Finding the right identity verification solution for your business needs can be a challenging process. While there are many solutions to choose from nowadays, you need to find that best matches your needs. The following are some of the steps you should take in order to choose software that will give you value for money.
First of all, make sure that you know exactly what you are looking for. There are many terms and phrases in the identity verification industry. Before you dive into the specific features of an identity verification service, you need to understand how the degree of automation impacts ID verification service speed, quality, and your conversions.
You will have to choose between automated and manual ID verification service. Simply put, an automated identity verification service relies solely on machine learning technology to make decisions. Decisions in this case basically mean if a person is verified as who they claim to be, or not.
When everything goes right, automated decisions are much quicker, and they do not place your customers in queues to be manually reviewed. Even though this sounds great, the downside is that the automated decisions are also easier to deceive, and therefore the risk for fraud or non-compliance is high. And, in case something were to go wrong, troubleshooting is much more time-consuming compared to when manual review is an inherent part of the process.
Fully manual identity verification services solve the problem of accuracy, but the downside is that they tend to come with high costs. In order to provide this kind of service, it requires a large team of outsourced in-house specialists, something that will be reflected on your bill.