May 18, 2022
by: Identyum
All companies want their business processes to be efficient and to provide fast and quality customer service. However, many companies still rely on outdated ways of doing business thus slowing down their development and damaging their reputation. Digital transformation of business processes is imposed as an objective solution for increasing efficiency.

Why digital transformation?
To answer this question, we need to consider how things work in the current environment in which companies operate. After all, we live in the age of the internet and most of the world is digitally connected. This has created a situation where users are connected with companies 24/7, want a digital user experience and want it now. What they don’t want is to waste time waiting in lines of banks, telecoms and other service providers to show their ID or sign a document with their own hand. User behavior is changing due to the possibilities offered by digital technology and easy access to information. Even users who focused on local services in the physical world before the COVID-19 pandemic have learned how to access them digitally and globally.

Digitalization of the user identity verification process
Many companies today still personally verify the identities of their customers which is very restrictive in today’s online world. But on the other hand, if you don’t check the identity of the user face to face, how can you be sure that the person is who he claims to be? Traditional authentication methods are no longer appropriate, so digital identification of users is a logical step forward. With it, companies can speed up the verification process, conduct it remotely and legally valid. Our solution for digital onboarding enables extremely reliable and automated remote digital identity verification.

The main benefit of digitalization of the process of identity verification of the user includes minimizing the risk of possible fraud, i.e. false representation, since this process uses the verification of the user’s ID card. The result of the verification is confirmation that the user is using a real identification document. This is complemented by a biometric facial check, which confirms that the user is the actual owner of the ID card and that he is physically present.

After a flawless remote identification, a quick, secure and easy authentication is required when re-logging in the user. Users can authenticate themselves using two-factor (or even three-factor) to any company application that is integrated with the Identyum platform, which significantly raises the company’s internal level of security management and especially the security of its users’ personal data. On the other hand, the company has no need for procurement, implementation and long-term integration of complex and very expensive authentication systems.

Digitalization of the signing process
To jump into the wave of digital transformation, one of the first steps you need to take is to digitalize the manual signing of documentation. No matter what activity the company is engaged in, it struggles every day with a pile of paper that someone (usually the user of its services) has to sign and store in an adequate space. Adopting an electronic signing service, such as Identyum SIGN, is the fastest way to simplify the documentation signing process as much as possible. Documents, such as project documentation, travel orders, invoices, contracts, etc., are signed with a certificate stored in a digital Identyum ID wallet, without the need to have any specialized devices (such as smart card readers or USB sticks). The whole process of signing, sending notifications to the recipient and storing documents after the signature of the sender and recipient is fully automated.
The benefits of digitalization of the signing process include faster conclusion of various contracts, as well as improved employee productivity, saving their time on printing, scanning and sending documents by regular mail. Circulation of electronically signed documentation in the company is more environmentally friendly, more agile, safe and cost effective.
Digitalization of the financial parameters check about the users 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 until recently were exclusively managed by banks. In doing so, third parties must be licensed Account Information Service Providers (AISPs) in order to retrieve bank data of individuals or legal entities on their transaction accounts, balances and transactions on these accounts, and of course only with the prior consent of users of such data.
Identyum, as a licensed AISP by the CNB, can enable companies to digitalize and automate the process of verifying financial parameters of users, such as verifying ownership of a particular IBAN or verifying financial capacity parameters (eg average of last 3 salaries, other income per account). The data verification process is carried out with the prior express consent of the other party, in accordance with the GDPR and PSD2 provisions.
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The project is funded by the Interreg V-A Hungary-Croatia Cooperation Programme 2014-2020, Beneficiary Light Grant Scheme (B Light). The content of this article is the sole responsibility of Identity Consortium d.o.o. and can under no circumstances be regarded as reflecting the position of the European Union and/or the Managing Authority.