Have you ever used an online scooter or car rental service? In recent years, the concept of sharing economy has totally transformed the rental industry, which enables people to enjoy driving cars or scooters without time and space limit. According to a study by Frost & Sullivan, by 2025 the number of people using this type of service will reach 36 million, maintaining an annual growth rate of 16.4%.
Due to the high volume of daily usage of rental services, and in consideration of traffic safety concerns, identity verification and management of users have emerged as critical issues for the service providers. This article will tell you the reason why the rental industry need AI eKYC solution, and how it helps the enterprise optimize the ID verification process and stand out from the scooter and car rental industry.
The Hidden Risks in Scooter and Car Rental Industry
The present identity verification process utilized by rental companies usually requires the submission of a photo of the driving license and a user’s selfie, which subsequently undergoes manual scrutiny for a period of 2–3 days. This manual review process is time-consuming and labor-intensive for businesses. Moreover, a lengthy review period often leads to an unfavorable user experience, which can result in customer attrition.
Furthermore, inadequate identity security may have severe consequences. Rental platforms currently rely on a system that compares user ID documents and driving license with the uploaded selfie photo rather than a real-time facial recognition system, which is unable to authenticate that the user and the ID holder are identical. Thus, if a teenager uses a counterfeit or parental driving license to register a rental account with their parent’s selfie photo. This would lead to the possibility of underage driving and can pose a serious threat to traffic safety.
How can AI eKYC Solution Help?
Authme’s AI-driven eKYC solution offers a range of benefits to scooter and car rental service providers. It not only streamlines the user onboarding process, accelerates the time required for manual review, but effectively prevents identity fraud through anti-spoofing technology. The eKYC solution comprises two key features — Document Verification and Face Matching.
Document Verification — Create a win-win situation of both enterprises and customer
The system utilizes computer vision and AI technology to detect fake ID cards in real-time, which can verify ID authenticity and enable enterprises to defend against identity fraud and reduce manual review costs. Furthermore, the system utilizes OCR text recognition technology to automatically extract information from ID documents, significantly reducing the time required for the onboarding process and enhancing user experience and translates to higher registration rates!
Face Matching — Achieve high security measures with seamless service
Authme leverages facial recognition and liveness detection to compare the user’s face with the ID holder, which ensures the user is a real person and prevents fraudulent activities like using other people’s driving licenses to register a rental account. In addition, it only takes the user a second to take a selfie to achieve a higher security level of identity verification.
Seamless User Onboarding Experience
User onboarding is the first impression of the customer. Authme’s eKYC solution can help you streamline the onboarding process into 3 simple steps: scan, pose, verify, creating a smooth and seamless user experience and maximizing the registration rate!
Higher Identity Security, Less Accident Happening
Authme’s eKYC solution enables enterprises to defend against counterfeit IDs through AI spoofing technology. With strengthening of identity security, it can effectively decrease underage driving and enhance traffic safety.
Stay Competitive in the Industry
The system combines all identity verifying history in one platform so that the employees can manage customer information easily. Furthermore, it can provide instant feedback for verifying results, saving 90% of the manual review time and allowing them to focus on their core business operations.
Authme, the top digital identity solution provider, is committed to developing an AI-powered eKYC solution that improves digital identity verification services and enhances enterprises’ and individuals’ security. Authme’s eKYC solution has already been launched by the top scooter rental companies in Taiwan, and we are looking forward to building a better rental ecosystem!
Want to boost conversions and strengthen security? 👉 Get in touch with Authme now!