay ahead of the evolving threat landscape coupled with a dedicated support eco-system by the service provider will help businesses to focus on their core business capabilities, minimize operational costs, reduce risks, ensure compliance and enhance customer delight

  • Testimonials and trials

    Reviews and references by businesses and technology reviewers will provide a good insight into the capabilities, data points and limitations of the product. That apart, businesses must insist on trial runs in order to check on the product features and execute user journeys specific to the business in order to gauge the relevance / adequacy of the product offerings.

Digital identity management is just not the vital first step, but a continuous process that covers a wide gamut of activities all through the customer relationship lifecycle.

Built on state-of-the-art AI technologies, Digid is the perfect digital identity management partner for any business. Leveraging on modularized architecture and parameterized controls, it simplifies collection and validation of identity data in line with regulatory mandates.

Digid, a trusted digital partner for all your identity management and KYC needs!


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