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Electronic Customer Verification Trends in 2023

As financial institutions face an increase in regulatory scrutiny and the growing need to prevent fraud and money laundering, the process of Electronic Customer Verification (eCV) has become a crucial aspect of the financial sector. eCV is becoming essential, and notably, several trends are shaping the financial industry today:

The adoption of biometric verification methods

Financial institutions worldwide are adopting biometric verification methods such as voice recognition, facial recognition, or fingerprint scanning to validate the identity of their customers – these methods are far more secure than traditional methods and, as a result, less susceptible to fraud.

The increase of AI and Machine Learning

Financial institutions are switching to AI and ML algorithms to analyse customer data and identify patterns of fraudulent or suspicious activity which will in turn trigger the necessary alerts.

eCV requirements are gradually expanding

Regulators worldwide are incorporating and imposing new laws and requirements for eCV in the financial sector. This means that financial institutions will soon be required to perform eCV on all customers, even for those whose profiles are not deemed as high risk.

As these trends continue to emerge, investing in robust solutions that can help your organisation stay ahead of the competition, is essential. At eBOS, our WiseBOS eCV solution lets your organisation verify customers’ identities easily, quickly and securely. What sets WiseBOS eCV apart, is the superior speed in document verification, its unrivalled data security, the user experience and the access to the largest document database, with 12,000+ document templates covering 240 countries and territories, which supports 135+ languages and scripts.

With the added feature of Electronic Face Verification (eFACEv) organisations can make sure that their customer is real! Through the eFACEv add-on, the WiseBOS eCV offers a complete biometric check through advanced face capture, liveness detection, face attributes evaluation and face image quality assessment. This process results in advanced face matching which ensures that the person taking the photo matches the photo on the ID document.

Last but not least WiseBOS eCV has full and seamless integration capabilities for connecting easily with customer onboarding systems, offering thus a pleasant user experience.