Businesses with online customer interactions use manual methods or implement onsite software and hardware solutions or employ SaaS (Software as a Service) third-party vendors to verify the identity of their customers and to achieve KYC compliance. In today's digital arena and competitive market, the advantages of employing Regtech SaaS solutions include, but are not limited to, reducing costs, enhancing operational performance, and ensuring regulatory compliance.
Identity verification is crucial for building online trust
Knowing whom you're interacting with remotely in a digital setting is crucial for most businesses with commercial online operations. For banks and financial institutions governed by AML requirements, identity verification is and has for quite some time been a mandatory part of their KYC process for customer onboarding. In the ever-evolving digital age of today, the pressing need to perform identity-based authentication has become evident within a multitude of other industries and sectors. In part, this is due to tightening regulations and increasing consumer demands, but the widespread need to implement an identity verification solution is primarily due to a truth that no serious business with online operations can afford to ignore:
The only reliable way for a business to be sure of whom they're dealing with online is by collecting and verifying the personal data of a prospective customer and checking that it's a live person seeking access to the platform or service, not an imitation or spoof.
Manual vs digital method for ID verification
Many online businesses use manual ID verification, especially new SMEs who might need more economic resources or customers to justify exploring better solutions. This entails that employees check the customers' digitally submitted government-issued ID documents by hand. However, due to human errors and lengthy processing time, this is an unacceptable ID verification experience for the customers and an everyday struggle for the business. In essence, more is needed to compete in an online market where speed and accuracy is the key differentiating factor for customers to be willing to spend their money on a service or platform. Unfortunately, manual ID document verification can take days, and accuracy leaves much to be desired.
Digital solutions for identity verification utilise machine learning, artificial intelligence and automation that outperform human capabilities in speed and accuracy. But the traditional onsite model for software installation in a business environment is costly and cumbersome as it requires building the server, installing the application, and configuring it. With the convenient alternative of SaaS (Software as a Service), the applications reside on a remote cloud network accessed through the web or an API. Regtech SaaS is a cloud computing offering that provides businesses access to cloud-based software, such as an identity verification solution. It works like a subscription where companies subscribe to having access to a vendor's SaaS cloud network for some time and pay for the software they use.
The perks of employing a SaaS solution
SaaS solutions reside in scalable cloud environments that usually have integrations with additional SaaS offerings. Companies with access to this environment enjoy the flexibility of employing these Regtech tools and solutions at will and effortlessly scale their SaaS use up according to needs. Businesses that employ SaaS for compliance spend virtually no time on installation and configuration since the software application is already installed and configured. Furthermore, SaaS resides in a multi-subscriber environment, rendering the hardware and software license costs low compared with the traditional model. Maintenance costs are also reduced as the SaaS provider's responsibility is to keep its offerings functional. Thus, costs associated with upgrades and new releases are also lower than with the traditional onsite model. This allows SMEs to use software they otherwise would not use due to the high cost of licensing, maintenance, and such. From a compliance, cost and competitive point of view, online businesses should invest in a SaaS solution for identity verification, leveraging automation for onboarding customers faster, enhancing the customer experience, decreasing the risk of fraud, and ensuring the KYC process.
What’s the best choice of Regtech SaaS vendor for your business?
Being a well-established and seasoned SaaS Regtech vendor, ZignSec offers the operational capacity, expertise, and technology at the forefront of digital identity verification. By employing our advanced software with automation, your business enables customers to complete an ID check from anywhere at any time. It is a cross-platform (mobile, web, and desktop) solution that allows your customers to scan and submit a photo of their ID document with a selfie or video, having their identity verified and authenticated within seconds. In addition, we provide a software solution that enables your business to verify any customer's identity, regardless of their country of origin and whatever ID document type they submit to you.
Backed by the world's largest document template database, the fully automated document type detection technology employs AI and machine learning to identify the document presented and check its legitimacy. For biometric verification, our solution uses a comprehensive set of technologies meticulously comparing the facial image obtained from the ID document with the facial image captured from the selfie or video stream. Simultaneously, advanced AI-based liveness detection techniques ensure that only real people access your service. The straightforward procedure comes with real-time guidance for the customer and enables convenient and reliable face-capture capabilities in almost any ambient light conditions. Moreover, the processing on the server side is lightning-quick and accurate.
ZignSec's identity verification solution with biometric face matching and liveness is the quickest and most reliable way to confirm an individual’s identity and protect your business and your customers from fraud, speed up the onboarding, enhance the customer experience and achieve steadfast KYC compliance. In a matter of seconds, your business can validate that all the data and evidence a person has provided is correct and genuine and that the claimed identity is indeed associated with the person accessing the service, not a spoof or imitation. Embrace the many advantages of ZignSec’s SaaS offerings for a complete market-leading identity verification process and access to additional KYC compliance-focused services without the need to manage several moving parts from different vendors; reach out to us today for a free demonstration and to consult our experts.