The industrial revolution is booming these days and Artificial Intelligence (AI) is steaming these engines. Humans are prone to errors and cannot produce more than their capacity. But on the other hand, AI has enabled computers to make 24/7 efficient decisions and can make foolproof verifications from structured and unstructured data. Businesses need to be very vigilant while onboarding new business customers because of their multiple service offers.
That is why Know Your Business (KYB) practices help businesses to authenticate the personal information of their corporate potential clients. KYB is based on AI identity verification services which makes it easier for businesses to verify another business authenticity in a few seconds.
According to a Statista Report, Global AI market revenue is expected to grow 126 billion U.S.D by 2025. Artificial Intelligence is now considered a “New Economy” and the “New Big Data”. AI engines offer optimized solutions and make verifications more reliable. Artificial Intelligence governs multiple business domains like banks, the recruitment industry, digital marketing, automotive, gaming, agriculture, healthcare, entertainment, and many more. AI is not only transforming multiple businesses but also has empowered with safety procedures like business or user identity verification. Corporate businesses need assurance whether they are operating their business with a legit or forged identity and this can be verified by Know Your Business (KYB) Service checks.
AI is Acquiring the World of Businesses
Businesses’ vulnerability is increasing with more reliance on technology. As the world is becoming more digitized, scammers are also quickly adopting new ways to breach the data. A single-layer defense for customers and business is not enough in the world of fraudsters. Businesses demand a robust automated solution that can enhance operations efficiency with low operating costs. AI technology is based on a multi-tier security assessment that offers multiple identity verification methodologies to keep scammers away from the businesses. AI is offering real-time solutions to several business industries through data safety, and accurate biometric authentication by allowing only authorized users.
How AI is Facilitating `Businesses Productivity Around the World?
Businesses need to know other enterprises for partnership. If companies do their business with blacklisted entities then in the future they will face serious consequences. Digital technology is changing the world drastically which means more insecure communication channels, and greater trust-building concerns will arise. KYB services based on AI make sure that business or customer entity is real. It stays compliant with anti-money laundering (AML) screening and keeps business interests intact.
KYB services are more reliable to check the authenticity of a partner organization. It not only provides greater border services but also makes operations more transparent, and saves companies from huge financial losses. AI provides virtual assistance to businesses by using advanced sensors, algorithms, accurate visual screening from structured and unstructured data, and present solutions in no time.
The Accenture and Frontier Economics Analyses Report predicts that due to the influence of Artificial Intelligence, the labor productivity in developed countries for businesses will increase 40% until 2035. AI is expected to increase the productivity (%) in developed economies are as follows;
Many businesses require Biometric Verification as an integral part of their operations such as the travel industry, airline, gaming, education, and many more. It has multiple biological screening methods like online face and fingerprint scanning, voice patterns analysis, DNA, palm print, retina, iris, palm vein patterns, odor scents, and facial thermography, etc. It secures consumers’ due diligence and analyzes synthetic identities in overall customer trafficking. This computerized procedure provides foolproof identity verification and confirms that the person behind the screen is real, and saves businesses from huge financial losses.
AI Provides Fortification Against B2B Frauds
Data breaching and forged identities are critical issues for businesses these days. Businesses run on common interests and mutual understanding. Business allies have no or little control over the collaborator’s operations. Businesses need to be cautious while establishing B2B regulations with other businesses. In a survey, a 60% increase in B2B payment frauds has been observed in the last five years. KYB verification solutions come in handy in automated businesses. Online business operations are in grave need to implement Know Your Business Services for financial transactions, onboarding customers, and remote services. AI-based identification services offer multi-tier verification in a few seconds. Fake credentials with complex management structures can easily be traced as well.
AI can detect gigantic data breaches and the number of counterfeit transactions by using multiple security solutions and ID screening. Such real-time business verification provides robust solutions and saves millions of worth dollars against fraud attempts. It not only prevents businesses from multi-million fines but also limits or blocks future occurrences like these.
Does Implementation of AI in Business Worthy Enough?
AI-based KYB Services provides foolproof verification of all the data and offers continuous solutions against data breaches and forged identities. It provides transparent solutions to all business domains. Modern business practices need AI technology because it provides maximum productivity, reduces overhead expenses, offers multi-tier verification, better customer experience, and maximizes the output of all business territories. AI-driven services provide a stand-alone business solution to technical and highly complex operations.
It rigorously verifies several business data and identifies synthetic identities in no time. It also builds online and offline trust and provides a more reliable experience to multiple businesses.
Digital media marketer and influencer since 2017. A tech enthusiast who shares her insights about the latest evolving artificial intelligence, deep learning, and machine learning algorithms in a fun and innovative way. I’ve been working for many companies, I was responsible for critical analysis and enhancements.