3 Ways ID Scanning is Crucial to Operations in the Financial Industry

Operating a successful financial institution, whether it is a bank or a credit union, takes more than crunching numbers. As the manager, you have a responsibility to ensure that your day to day operations are running as efficiently as possible while ensuring security and a positive customer experience. Customers don’t want to open an account where it will take forever to sign them up and financial institutions don’t want fraudsters depleting their profits. Below you will learn how ID scanning will help with all of these issues.

  1. Fraud Prevention:
    • Scanners with UV technology help detect IDs with fake holograms.
    • Software like WizzForms have an ID validation component in which users receive an error notification if the ID formatting is different than that of the government issued ID’s.
    • Higher level authentication vetting is available. Companies like IDScan.net that have partnerships with corporations such as Transunion can provide higher level identity vetting with their background checks. This includes running the ID against government watch lists such as OFAC as well as many others.
  2. New Account Automation
    • Scan ID & collect customer information in less than 1 second.
    • Populate ID information directly into your customer database.
    • 100% accurate data capture.
  3. Solutions for Every Environment
    • Mobile and laptop/desktop solutions available.
    • ID scanning SDK is available to use with existing financial applications.
    • Out-of-the-box solutions available.