In recent years we have seen how remote identity verification technologies have taken a giant leap in accuracy, availability and security. This leap has been largely due to the application of artificial intelligence algorithms and deep neural networks, making it possible to deploy a variety of use cases in the digital environment that were simply unthinkable before.
While we see very clear adoption when we talk about verifying identities in digital environments, more and more financial institutions are incorporating them to support the physical processes of customer registration. Processes that take place in their offices, at street level, under the supervision of the employees of these entities.
The application of identity document verification and facial biometrics technologies brings innumerable benefits in the acceleration of face-to-face procedures, generating greater customer satisfaction and boosting improvements in fraud prevention. With our technology, agents have access to all the data printed on identity documents automatically and in a matter of milliseconds, through a simple and guided capture of the data.
This helps them to streamline interactions with their customers, avoiding having to manually transcribe the information on the documents, while providing them with a very accurate assessment of whether the document is authentic or has been modified or forged.
Finally, our biometric solutions, based on artificial intelligence algorithms and neural networks, are able to compare whether the person carrying the document is the same person who appears on the document. All in less than 300 milliseconds.
Without biometrics: friction and insecurity
Nine minutes. Nine minutes is the average time spent by financial institutions per customer service process each time a customer comes to a bank branch in person. This time is significantly increased when we are talking about users who approach a branch to open a bank account and, for which, banks must first verify their identity.
Poor user experience
In addition, this experience is aggravated by the friction generated by the biometric fingerprint capture processes, as it is very common for users to be forced to repeat them more than once before getting them to work correctly.
Manual data capture
Another point of friction within the processes of registering new customers in the branch is the manual capture of the personal data of the interested party. These procedures consist of the completion of standard forms by the bank employee, which usually takes considerable time and is open to transcription errors, causing future problems in the relationship between the customer and the bank.
Increased risk of fraud
Last but not least, purely manual processes are exposed to fraud attempts that are very difficult to detect by the eyes of an agent or worker of the financial institution concerned. There are many types of fraud around identity documents, from the most basic to the most elaborate and difficult to detect, such as the use of fake documents, where the fraudster imitates the security measures, colors, backgrounds, typographies or shields contained in the original documents.
Understanding all these drawbacks, how can we improve the customer service experience in the office while significantly reducing exposure to fraud?
With biometrics: efficiency and security
Since Veridas began implementing its biometric technology for the scanning of identity documents in the offices of its financial sector clients, we can certify a reduction of at least 20% of the average service time in less than a month. In addition, the use of our technology has allowed these entities to avoid having to resort to fingerprint systems and paper-based processes, which considerably reduces the existing friction.
Significant improvement in user experience
Thus, the interaction our clients experience with their end users is much more agile, secure and faster when they add our Digital Onboarding processes to their face-to-face relationships. The agent simply scans the customer’s identity document to instantly obtain a complete extraction of the data contained in the document and a validation of the document’s authenticity. This avoids having to manually complete the necessary forms with the customer’s data, thanks to our 100% automated solutions.
Guaranteed security with global and certified technology
Veridas has document coverage for more than 400 identity documents in 190 countries, including all ICAO-format passports. In addition, the fact that our technology is 100% proprietary allows us to add identity documents to our document coverage in a matter of days, adapting quickly to customer needs, industry, use case or geography. A good recent example is the addition of the Temporary Resident Permit (FM3) and the Mexican Cédula Profesional Mexicana to Veridas’ already extensive document coverage for Mexico, where we were already able to extract data and verify the authenticity of the 2019 NIE (credential G), the 2014 NIE (credential D/E/F), the 2008 NIE (credential C), the 2010 residence permit and the 2008 NIE.
Regarding fraud prevention, we provide a document verification solution prepared to detect with a very high degree of certainty those documents that are not valid: from invalid documents on invalid media, to manipulated or forged documents. In addition, Veridas has promoted the connections of its Digital Onboarding process with different government databases in countries such as Spain (Secretary of State for Digitalization and Artificial Intelligence), United States (AAMVA), Peru (RENIEC), Mexico (INE and RENAPO) or Colombia (REGISTRADURÍA) among others. This allows the verification of identity against these databases, which minimizes impersonation attacks, making executives less vulnerable in their customer service work.
Veridas’ proprietary technology is completely modular, allowing it to be implemented within our customers’ existing systems and processes, making it extremely easy to use. In turn, Veridas provides intelligent capture systems (SDKs), which ensures the correct capture of the identity documents presented.
With our biometric technology, agents only have to concentrate on the tasks that really add value, because we take care of the rest.