Identity verification for the economy running on ‘trust’

The new trend called “on demand economy” is catching eye balls in the market so much so that it is disrupting businesses all over. More than 4.8 billion dollars have been invested in the on-demand industry, experts’ say.

India as a country has tremendous people mobility. A lot of migration is happening in greater numbers to urban and suburban areas, and we also travel more for work and pleasure related issues both. For doing most things, we use online apps, be it to travel somewhere, order food, book places for stay etc. Technology to cater to instantaneity has become a part and parcel of our lives.  People now, more than ever, have started believing in the idea of sharing consumption. The world has started to revolve around the sharing economy as there’s an ‘app’ for everything today. The emerging business models are very much path breaking to make people ease their lives out.

According to Allied Market Research, the global self-service technology market will exceed $31 billion by 2020, representing an annual growth rate of almost 14 percent. This number is whopping high for a country which works wholly on technology and instant measures in life. The personal, one to one interactive nature of these app based services like babysitting, dog walkers, cab services, food preparation and healthcare substantiates the need for high safety and accountability. Identity verification becomes a key for these companies to sustain brand reputation and customer trust.

Now that the economy runs at the speed of swipe, verification has to be mobile, instant and real time. Sometimes these services require “middlemen”, this will certainly require exhaustive authentication and verification mechanisms. Because, obviously you’re not going to personally verify anyone when at appear at your doorstep for instant results. People are increasingly becoming safety centric, and especially in digital environments, hence trust without verification is perilous.

For immigrants, travellers and businesses, every need is being catered with verification-on-the-fly. Scanning and verifying IDs can be done instantaneously now. Recording and verifying a customer’s identity is not only required for frauds and impersonation but it’s also a good KYC practice. This intelligent technology and analytics will enhance on-demand relationships tremendously. To know more, schedule an appointment with our expert today.

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