The Melancholy of Face Match in Digital Era
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This has been nothing less than a mockery that we are still hell-bent on ways invented in the early 20th century when it comes to security. Most nations are still vaguely synonymous with the term face match and consider it a waste of time and capital when it comes to national security they still believe that retro is the best way to go about it. The argument is fairly poised for an open debate with evidence being in favor of both of the processes.
Most of the countries have waited till there is a catastrophe leading to gun blazings in the street feeling the brunt of a civil war, to complete the transition from manual to digital ways. These 3rd world nations or developing countries have however been exploited by the big names in ID solution providers and by the developed nations in order to get the best security measures to deter any future activities. Where we talk about the feasibility of the solution associated with digital face verification and face match we need to also talk about the availability of these solutions to rather poor nations and this has hurt a lot of nations. So in this article, we will look at a rather uncharted territory regarding face match and the IDV industry.
In order for us to reach that level, we need to first understand what is it that makes its absolute necessity when it comes to face verification!
The need for a face recognition online solution is dependent upon the reasons regarding the latest data regulations and GDPR specifications when it comes to the storage of personal information and its usage. GDPR does not allow regulators to store or disperse data for their own convenience, so the regulators need to vary the fact that: the identity of people needs to be verified before onboarding.
Face match is a requirement that needs to be successful for any financial activity. The financial regulatory authority has put together a combination of things that need to be considered prior to perform any financial activity. The robust KYC solutions in place are required to perform enhanced diligence to identify any potential risks or PEP’s. These are, at this time, basic requirements for seamless automation of the financial and onboarding process. For any organization to perform seamless operations they are required to adhere to the latest regulations by global financial regulators.
A solution that is AI-backed and can operate cross border all the while making you compliant with the global regulatory authorities is a blessing when one considers the stringent AML/KYC policies in place, especially for the financial organizations. The AI-backed solution can extract the data from the ID documents and is well-equipped to perform face-matching to confirm the identity of the holder.
The world in recent years has gone topsy-turvy owing to the pandemic which plunged the population into a conundrum of digital alternatives. Where there were several failures one service that proved to be the savior of many other organizations was the KYC services as it not only grew tri-folds but also enhanced the customer experience for many businesses through a robust solution removing hurdles from the onboarding solutions. The financial industry including banks took a massive hit when the pandemic hit, when major functions were moved away from shared spaces methods like face matching and KYCC became difficult till it migrated to an online solution or in the form of SDK.
Most of the countries have waited till there is a catastrophe leading to gun blazings in the street feeling the brunt of a civil war, to complete the transition from manual to digital ways. These 3rd world nations or developing countries have however been exploited by the big names in ID solution providers and by the developed nations in order to get the best security measures to deter any future activities. Where we talk about the feasibility of the solution associated with digital face verification and face match we need to also talk about the availability of these solutions to rather poor nations and this has hurt a lot of nations. So in this article, we will look at a rather uncharted territory regarding face match and the IDV industry.
In order for us to reach that level, we need to first understand what is it that makes its absolute necessity when it comes to face verification!
Why do we need digital face match solutions?
The need for a face recognition online solution is dependent upon the reasons regarding the latest data regulations and GDPR specifications when it comes to the storage of personal information and its usage. GDPR does not allow regulators to store or disperse data for their own convenience, so the regulators need to vary the fact that: the identity of people needs to be verified before onboarding.
Face match is a requirement that needs to be successful for any financial activity. The financial regulatory authority has put together a combination of things that need to be considered prior to perform any financial activity. The robust KYC solutions in place are required to perform enhanced diligence to identify any potential risks or PEP’s. These are, at this time, basic requirements for seamless automation of the financial and onboarding process. For any organization to perform seamless operations they are required to adhere to the latest regulations by global financial regulators.
How to perform seamless KYC?
Now with the usage out of the way let's turn the attention on the process itself. KYC used to be a complex and tedious process when it was being done manually. The manual process is prone to error and time taking. The results are not reliable, not to mention the cost of the process as it requires an entire department to perform verifications. This instantly adds to the operational cost of the process making it expensive, hence adding to the troubles of performing KYCC verifications. The simpler answer to this question is to employ a digital solution that renders the operational cost next to naught giving you an edge. The results are more accurate and the process does not involve any human contact which is the cornerstone of these 2 years at least owing to the pandemic.A solution that is AI-backed and can operate cross border all the while making you compliant with the global regulatory authorities is a blessing when one considers the stringent AML/KYC policies in place, especially for the financial organizations. The AI-backed solution can extract the data from the ID documents and is well-equipped to perform face-matching to confirm the identity of the holder.
Conclusion
The world in recent years has gone topsy-turvy owing to the pandemic which plunged the population into a conundrum of digital alternatives. Where there were several failures one service that proved to be the savior of many other organizations was the KYC services as it not only grew tri-folds but also enhanced the customer experience for many businesses through a robust solution removing hurdles from the onboarding solutions. The financial industry including banks took a massive hit when the pandemic hit, when major functions were moved away from shared spaces methods like face matching and KYCC became difficult till it migrated to an online solution or in the form of SDK.