Why Remote Identity Verification is More Important Than Ever

We are at a point where digitization and mobile services are on the rise, especially in the age of Covid-19, accrording to IDanalyzer.com. Those days of walking into a bank to complete a simple transaction are over. Today, you can perform almost all banking transactions remotely, thanks to remote identity verification. 

The digital identity verification industry has witnessed tremendous growth in recent years, and it is a pillar of our digital world. According to Globe News Wire, the global remote identity verification market will grow to a tune of $12 Billion by 2025. This tells you that as a business if you haven’t invested in this technology, this is the time. But why invest in this technology? Below are 4 reasons why digital identity verification is more important than ever…

1. Consumer Demands

Both consumers and businesses are more security conscious than ever , which is increasing demand for better digital identity verification solutions. A recent study found that 44% of American consumers ranked banking fraud and ID theft as a top concern. Therefore, as an enterprise, it is important to invest in the best remote ID verification technology to meet consumers’ demands, and assure them of their security when transacting remotely. 

2. Mobile Demand

The latest trends are evidence enough that there is no turning back from our new digital world. Take the coronavirus case, for example. The pandemic has increased the need for mobile services, and many businesses now appreciate the need for digitization, which requires remote identity verification. 

According to Statista, 52% of global internet traffic is mobile, and therefore, the implications of remote ID verification are profound. As more and more consumers gravitate towards mobile devices, fraud and identity theft has risen. Therefore as a business, there is a need to look into protecting customer data while offering them the best experience. This is where the need for digital ID verification technology comes in.

3. The Impact of Coronavirus

Besides deaths and bringing the world economy to its knees, another greatest impact of COVID-19 has been the increased adoption of mobile and online services. There has been an increased demand for remote services such as access to health data, financial data, video conferencing, authentication among others. All these services have increased the demand for remote identity verification. Therefore, as a business, it is time to up your game and implement the best digital ID verification solutions to match the demand for remote services and continue servicing your clients. 

4. Rising Cases of Identity Theft and Fraud 

The last few years have seen an increase in identity theft and fraud across different sectors, especially in financial institutions. Consumers have lost valuable data, as well as millions of dollars to fraudsters who steal the identity of unsuspecting victims. This is why remote identity verification is more important than ever. It is the surest way to minimize identity theft. Therefore as a business, you should invest in the best technology and equip your IT infrastructure with the right tools to comply with industry standards.