Document verification is a necessity for every business, regardless of the domain. After all, it helps businesses verify customer identities and onboard them. However, as businesses grow, it’s becoming hard to verify documents, especially using manual/traditional document verification methods.
So, what’s the solution? Artificial Intelligence and Machine Learning. Businesses can automate the entire document verification process using AI and ML, making it more scalable and efficient than ever.
This blog discusses ways in which AI and ML solutions can help better the document verification process and how businesses can make the most of these techniques in detail.Â
Why are AI and Machine Learning the Future of Document Verification?
Here’s why:
1. No Location Barrier
With traditional or manual document verification, businesses can cater to a limited number of customers in a restricted location. However, AI and ML help remove this location barrier. With automated AI and ML-based ID verification systems, businesses can conduct online document verification regardless of their or the customer’s location. This allows businesses to expand, which is essential for their bottom line.
2. Enhanced fraud detectionÂ
With the ever-evolving technology, fraudsters are also becoming smart. For instance, they’re known to use deepfakes to impersonate others and make transactions on their behalf. And unfortunately, deepfakes are undetectable to the human eye.
Smart AI and ML-based ID verification solutions, on the other hand, can help deal with this issue. Such solutions learn from previous data and detect any deepfakes or stolen identities. This way, businesses can effectively perform due diligence and have a competitive edge over other businesses that still rely on non-AI-based ID verification solutions.
- Easy scaling
When businesses are in their initial stages, there aren’t many customers. And during this time, manual document verification gets the job done. However, as the businesses scale and hundreds or thousands of customers start rolling in, manual methods fail. That’s when AI and ML solutions come in.
Businesses can use AI and ML-based document verification solutions to scale up and down as and when required. This way, businesses can use a single solution right from when they start to when they expand their user base.
4. A More Seamless Experience for CustomersÂ
Traditional verification systems are not only inefficient but quite frustrating too. It’s because customers must produce physical copies of their documents and wait several days for document verification. And the wait or delay can irk customers leading to customer churn.
However, with a smart AI-based document verification system, businesses can automate the document verification process minimizing friction. Customers, regardless of their location, can upload their IDs and get them verified instantly, making the overall experience seamless.
- Competitive Advantage and Reputation
Customers these days value their privacy and trust the brands that can ensure complete security. Having the latest AI and ML-based document verification systems can give businesses a competitive advantage. Also, this can improve their reputation and brand value, positively impacting their business bottom line.
- Improved Data UsabilityÂ
Most organizations store data, but they’re never able to make the most of it. Why? Because the majority of data is unstructured and stored in physical files that are hard to access.Â
On the other hand, if businesses use AI-based tools, they can store all the data they collect during document verification in a digital format and refer to the same quickly. Also, they can analyze the data to improve their systems further. Moreover, having all the data digitally available makes it easy for businesses to present in case of audits.
Wrapping up
Now that it is clear why AI and ML are revolutionizing the document verification process, it’s time to look for a reliable ID verification system and integrate it into the business. Doing this will help a business stay compliant, save it and its customers from online fraud and offer a better customer experience.
FAQs
What is online document verification?
Online document verification is the process of real-time document verification wherein the documents, such as bank statements, passports, etc., are presented and verified online and instantly. This process saves much time for businesses and offers a better customer experience.
Is AI-based document verification more reliable?
AI-based document verification systems are trained vigorously using real-time data. And this makes it very hard for hackers to fool and enter the system, making AI-based document verification more reliable.
 How to choose the best document verification solution?
Here’s what businesses need to look for:
- Documents support: it should support docs such as ID cards, passports, driving licenses, etc.
- Security: Solutions that use OCR and biometric recognition are more reliable.
- Scalability: A reliable document verification solution should be easily scalable.
- Easy to use: It should be easy to use for the customers.
- Compliance: it should be compliant with all the regulations.
- Integration: It should offer integrations with the business’ existing tech stack.
- Cost: It should be affordable.
