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2020 came into being with a pandemic in its midst. The pandemic namely: COVID-19 has destroyed and ruined the community and left countless dead. The pandemic has leveled the economic growth and prosperity of many regions of the world. The virus spread like a wildfire and consumed everything and everybody in its way.
Destroying every industry affecting businesses globally and locally the same way. The first reports suggested that the reason for spreading. This virus was due to human contact. The easiest way to gain control over the situation would be to curb and limit human contact.
This impeded the functions of many industries including the fintech and banks where verification and client scrutiny is going on daily. An alternative that would not become obsolete was required for this verification.
People wanted to access their finances and other sensitive information while being at home. For this, a proposed remedy that came out was the use of selfie verification. A face lock application that could be used to keep sensitive information safe.
Data regulations and KYC
The latest GDPR and data protection policies dictate that at the time of onboarding the organizations are bound to perform background checks. These background checks are a part of performing enhanced KYC at the time of onboarding and Contactless Verification. The manual KYC process is not only tedious but time taking also.
There is a separate staff situated for this adding to the cost of operations. This cost can easily be avoided by employing a video remote identification process. That would not only perform KYC but also provide .you with a complete and comprehensive check leaving no stone unturned. The KYC guidelines demand a detailed check. The compliance aspect of the process must be done with care as the consequences are severe.
The pandemic has pushed everyone indoors, led everyone in quarantine. Even though lives were disrupted. It would be highly improbable that business and economic activity would suffer like that. Hence most of the economic activity would require verifications and consent verifications, Contactless Verification These could be easily obtained via remote online identification and verification services under the garb of KYC. It is a smart solution that. not only pushed the economic activity out of slumber but also made it easy for regulatory authorities to disrupt their regulations.
Online verification is not only cost-effective but also efficient. It completely omits the human error and the accuracy of result is something else. The results are highly accurate.
Gaming and verification
One industry that has grown exceptionally is the online gaming industry. The United States and the UK have reported the highest numbers of onboarding newest gamers during the advent of pandemics. This alone is enough to understand that with such growth the minors are especially required to be protected from any scams.
The Age verification in this case is really handy, coupled with end-to-end verification omits any chances of it being a scam or the platform being manipulated. Yet again the spread of video game culture can solely be put in the lap of the pandemic as outdoor activities were reduced to naught causing the online gaming industry to have a healthy growth. This not only pushed the economies in the right direction but also curbed the spread of the virus.
Contactless verification the need for the hour
The pandemic has proved one thing and one thing only. That the already prevalent norms in the world can no longer take us in the future. For us to progress as a race and safely we need to change our ways of conducting businesses and all.
The contactless future which was thought to be too far away is now a reality and is right upon us. The verification process might seem like a small step but in actuality, it is the push that we needed so that we could figure out how to move and progress without the most basic human instinct.
This is exceptionally important considering the fact.
That we almost lost an entire generation due to not being digital enough in the first place. Although these measures might seem reactionary the truth is they are what we required in the first place.