ID scanning technology has come to play a huge role in the day-to-day processes of the banking industry. Learn more on our blog.
Identity checks have been commonplace in sensitive industries for years, with people being asked for ID when buying tobacco, alcohol, dangerous products like kitchen knives, and even some pharmaceuticals. This has led to the expectation of producing an ID to prove your age and identity. Another prominent industry that is dependent on effective ID checks is the banking industry.
The banking industry is expected to place the most scrutiny on identity verification, and with good reason. The prevalence of bad actors who intend to use the financial system for dubious means is high, and new technology, like ID scanners, is helping the industry tackle this in more efficient ways. In this article, we’ll look at the role ID scanners play in the world of banking.
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ID Scanners typically look like your average scanner. A rectangular shape with a lid attached by hinges that opens or closes, or with a chute where the ID documents are placed and analyzed. But unlike a typical scanner, which simply scans and photographs the document, an ID scanner actually reads and stores the document’s information.
ID cards, driver licenses, passports, or business cards can be easily scanned, stored, and checked. These scanners can read printed information, barcodes, magnetic strips, and QR codes and then store that information in a database. Companies in the space—like Adaptive Recognition—are leading the way with a diverse range of products, research, and technological development in the field. (1)
Such technology is hugely beneficial to the temperamental nature of ID verification in the financial sector. Below are some of ID scanners’ most important functions.
ID scanners have a role to play in many industries, and the banking sector is one that benefits tremendously. The ability to instantly record key data from clients’ documents helps banks to identify people on blacklists, prevent the use of fake documents, collect data, improve workflow, and deter criminal behaviors.
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