The Benefits of Real-Time Identity Verification for Enterprises

Real-time identity verification is a digital procedure that verifies the authenticity of a person's identity within seconds. It is an essential tool for maintaining secure transactions and building trust between enterprises and their customers. It not only serves to prevent fraud and decrease corporate risks, but also offers a number of additional benefits.

What is Real-Time Identity Verification?

Real-time identity verification is a technology-based process that immediately confirms the identity of a person. With the help of artificial intelligence and machine learning, identity verification systems can retrieve and match information from various databases and public records in a matter of seconds. This automation enables the quick and efficient screening of a person's identity. It reduces human error, increases the speed of verification, and makes it possible to simultaneously process a large volume of requests.

Use Cases for Real-time Identity Verification

Real-time identity verification is useful whenever a customer’s identity needs to be verified quickly. It is broadly applied across various industries. In the financial sector, it has become an indispensable tool for fraud prevention in banking transactions and credit applications, as well as the protection of customer data. Real-time IDV plays a critical role in e-Commerce as well, to guarantee secure online transactions. Moreover, it is useful for online gambling and insurance companies.

Real-time identity verification plays a decisive role in each of these fields, but its benefits reach far beyond just security measures.

Benefits of Real-Time Identity Verification

Real-time identity verification allows for companies to screen their customers before granting them access to any services. An automated procedure has multiple benefits.

Fast Verification

Identity verification in real-time is by far the fastest identification procedure. For customers, it requires the least amount of effort. Instead of waiting on a confirmation for hours or even days, users can reliably verify their identity in just a few seconds. The result is a decrease of drop-outs and a substantial increase in efficiency - for customers and companies alike.

Customer Satisfaction

A real-time identity check is mobile, which provides lots of flexibility for the customer. They can follow through with the verification process anywhere and at any time. The time saving and convenience improve the customer experience and, thereby, customer satisfaction.

Higher Conversions

A complicated or time-consuming verification procedure increases the likelihood of potential customers aborting the process. Real-time identity verification significantly simplifies and accelerates the identification process. Instead of filling out multiple forms and mailing personal documents, users can verify their identity online simply and quickly. This frictionless and convenient user experience leads to higher conversion rates, as customers will be more likely to actually complete the process instead of abandoning it.

Cost Reduction

Another considerable advantage of real-time IDV is cost reduction. By automating processes that would otherwise be performed manually, you can save significant amounts of time and resources.

Within seconds, a system can check whether the identity information provided is correct and whether the person is in fact who they claim to be. Such a fast verification process requires fewer personnel, which can lead to significant cost savings.

Additionally, an automated process can prevent errors that may occur with manual checks. Human error can not only lead to false identifications, but also result in additional expenses when such errors need to be corrected.

Fraud Protection

Real-time identity verification provides protection against identity theft by ensuring that customers are indeed who they claim to be. In the same way, it also helps combat money laundering. Financial institutions can validate the identities of account holders and transaction participants, which prevents illegal activities and keeps the financial system secure.

Real-time verification also means that the information is processed particularly quickly. This essentially gives fraudsters less time to manipulate data to make their identity appear more credible.

Moreover, real-time identity verification makes use of biometric recognition. Biometrics are more difficult to forge than traditional ID documents and effectively increase the security of identity verification.

Features of PXL Vision's Real-Time Identity Verification

Real-time identity verification is realized by PXL Vision through an extremely fast Auto-ID process, which comes with a number of benefits:

PXL Vision’s solutions are extremely flexible and configurable, which makes them applicable to a number of use cases such as age verification for e-commerce, customer onboarding and re-authentication of existing customers for banks and insurance agencies. Thanks to many options to customize and personalize the design and workflow, our tools can be easily integrated into your existing processes and environments.

Users of our auto-ID process don’t need to download a separate app. Instead, they can be verified in real-time within 30 seconds with the help of artificial intelligence, making our solution extremely user-friendly and securing a high number of conversions during the identification process.

The automated process makes employees for manual verification dispensable. Thus, you may save up to 84% as compared to a Video-ID process, while simultaneously increasing your profit margin.

Conclusion

Real-time identity verification promises a secure and reliable environment for all enterprises and comes with numerous benefits. It offers a fast identity verification process, an efficient and time-saving experience for customers. This, in turn, will improve your customer satisfaction as well as conversion rates. By automating processes, you will reduce your costs and avoid errors. PXL Vision's real-time identity verification is a comprehensive and flexible solution with customization options. It scores particularly well in terms of customer satisfaction, cost, compliance and personalization.

Would you like to speed up your verification process?

FAQ

An identity check enables companies to securely verify their customers’ identities, prevent fraud, and comply with regulatory requirements.

Identities should always be verified when a customer wants to open a new account or perform a transaction that involves any degree of risk.

As a general rule, qualified employees performing identity verification within a company or specialized third-party providers offering identity verification services may verify identities.