According to new data from Juniper Research, global spending on digital identity verification checks will rise from US$11.6 billion in 2022 to US$20.8 billion in 2027, and is expected to reach US$40 billion.
According to a recent government assessment, India needs a regulatory body to oversee and categorise online gambling websites. The study, which was created by a committee of senior officials under Prime Minister Narendra Modi, advocated for involvement and tougher categorization of India’s online gaming industry.
A 2020 survey of European insurance executives showed that some 89 percent of participants expected digitization in the insurance sector, this silver lines the existing process in the adoption of digital channels by the insurance sector. The insurance sector has been under pressure to enhance its online insurance market for some time now.
Talent acquisition is a planned process of identifying, assessing, and acquiring new employees. It starts with the intent to hire the best-performing resource in the industry. It is a carefully curated technique to fetch the best talent for organizational growth. And unlike general recruitment, it focuses more on quality over quantity. Lately we have seen the growth of personnel being hired online, from the process of selecting the employees to the interview are all managed and processed online.
Financial institutions use sanctions screening as a tool to detect, prevent and manage sanctions imposed on individuals and entities. Sanctions are issued on entities, organizations and individuals who are deemed drug dealers, human traffickers, terrorists and smugglers by the respective country or the U.N.
Digitalization is not a new term anymore, and it’s surely never going to fade away as it has etched its space in every sector. The optimistic business transformation it brought compelled almost everyone to incorporate digitalization processes into their business operation. Every industry realized that to proceed with the ongoing business profit and to compete in the market, they must adapt to the latest digital technology.
Ever since the digital transformation in banking, we have seen a giant shift towards digital onboarding in financial services. Technologies like liveness and identity verification solutions have started to be a prominent step in intelligent digital onboarding. ID verification software with the capability to onboard customers quickly and remotely have helped in this shift towards digital customer onboarding.
Verifying Aadhaar has become a crucial process for businesses and financial services alike. But we see a lot of customer churn due to failed verifications. The integration of Digital Aadhaar Verification can help stop revenue losses caused by these failed verification processes and the following customer drop-off.
Buy now and pay later (BNPL) services are the latest trend in the market, which is catching up with consumers and retailers quickly. Unfortunately, even the perpetrators are increasing in this system which have a potential to cause harm to a raising solution in finance. This blogs discusses how BNPL fraud can be prevented using Digital Verification Solutions like Identity Verification, AML screening, Digital Onboarding and Document Verification.
Few things are more crucial for internet businesses than the Digital onboarding procedures for user online. You invest a lot of money into getting people to visit your website, and many companies dedicate entire departments to optimizing it so that visitors turn into customers. Nothing could be further from the truth: the onboarding phase is essential not only for your customer journey but also for fraud and risk reasons.
Before the world transitioned to digital-first onboarding due to cellphones, high-speed internet, and a pandemic; Banks, financial institutions, and other organisations could verify identities by physically comparing a person’s face to a photo ID. Of course, one could hardly just accept the certification at face value—no pun intended.
Telehealthcare Sector is one of the best innovations that could have happened to the healthcare industry. The way it fulfilled the need of the ailing person and health care providers during the pandemic in 2019 is ineffable. For the first time, everywhere in the world, people realized the power of Teleconsultation for doctors and medicines. And it continues to grow and expand to meet the requirement of the users and suppliers.
Healthcare fraud, waste, and abuse cost taxpayers billions of dollars. According to a report published in BusinessWire, the global healthcare fraud analytic market may reach US$ 5.69 billion by 2027. Detection of fraud leads to hefty fines, criminal proceedings, and incarceration for the concerned individuals in organizations. 2021 saw a peaking of medical fraud and abuse, according to the latest report of the HIPAA journal.
One of the most cutthroat customer-facing sectors is telecommunications. Most customers make their choice of a new supplier in a matter of minutes solely based on first impressions and brand awareness. Every point of contact with customers must be optimised by providers, and Identity Verification is key factor. Due to a lengthy and time-consuming SIM Card registration process, many excellent brands regrettably lose clients right away.
