In the context of digital onboarding, demographic features such as ethnicity, age, gender, socioeconomic circumstances, and even camera/device quality might affect the software’s capacity to match one face to a database of faces i.e. AI Bias. The quality and resilience of the underlying database in various sorts of surveillance might feed bias in the AI models. Biometrics are used in modern face recognition software to map facial traits from an image or video.

Passwords are difficult to remember and have ever-more-complex criteria set by individual platforms. They are also the main culprits for data leaks. 85% of data breaches are caused by human mistakes, and credential compromise is a key contributing element, according to the 2021 Verizon Data Breach Investigations Report. With AI enabled technologies like Face ID, more and more companies and users are opting for Identity Verification over traditional password verification.

The constantly envisioned digital world is now here; The age of digital change for companies of all sizes and industries worldwide was sparked by the pandemic. This digital sprint has given rise to spontaneous inadequate structures for digital identity management and digital onboarding while also creating various issues to be solved in Identity Verification processes.

Digitalization has catapulted customer purchasing transactions to an unprecedented level. Online transaction payment methods have become so convenient that they have led to an unstoppable buying spree by consumers. These days there is nothing that can stop a desirous buyer from purchasing, probably not even when ‘he is not carrying plastic money or cash, as he has the option to pay using card data.

According to new data from Juniper Research, global spending on digital identity verification checks will rise from US$11.6 billion in 2022 to US$20.8 billion in 2027, and is expected to reach US$40 billion.

According to a recent government assessment, India needs a regulatory body to oversee and categorise online gambling websites. The study, which was created by a committee of senior officials under Prime Minister Narendra Modi, advocated for involvement and tougher categorization of India’s online gaming industry.

A 2020 survey of European insurance executives showed that some 89 percent of participants expected digitization in the insurance sector, this silver lines the existing process in the adoption of digital channels by the insurance sector. The insurance sector has been under pressure to enhance its online insurance market for some time now.

Talent acquisition is a planned process of identifying, assessing, and acquiring new employees. It starts with the intent to hire the best-performing resource in the industry. It is a carefully curated technique to fetch the best talent for organizational growth. And unlike general recruitment, it focuses more on quality over quantity. Lately we have seen the growth of personnel being hired online, from the process of selecting the employees to the interview are all managed and processed online.

Financial institutions use sanctions screening as a tool to detect, prevent and manage sanctions imposed on individuals and entities. Sanctions are issued on entities, organizations and individuals who are deemed drug dealers, human traffickers, terrorists and smugglers by the respective country or the U.N.

Digitalization is not a new term anymore, and it’s surely never going to fade away as it has etched its space in every sector. The optimistic business transformation it brought compelled almost everyone to incorporate digitalization processes into their business operation. Every industry realized that to proceed with the ongoing business profit and to compete in the market, they must adapt to the latest digital technology.