The global ID verification market size is expected to touch USD 12.8B by 2024 ,with CAGR of 16%
Source: Markets and Markets | September 2019
With KYC mandate becoming stringent the formalities of completing reliable and timely KYC continues to be challenge for many BFSI and other organisations. Analysts today spend 90% of their time only on data collection and organization, and only 10% on data analysis.
Why do companies view KYC as a burden rather than a framework for safe and reliable customer experience?
- Constantly changing regulatory environment
- Difficult to implement anti-money laundering (AML) sanctions and compliance guidelines
- Unhappy customers due to time taking verifications and multiple support calls
- The inadequacy and unavailability of skilled resources
- The burden of costs associated with the complicated processes
We, at AuthBridge, believe in creating a seamless end-to-end customer onboarding journey with our Digital KYC solution. Combined with TruthScreen’s real-time identity, utility, entity, litigation, account verification and professional verification APIs, we can help to assess, monitor and mitigate fraud risks.
Built on capabilities like OCR, face recognition, combined with deep search algorithms, our solution can enable faster onboarding in a secured and compliant manner. Our Digital KYC solution is a faster and more efficient way of establishing customer’s identity and doing away with worries of risks of identity, synthetic, and financial frauds which have long plagued the BFSI, telecom, gaming companies amongst others. Additionally, the solution:
- Mitigates risks of financial frauds and understands nature of customer’s financial activity, thus, profiling high and low risk customers
- Ensure quicker client/customer onboarding and avoid application dropouts with a fast and frictionless engagement
Image Based Identification:Image Based Identification : Image/selfie clicked by the user matched with the NID image for verification
Video Based Identification:Live video of the customer recorded as per their convenience , where customer asked to perform actions for liveness detection
Note: The images/video will be geotagged as per digital KYC guidelines applicable in the industry
Our Digital KYC solution lends strength to a spectrum of businesses
Highlights of our solution:
- Instant verification with the power of AI, ML and deep search algorithms for fraud detection
- Ensure regulatory compliance with efficiently audited reports
- Reduction in TAT by more than 80%
- Cost reduction by at least 70%
National Identity Check
Quick identity verification through validation of national IDs - Driving License, Aadhaar, Voter’s ID, Passport etc.
India Credit History-Check
Credit score validation of the candidate to get summary of repayment history of previous and/or existing loans, credit cards and other finances
Vehicle Registration Verification
Verification of identity through registered vehicle number(s)
Bank Statement Verification
Validating authenticity of the bank statements – from three months before- for salary verification
Utility Bill Verification
Confirmation of identity through utility bills – Water, Gas etc.
Validation of the professional certifications of doctors, CAs, Insurance agents and dentists etc.