We’ve always known the world would gradually move towards a more digital existence. The events of 2020 seemed to accelerate everything. According to a recent McKinsey Global Survey, businesses have advanced their digital operations by three, four – even up to seven years. The good news is, the majority of businesses and their customers were able to adapt to the new changes quickly.
As digital communication and interaction has increased, so too has the need for more advanced online security. Today, businesses are even more conscious about protecting themselves from fraudulent activity online as well as protecting their customer’s personal information. This is the reason why more businesses are using Instant Identity Verification software.
But how much security does instant Identity Verification deliver? How can you be sure that the person you’re communicating with isn’t falsifying their real identity?
Let’s take a closer look at Identity Verification, which businesses are using it and how your business can benefit from it.
What is Instant Identity Verification?
Dealing with fraud and fake identities is an ongoing challenge for businesses. The problem now is, the technology that criminals have access to is advancing rapidly, which means businesses need to keep up.
In the past, verifying the identity of a customer online involved capturing their information and checking those ID details against its original source. This was a manual process which was not only time consuming but also prone to human error.
The development of Digital Identity Verification has eliminated the need for human intervention, removed the chance of error and sped up the process from days to minutes.
At Scantek, we’ve taken Identity Verification a step further. Using advanced software, your customer can complete an ID check from anywhere, at anytime simply using our app. The software will allow your customer to scan any recognised Australian ID and have it accepted within seconds – no manual checking, no waiting and no delays.
What businesses can benefit from Identity Verification?
Any business that undertakes customer onboarding and needs to verify someone’s identity will benefit from Instant Identity Verification software. I know it sounds like a broad market, but the Identity Verification software developed by Scantek is so adaptable, business from all sectors will find it a valuable investment.
Not only is the process quick and accurate for your business, it’s also highly beneficial for your customer. One of the biggest issues customers have with digital interactions is trust. Can they trust your business to manage their personal data? According to another McKinsey study, companies who better manage their customer’s data can gain a competitive business advantage. Imagine spending all that money on marketing to gain a potential customer only to see it fall down due to an issue of trust. Instead, with Scantek’s technology you can offer a service that will save your customer time and put their mind at ease knowing their personal data is safe and secure in Australia, not overseas.
Some of the current businesses that are regularly using Scantek’s Identity Verification software include:
- Banking and Finance
- Telecommunications
- Retail
- Gaming
- Automotive
- Conveyancing
Why Instant Identity Verification is crucial for businesses?
The Australian Government has banded together with businesses to fight financial crime. There are regulations that certain industries must adhere to – this is known as the AML/CTF Act. Setting up an AML (Anti-Money Laundering) and CTF (Counter-Terrorism Financing) program is the responsibility of each business. The most accurate way to comply with these regulations is to have a KYC (Know Your Customer) procedure in place.
Some of the industries required to comply with the AML/CTF Act include:
- Financial Services
- Gaming and Wagering
- Payment Services
- Accounting
- Real Estate
If you want to see whether your business needs to comply with the AML/CTF Act you can check it here.
So, what part does instant Identity Verification play in all this? As the government stipulates; ‘after checking a customer’s identity you must be satisfied that an individual customer is who they claim to be’. That’s exactly what Scantek’s Identity Verification software is designed to do.
Investing in Scantek’s instant Identity Verification software will not only create a smoother and safer onboarding process for you and your customers, but you can also rest easy knowing that your business is fully KYC compliant.
If you want to find out more about Scantek’s Identity Verification software and discover how beneficial it can be for your business, contact Scantek today.