Contactless verification and remote onboarding gain momentum in India

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With technology taking a center stage amid Covid-19 pandemic, the spotlight is now on digital products and systems to build the equal level of trust that physical interaction with clients, customers and employees provide, said a newly published report from identity and background verification firm.

“Businesses across the world are forced to take some tough calls today. The emphasis is on spending every penny on a constructive and trustworthy partnership – be it with employees, vendors, merchants, leaders, or customers. The twin objective – of meticulously authenticating these stakeholders before forming or continuing a relationship and doing so within the confines of social distancing – is generating a ferocious demand for innovative on boarding and verification products,” said AuthBridge’s CEO and founder Ajay Trehan. 

Here are the top five trends for digital trust platforms.

1) The EdTech sector

This sector has witnessed a 26% increase in user visits between April 2019 to March 2020.With remote education becoming the norm, EdTech will need ways to register attendance of students digitally and validate identity and educational qualifications of teachers on their platforms.

2) The Gig Economy

Companies will be battling labor shortagesin food delivery businesses and home, and rental services domain.

3) The BFSI sector

As per an estimate of Bain Consulting, retail banks can see a 20% increase in revenue and a 30% cut in costs through digitization and technology adoption.

4) Real Money

This sector was already on a rise before the pandemic hit the world;under a national lockdown, it has only grown further. This is being attributed to people having more leisure time in hand. The sector is expected to reach $1.1billion by the next year.

5) The sector

One of the most stressed sectors today, healthcare will need advanced authentication technologies as e-pharmacies, positioned to grow 7 times to $3.7 billion by 2022, pick pace in the post-COVID era.It will become essential to vet suppliers, vendors, and pharmacists to ensure the quality of medicine and medical products.

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