The reverberations triggered by rapid advancements in technology have left very little unaffected. Manual documentation review is just one area transformed as technology has evolved.
Manual document review processes, due to improvements in technology, have become more and more automated. These rapid innovations have taken the guesswork out of evaluating and approving documentation by essentially replacing the manual and inefficient tasks with automated and streamlined processes.
Let’s touch briefly on what practices were in place before automated document review capabilities existed. When a customer was required to perform additional steps to verify an identity – say, they could not be located or they failed a KBA (knowledge-based authentication) question session, traditionally, the user would be required to fax or email in their photo ID in order to complete the verification. Typically, there is a large drop off at this step as users are not willing to perform these additional and cumbersome tasks. If the documentation is received, in many cases it arrives illegible or even fraudulent. Additionally, the document reviewer only has what is in front of him or her to base a decision off of. As you can see, this process can be problematic and often costly for a number of reasons.
There are better options out there to automate the manual review process and help organizations not only cut costs and save time but also deter fraud and build a stronger, more efficient review process.
When ID verification is needed, customers now have the ability to scan their ID or passport through their PC or smartphone providing a much smoother experience with much quicker results. This information from the customer is then validated and correlated with application input as well as additional identity attributes such as if the subject is deceased, if it is a valid SSN, if the name and DOB matches, if the address matches, and more. All of this validation happens in a fraction of the time that would have been needed for a manual review.
Our recent infographic, The Evolution of Manual Document Review, details the new and old processes of documentation review. If manual review is a part of your business model, take a look at the steps involved in both solutions and see why IDology’s ExpectID Scan and ExpectID Scan Verify can benefit your business by reducing your costs, deterring fraud, and driving more revenue.
Click on the image below to view the infographic: