Technology

Top 6 Potential Markets for Regulating Document Verification

document verification

The authentication process helps solve the problem of verifying documents. The document verification process has brought transformative changes across different industries by ensuring efficiency and security among systems. The document verification process uses Artificial Intelligence (AI) and Machine Learning (ML) algorithms to execute the process. They provide a fast execution process to verify documents online. Document verification has streamlined the operations of the systems by ensuring compliance between users and businesses. 

Let’s dive into the document verification procedure for market analysis and how potential markets are executing the validation process. 

Global Identity Verification Market: The Ten-Year Assessment (2017-2027)

Between 2017 and 2027, the global expenditure on identity verification is predicted to rise significantly by over $13 billion, increasing from $4.93 billion in 2017 to surpass $18 billion by 2027. Identity verification is vital in securing credentials by allowing only authorized users to access sensitive data. Thus, preventing any harmful breaches of protected information would lead to maintaining the reliability factor between businesses and their customers.

Document Verification Process – A Quick Overview

Document verification is the process of checking the validity of documents such as passports, driving licenses, and identity cards (IDs). The verification of documents is important for businesses dealing in money flow and premium transactions. Financial organizations such as cryptocurrency platforms and banks verify documents online to authenticate their customers. Different industries utilize distinct verification methods depending on their budget and policies. There are two verification processes to follow, manual or digital, for authentication purposes. 

There are five major steps in executing the document verification process:

  • Collection of Documents
  • Document Review
  • Verification and Validation
  • Risk Assessment
  • Decision Making

The documents are collected by the user digitally or manually depending on the type of process, and reviewed by authentic officials. After reviewing, officials send the documents for further validation using advanced methods or technologies, and the risk factor is assigned accordingly. Finally, the decision is announced to relevant authorities after successfully verifying the documents.

Potential Industries to Employing Document Verification Process 

There are the following 6 emerging markets for ensuring the document verification process:

  1. Finance and Banking

The document verification process is important in banking and finance for several critical reasons. It is an essential component of KYC (Know Your Customer) compliance that ensures the authenticity of customer identities in the institutions. It assists in mitigating the risks of money laundering and terrorist financing. It is also helpful in creating new accounts applying for loans, and conducting high-value transactions. It helps banks in confirming the identity of individuals and businesses by maintaining regulatory compliance and reducing the possibility of financial crimes. 

  1. Healthcare

In the healthcare industryplays an important role in verifying identities to ensure they have authentic medical records and provide accurate treatment. Medical institutions use document verification processes for authenticating insurance coverage, processing claims, and managing billing and payments accurately. 

  1. Real Estate

Document verification process plays a crucial role in verifying property ownership and ensuring legal compliance. Brokers and real estate agents depend on document verification to confirm the authenticity of property deeds, contracts and legal documents. It also helps on property fraud prevention and ensures smooth transactions with reduced legal risks. 

  1. Employment and HR Department

Document verification process is an important part of employment and processes of human resource. Employees utilize document authentication for conducting background checks and verify the work eligibility of job applicants. It assist in ensuraing a safe and compliant workplace to combat identity and monetary fraud. HR departments use document verification for verifying employ credentials and managing their records. 

  1. Insurance Industry

Insurance industry utilize verification process for various purposes to authenticate the policyholder identities and assessing risk factors associated with money laundering and other related scams. It also helps in reducing claim disputes and ensure policy accuracy. Insurers rely on document verification for complying with insurance regulations. 

  1. Education Department

The education department employs a verification process for reviewing academic credentials through the attestation of documents. They utilize to confirm the authenticity of transcripts and certificates. This process assists in combating academic fraud and ensuring authentic admissions processes to maintain the integrity of educational qualifications. Employers depend on a validation process to verify the educational background of the job candidates during the hiring process. 

Summing It Up

Businesses involving digital systems should implement a process to ensure security and reliability. It is reported in a 2021 survey, that over half of industry professionals worldwide agreed that biometrics are important for digital identities and growth in identity verification systems. So, small institutions and users should follow verification processes for maintaining their integrity in this digital era. 

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