Best Practice Report

Physical Identity Document Verification Trends And Best Practices

Increase Customer Acquisition By Verifying Physical Identity Documents Online

April 15th, 2021
Andras Cser, Vice President, Principal Analyst
Andras Cser Vice President, Principal Analyst
With contributors:
Merritt Maxim , Benjamin Corey , Peggy Dostie

Summary

Physical identity document verification (PIDV) lets firms seamlessly and reliably vet and verify users’ identities during the onboarding process in order to issue a digital (or another physical) credential that the user can use for authentication and additional authorization. PIDV enables financial institutions (such as banks and insurance companies) to achieve and maintain regulatory compliance (AML, KYC, Customer Due Diligence [CDD]) cost effectively. This report discusses the customer experience of PIDV, what to look for in PIDV solutions, and best practices for smooth implementation.

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