Diving Deep Into the ID Verification Market: A Comprehensive Evaluation of the Competitive Landscape

The world is getting smarter and the consumers are becoming increasingly impatient, especially in today’s digital age. With technology innovations happening every day, customers are looking for services which require less time and minimal effort on their part. In this technologically advanced era where users can perform and manage their daily tasks with just a few clicks, visiting branch offices for opening a bank account seems unnecessary.

With the ever-tightening regulations and increasing concerns over AML/CFT, banks are now more cautious than ever in their KYC processes. Traditionally, this process involved physical ID/Document verification in which the applicant had to personally visit a branch office and present the relevant documents so that a bank representative can verify the applicant’s authenticity. This practice was not only expensive and time-consuming but also hampered customer experience ...

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