In the world of finance, digital onboarding is becoming increasingly important for neo banks. Neo banking refers to a new generation of digital-only banks that offer a wide range of financial services through mobile apps and online platforms. These banks are typically built on top of existing infrastructure, and they rely heavily on technology to provide a seamless and efficient customer experience. Digital onboarding is the process of registering for and opening a new account with a neo bank.

Banks have invested countless millions in Know Your Client and Know Your Customer verification, but they haven’t been able to use this knowledge beyond regulatory “check the box” procedures that can irritate clients and even cause some of them to switch banks. However, things don’t have to be this way.

Over the last 3 years, Identity Verification in India has seen a marginal boost in the number of verifications conducted digitally. The market growth in the identity verification sector comes as an effect of the disastrous pandemic that caused record-high identity theft, ATOs, and numerous other frauds all initiated through fake identities, resulting in rapid innovation in identity verification API.

It’s seldom easy to predict what a hacker will do exactly. Cybercriminals frequently act out of impulse and chance rather than following a rational course. The Identity Theft Resource Center (ITRC) believes it has a preview of what lies ahead in 2023 after studying patterns in the second half of 2022. Takeovers of social media using identity theft, either assuming fake profiles or claiming an original profile was popular in 2022.

Self-checkout kiosks are automated devices that enable consumers to scan and pay for their products without the help of a cashier. By this point, we’ve all encountered them. They are frequently seen at supermarkets, department shops, and other retail locations where it is possible to skip tedious manual check-out.

In Africa, there are a plethora of banking prospects. The area is a “sleeping giant” when it comes to having access to conventional bank accounts, online banking, and reasonably priced financial services. Identity Verification APIs are now providing resolutions to the finance sector with their old customer onboarding woes in Africa. The World Bank estimates that 57% of Africans still don’t have a bank account of any type, including a mobile money account.

This year, 2023, digital identity verification will take on greater urgency. This is largely due to the fact that fraudsters stole more than $11.4 billion through account takeovers (ATOs) last year, while account origination fraud is predicted to cost $5 billion by 2024. The world of technology and everything linked with it moves at a breakneck pace. Identity verification is no exception.

A person’s most valuable and often utilised asset is their identity. Identity verification is used to demonstrate that the person’s identity matches what they say it is. It determines whether a person is actually hiding behind the persona he presents.

Policyholders prefer a digital style of interaction over a physical one. However, identity verification problems frequently stand out, which causes significant onboarding dropout rates. This blog article examines how to resolve this using an AI-powered verification method. According to a recent study, 44% of those between the ages of 18 and 29 who had insurance purchased their plans online. This proportion is expected to rise as broadband penetration rates continue to rise.

When someone impersonates you by exploiting your personal information to perpetrate fraud or gain other financial advantages, this is known as identity theft or identity fraud. Your personally identifiable information includes your name, residence address, email ID, login and passwords, Social Security number, driver’s license number, passport number, or bank number.