With our continuous pursuit to help businesses reduce the blind spots in business metrics, we have come up with yet another feature that will prove to be the richest source of financial data, i.e SMS TxN Extractor. SMS was believed to be a dead market until people began to understand the reliability. Apart from the concept of reliability of SMS messaging, texts are quick, cost-effective and results can very quickly be analyzed.
From ordering groceries to paying taxes everything has taken a shift to digital platforms. If you are still not going digital, you are putting your survival at stake. With the spur in digitization, digital identification has become ‘fundamental’ to the everyday operation of online services, but a universally recognized and secure solution has been lacking ever since.
While the world is still more familiar with physical IDs (which may then be linked to online government records), it continues to be inadequate today, as they can be easily manipulated or purchased illegally. IDENTITY –still on a piece of paper? This needs another thought, in a world where hard copies are going obsolete. Hence, governments of different countries have taken up new projects to build a 100% secure and digitized identity by levelling up their existing systems.
Complex address systems and its verification have continued to be a big riddle for technology companies. Currently address verification is done manually by matching the address mentioned in the identity document with the address filled in any kind of application form filled by the customer.
Companies have been on a digital-first trajectory for years now, which spurred in the wake of COVID 19. A lot of companies had to bear the brunt of this catastrophe, and a lot of them survived grasping the straws of digital transformation. But the real winners of this re-ordering were the once who got an inkling that transforming digitally was just a pre-requisite, it is the ‘Customer Experience’ which will keep the ball rolling.
OCR is a perfect example of ‘Technology’ making human life easier. Identifying information from uploaded documents and extracting information was not as easy as it seems now. It involved a lot of manual intervention and possibilities of mistakes. Therefore, global industries are using OCR based document verification solutions to fill gaps or loopholes in manual processes.
In today’s highly regulated digital businesses a frictionless, and secure identity verification has become a mandate. The traditional onboarding process for new clients can be time-consuming, error prone, labor-intensive, manual process involving multiple departments within the institution. This can lead to frustrating delays for customers and can put a strain on the business relationship.
If COVID-19 pandemic has made anything obvious to the business community, it is that riding the digital wave is no longer an option for businesses to thrive in the long-run. While several giant enterprises have already switched to a completely remote set up, laggards are still trying to figure their way around justifying such a move. For smaller organizations, however, investing in a digital-first future might not be as easy.
The saying “Good people, great nation” truly captures the essence of Nigeria- also known as the land of hope and opportunity. It is a nation that promotes healthy business growth with vibrant people with friendly energy expressed through diverse creative expressions. The development of the fintech industry in the past few years has been a shining star in the Nigerian economy, with the potential to shine brighter—even through the hurdles posed by the ongoing COVID-19 crisis.
