Articles

Importance of Document Verification Technology & How DIRO Facilitates in Document Verification

by DIRO Original Author

The rise of the internet and smartphone technology has changed the way the world works in a lot of ways. All the methods of interacting with people are constantly changing with time. This rise of technology has also forever changed the way financial services work. Personal interactions are now considered a huge waste of time, although earlier they were the only way to verify if a customer’s identity is real and not. Nowadays, document verification and identity verification can be done online, banks and financial institutions don’t have to waste time and resources on manual verification. 


Banks, financial institutions, and FinTechs need to learn “what is document verification?” and is it necessary for a customer to be present during the document verification process. Businesses these days need to understand the importance of document verification. The rise of technology has given birth to countless document verification technology. One example of such technology is DIRO’s document verification technology, which improves the overall verification process.


Matching Personal Attributes to Physical Person


Identity is a claim made by a user that he or she is the person they claim to be. Although, banks, financial institutions & FinTechs can’t just operate on claims. The claim has to be backed by some sort of documents stating name, date of birth, biometric information, ethnicity, etc. Document verification refers to the verification of these documents to verify a person’s identity for any kind of finance-related operations.


Understanding Document Verification In Depth


Document verification at its core is the process of verifying if a document is authentic or not. Government-issued documents such as identity proof, driving license, bank statement, or other states/federally issued documents are the ones that are used for document verification. 


The whole document verification process if the personal data is valid or not, including the name, age, address as well as some specific features of the documents such as stamps, watermarks, fonts and other things that validate the authenticity of the documents.


In the olden days, new customers signing up with a bank, financial organization, or FinTechs were asked to be physically present to complete the document verification. However, the rise of digital banking has changed the challenge of matching physical attributes with documents. Not every customer is willing to be physically present nowadays due to busy schedules, that’s where online document verification technology comes into play. With smartphones in everyone’s pockets, completing online document verification has become so much easier. 


Based on each bank and other financial institution’s needs, all the customers have to do is upload a photo along with a government-issued ID. The ID can be whatever a financial institution asks for. There are even video documents and identity verification, a customer can upload video as proof of life and determine that they are the person who they claim to be. Today’s technological growth has made it possible to verify documents remotely. However, this gives rise to another challenge, it requires a human bring on the other side.


Solving Problems with Automation


Large chains of banks that open hundreds of accounts every single day can’t always afford a team that’s solely dedicated to verifying digital documents. Housing and managing such a huge team is a waste of time and resources. While the challenge sounds huge, it can be solved with the right kind of automation technology. 


Usually, the automated system leads the user through a step-by-step approach, while continuing to conduct the document verification process. This whole automation of document verification is much more effective than manual verification as software like DIRO’s document verification technology can find anomalies in the documents. If extra verification is required, manual document verification can still be added. Here are some of the best features offered by the best-automated document verification solution:


  • Cross-document data consistency such as full name, document number, and date of birth.

  • Sign of document manipulation and identifying fabricated documents.

  • Document edges that signify manipulation.

  • The overall quality of the document such as text placement, watermarks, etc.


How Machine Learning Improves Document Verification?


The efficiency of a machine learning program depends on how much data it has access to. Machine learning programs use this data to train themselves and improve the overall performance. Including machine learning with document verification technology will help banks and other financial institutions improve the customer onboarding process and even fulfill the KYC compliance. 


Here are some of the best reasons for combining machine learning with document verification technology:


  • Errors made due to manual fatigue are not a possibility

  • The process can catch errors that aren’t possible by humans

  • Quick access to global document formats for verification

  • Low cost

  • Ability to connect to a global database


With technology moving at an alarming pace, customer expectations are growing from institutions. Organizations that haven’t yet made use of technologies for document verification need to change their tactics to reduce costs and improve customer experience. 


DIRO’s Document Verification Technology


DIRO’s document verification technology is built to make sure that banks, financial institutions, and FinTechs can verify bank statements, utility bills, and proof of address with ease. DIRO uses automated user consent to verify documents on any third-party web surface. 


The technology verifies whether a document is original or has been tampered with. With DIRO’s document verification technology accessing banks, utility companies, and government portals with secure impersonation checks.


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About DIRO Original Junior   Author

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Joined APSense since, April 19th, 2021, From New York, United States.

Created on Apr 22nd 2021 00:56. Viewed 116 times.

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