Digital identify verification will drive the opening of bank accounts in the future

Digital innovation is everywhere. From smartphones to supercomputers, modern gadgets powered by cutting-edge technologies are transforming how we live, think, and fulfill our needs. Among industries, the financial services segment is one of the early adopters of IT. Over the decades, computers have increasingly been fulfilling their number-crunching needs. With newer applications being envisaged and implemented, it’s evident that the future of finance will be driven by digital devices.

However, a few banking operations still lean on conventional, manual methods. Forward-looking businesses need to reinvent their strategies to meet evolving market expectations. Enhancing the operational efficiency for sustained profitability is a critical imperative today.

Among the tasks that can derive substantial benefit from modernization is identity verification, a pivotal step in the customer onboarding workflow. Traditionally, this is carried out by specialists who pore over photographs and documents to verify the details. The time-consuming, labor-intensive process does not align with the efforts to revolutionize/transform the future of banking.

Overcoming the challenge with technology

With rapid advancements in computing and Artificial Intelligence, it’s now possible to switch to digital identity verification for online account opening needs. A new generation of tools employs groundbreaking techniques for fool-proof authentication with complete customer privacy, data security, and KYC or e-KYC compliance.

How does digital identity verification service work?

From the bank’s perspective, it’s imperative to prevent impersonation and fraud while ensuring a pleasant, friendly experience for customers. The two objectives may seem divergent, but both can effortlessly be fulfilled with the right tools.

Digital onboarding solutions allow the capture of the customer’s identity with a selfie video or a live video stream. For enhanced security, the user’s live presence can be verified with AI-powered algorithms. Geo-tagging of the session augments the security. Data and documents can be collected with online, auto-filled forms.

New-age solutions facilitate fully automated or human-in-the-loop approval of account opening applications, representing a paradigm shift in onboarding processes.

How does it benefit banks?

• Speed: Accounts can be opened in minutes, not days. More applications can be processed with fewer resources. Accelerated workflows lead to quicker onboarding tasks.
• Reliability and Accuracy: Information can be analyzed with unmatched precision. The solution’s capabilities keep improving with Machine Learning models, ensuring risk-free onboarding processes.
• Costs: By maximizing efficiency and minimizing manual efforts and time, digital account opening solutions help banks reduce operational expenses and enhance profitability.
• Future business prospects: When customers are delighted with their first interaction with the bank, it fosters an enduring relationship. The positive experience can open up countless cross-selling and upselling opportunities, assuring higher revenues for the bank with little additional effort.
• Less paper. And paperwork: The end-to-end digital process facilitates paperless workflows, enabling the organization to minimize their carbon footprint and contribute to the cause as a responsible corporate citizen.

How do customers benefit?

• Convenience: Now, your bank can go to where the prospects are. With completely online processes, customers can comfortably open accounts from anywhere, at any time. Bank visits and submission of physical documents are not needed.
• Delightful experience: A friendly interface ensures the account opening experience is hassle-free with intuitive, step-by-step guidance. Auto-filling of forms makes it easy for all users. A transparent, objective evaluation boosts customer satisfaction and trust.
• Quicker results: Long-drawn, complicated procedures are no longer acceptable. Digital account opening options fulfill customers’ expectations of agile, responsive processes.

Future-proof your account opening process now

Digid is a digital onboarding solution that facilitates faster, robust, and secure authentication and onboarding of customers. Built with cutting-edge AI technologies, the solution helps organizations enhance operational efficiency, comply with e-KYC needs, improve customer satisfaction, and grow their market share.

Leverage real-time digital identity verification services and be ready to revolutionize/transform your account opening and customer onboarding processes. The future of onboarding will be driven by digital technologies. Let’s help you get there.