Few things are more crucial for internet businesses than the Digital onboarding procedures for user online. You invest a lot of money into getting people to visit your website, and many companies dedicate entire departments to optimizing it so that visitors turn into customers. Nothing could be further from the truth: the onboarding phase is essential not only for your customer journey but also for fraud and risk reasons.

Before the world transitioned to digital-first onboarding due to cellphones, high-speed internet, and a pandemic; Banks, financial institutions, and other organisations could verify identities by physically comparing a person’s face to a photo ID. Of course, one could hardly just accept the certification at face value—no pun intended.

As cyberattacks continue to grow relentlessly, enterprises have to continue improving their cyber defenses to stay one step ahead of the adversaries. One area that CISOs have recently started paying more attention is identity threat protection. This is not surprising considering 80% of modern attacks are identity-driven leveraging stolen credentials. In fact, identity threat detection and response is highlighted as one of the top trends in cybersecurity in 2022 by Gartner.

Telehealthcare Sector is one of the best innovations that could have happened to the healthcare industry. The way it fulfilled the need of the ailing person and health care providers during the pandemic in 2019 is ineffable. For the first time, everywhere in the world, people realized the power of Teleconsultation for doctors and medicines. And it continues to grow and expand to meet the requirement of the users and suppliers.

Healthcare fraud, waste, and abuse cost taxpayers billions of dollars. According to a report published in BusinessWire, the global healthcare fraud analytic market may reach US$ 5.69 billion by 2027. Detection of fraud leads to hefty fines, criminal proceedings, and incarceration for the concerned individuals in organizations. 2021 saw a peaking of medical fraud and abuse, according to the latest report of the HIPAA journal.

One of the most cutthroat customer-facing sectors is telecommunications. Most customers make their choice of a new supplier in a matter of minutes solely based on first impressions and brand awareness. Every point of contact with customers must be optimised by providers, and Identity Verification is key factor. Due to a lengthy and time-consuming SIM Card registration process, many excellent brands regrettably lose clients right away.

A new client’s onboarding in banking might take days of information gathering, application completion, identity verification, printing or emailing, and waiting for the consumer to sign and return the paperwork. Every day that goes by, increases the likelihood that the consumer may become impatient and discover more rapid competition. Additionally, manual paperwork attracts errors that contribute to costs and delays.

Given that most KYC is registered online and the documents required are also assembled online, verification procedures should be fully digital as well, given the entire digitization of financial instruments and services. The onboarding procedure can now be completed entirely online thanks to changes made by authoritative entities. The eKYC Verification, which speeds processing for a variety of financial services, enables this.

A financial technology company has announced UrGovPH, an open finance solution that will allow local governments to develop digital services across identity, finance, property, and business interaction.