Businesses “wasting hours checking documents”

Published on

SmartSearch research has suggested regulated businesses are “wasting” hours processing physical documents for ID checks.

Its survey of 500 regulated firms in the UK found 30% of regulated businesses claimed it takes up to a week to process hard copy documents, with a further 21% saying it takes more than a week.

These findings form part of SmartSearch’s Electronic Verification Uncovered campaign which is calling for all regulated businesses to switch to electronic verification in order to speed up digital onboarding.

28% of regulated businesses claimed that using hard copy documents was a more reliable method for establishing ID, which SmartSearch says is concerning as fraudulent documents are also more frequently being produced. The research found that 48% of respondents had reported a rise in financial crime attempts in the past 12 months.

John Dobson (pictured), CEO of SmartSearch, said moving to electronic verification should be a priority.

He said: “The process for reviewing a physical document is incredibly inefficient. Particularly when working remotely. Requesting a photo of the document., a selfie from the client, waiting for them to send these over. Then checking the two match and reviewing the legitimacy. All this is time that could be better spent.

“Electronic verification works by using credit reference data, combined with other reliable sources, creating a unique ‘composite digital identity’ which is virtually impossible to fake. The best systems can complete a check in just two seconds.

“The Financial Conduct Authority has endorsed the use of electronic verification, and those looking to make the switch should not hesitate. Not only will businesses save time, they will also be contributing to the fight against money laundering.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Spring surge in property listings creates market opportunities

The average asking price for newly listed properties has risen by 1.1% (+£3,876) this...

Secure Trust Bank Commercial Finance appoints senior portfolio director

Secure Trust Bank Commercial Finance (STB CF) has announced the appointment of Carl Pykett...

Inflation expectations rise slightly as BoE releases latest survey

Public expectations for inflation and interest rates have edged higher, according to the Bank...

£1 billion lost annually as 50,000 London social homes used fraudulently

A shocking new report reveals that around 50,000 social housing properties in London are...

Other news

Spring surge in property listings creates market opportunities

The average asking price for newly listed properties has risen by 1.1% (+£3,876) this...

Secure Trust Bank Commercial Finance appoints senior portfolio director

Secure Trust Bank Commercial Finance (STB CF) has announced the appointment of Carl Pykett...

Inflation expectations rise slightly as BoE releases latest survey

Public expectations for inflation and interest rates have edged higher, according to the Bank...