Internet operations grow day by day, and with it the need to securely verify who is on the other side of the device. It is no longer just a matter of validating an identity document or certain data; it is now necessary to avoid potential identity theft and a variety of more sophisticated online fraud.
The use of digital identity verification solutions is particularly critical in the financial services sector: They must verify new customers who register an account as well as existing customers, avoid online fraud and comply with the different regulations and rules that govern them. All without compromising an excellent user experience.
Identity verification needs vary by sector, and they can even evolve and change in the medium and long term within the same sector. Therefore, when choosing a solution, it is necessary to assess, in addition to the current functionalities, the vendor's ability to render a service and support in a sustained manner over time.
The Aite comparative study, AIM Evaluation: Identity Document Capture and Verification assesses vendors’ competitiveness based on four parameters: Enterprise stability – long-term service capability, strength of customer portfolio – diversification and degree of current customer satisfaction, customer service – speed and quality of customer care, and product features –functionality, user experience, security and personalisation.
By combining these four factors, the company's ability to provide long-term service and support is obtained, with a solution that meets the current market needs and also evolves over time to adapt to new challenges and scenarios.
The summary of the vendors of identity verification solutions analysed takes into account these four factors:
The study delves into different subfactors, for example the types of document that each solution verifies, the needs covered (AML/KYC, user experience, fraud prevention...), the systems that each solution uses to verify the documents or the security measures they incorporate, among others.
This facilitates the choice of one solution or another according to the specific needs of each sector and company.
The study concludes that Mitek is established as one of the best vendors: Customers are satisfied with the relationship with the company, and its solution is easy to use and reliable.
Some of the key features of this solution that are assessed in the study include user support throughout the process, the automatic optimisation of document and selfie capturing, and the passive and active systems of the liveness test. Furthermore, the solution is under constant development, for example there are plans to incorporate additional authentication systems and expand its coverage to a larger number of countries.