Digitalization has catapulted customer purchasing transactions to an unprecedented level. Online transaction payment methods have become so convenient that they have led to an unstoppable buying spree by consumers. These days there is nothing that can stop a desirous buyer from purchasing, probably not even when ‘he is not carrying plastic money or cash, as he has the option to pay using card data.
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.
