All companies want their business processes to be efficient and to provide fast and quality service to customers. However, many companies still rely on outdated ways of doing business, slowing down their development and harming their reputation. Digital transformation of business processes emerges as an objective solution to increase efficiency.
Why Digital Transformation?
To answer this question, we must consider how things operate in the current environment in which companies do business. After all, we live in the age of the internet, and most of the world is digitally connected. This has created a situation where service users are connected to companies 24/7, want a digital customer experience, and want it immediately.
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Digitalization of User Identity Verification Processes
Many companies today still verify the identity of their users in person, which is very limiting in today’s online world. However, on the other hand, if you do not verify the identity of users face-to-face, how can you be sure that the person is who they claim to be? Traditional methods of identity verification are no longer suitable, so digital identity verification is a logical step forward. This allows companies to speed up the verification process, conduct it remotely, and legally validly. The Croatian solution for remote identification, known as “digital onboarding,” is provided by Identyum, which enables extremely credible and automated remote digital identity verification.
The primary benefit of digitalizing the user identity verification process includes minimizing the risk of potential fraud, i.e., impersonation, as the process uses verification of the user’s ID card. The result of the verification is a confirmation that the user is using a genuine identification document. This is complemented by biometric facial verification, which confirms that the user is the actual owner of the ID card and is physically present.
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After flawlessly conducting remote identification, a quick, secure, and simple authentication check is required when the user logs in again. Users can authenticate two-factor (or even three-factor) in any company application that is integrated with the Identyum platform, significantly raising the internal level of security management, especially regarding the security of their users’ personal data. On the other hand, the company does not need to procure, implement, and integrate complex and very expensive authentication systems over a long period.
Digitalization of Document Signing Processes
To ride the wave of digital transformation, one of the first steps you need to take is to digitize manual document signing. Regardless of the business activity, the company faces a pile of papers daily that someone (most often a user of its services) must sign and then store in an appropriate space. Adopting electronic signing services, such as Identyum SIGN, is the fastest way to simplify the document signing process to the maximum. Documents such as project documentation, travel orders, invoices, contracts, etc., are signed with a certificate stored in the digital Identyum ID wallet, without the need for any specialized devices (such as smart card readers or USB sticks). The entire process of signing, sending notifications to the recipient, and storing documents after the sender’s and recipient’s signatures is fully automated.
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The benefits of digitalizing the signing process include faster conclusion of various contracts, as well as improving employee productivity, saving their time on printing, scanning, and sending documentation via regular mail. The circulation of electronically signed documentation in the company is more environmentally friendly, agile, secure, and cost-effective.
Digitalization of Financial Data Retrieval Processes from Banks
The concept of open banking (PSD2 directive) has revolutionized the financial industry and enabled users to manage their financial data. Thus, third parties, service providers, can access bank accounts and financial data, which were previously exclusively managed by banks. In this case, third parties must be licensed account information service providers (AISP) to retrieve bank data of individuals or legal entities about their transactional accounts, balances, and transactions on those accounts, and of course, only with the prior consent of the data owner.
Identyum, as a licensed AISP by the HNB, can enable companies to digitize and automate the process of verifying users’ financial parameters, such as verifying ownership of a specific IBAN or checking financial capacity parameters (e.g., the average of the last 3 salaries, other income on the account). The data verification process is conducted with the prior explicit consent of the other party, in accordance with GDPR and PSD2 provisions.
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This article was published with the financial support of the European Union as part of the Identyum NOW project. The content of this article is the sole responsibility of the Partner and under no circumstances reflects the views of the European Union and/or the Managing Authority.
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