Benefits of Digital Identity as a Service

 


When it comes to the technologies that you can implement in order to improve the security of your systems and data, one of the things you should definitely consider is digital identity as a service. Digital identity verification systems have the ability to enhance the security, authenticity, confidentiality as well as efficiency of identifying customers while providing financial services. This can benefit individuals, financial and professional services firms, as well as the integrity of the financial services sector.

Reliable and independent digital identity verification systems offer compelling value addition for improving individual identification/verification at the time of onboarding and authenticating the identity of customers so as to authorize account or service access. Additionally, accurate customer identification could enable other customer due diligence measures, including effective ongoing due diligence on the business relationship as well as transaction monitoring.

If digital identity as a service is implemented properly, it will help minimize weaknesses in human control measures. The conventional methods of conducting customer identification/verification predominantly rely on human control measures such as comparing a photo on a government issued ID with the person that would like to open an account or avail services and making a judgment that the  ID is genuine or fake.

Front-line individuals may deficit the tools, training, skill sets, and experience required to reliably identify counterfeit, doctored or stolen documents. When reliable digital identity verification systems are used, they can possibly reduce the risk of human error in identifying and verifying the identity of an individual.

This technology can also lead to improved customer experience and help you save costs. Independent and cutting-edge digital identity verification system can also provide user-friendly experiences for prospective customers at the onboarding stage as well as during the entire customer life cycle. Customer consent and satisfaction are crucial drivers in completing applications and transactions that can lead to customer retention.

For more information on the benefits of digital identity as a service, visit our website at https://authid.ai/

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