The pivotal role of identity verification in any business is to establish customer trust, as well as guarantee the security of transactions. Rapid growth in digitization, innovative technology, and evolving customer behavior is changing how modern businesses interact with their employees and customers. Moreover, today’s business convergence and disruptive technology around payments and service provision are intense, making identity verification a high priority. Why?
Increased Need for Security
Customer interaction is moving from physical to online, social and through mobile channels. Old businesses have to change their delivery model for them to stay afloat. There is an urgent need for firms to design systems capable of enabling identity verification across all customer avenues.
Traditional identity management solutions involved essential biographic details and passwords. Modern solutions are based on continuous customer sign up and verification. Developed by service providers such as Jumio, these solutions leverage advanced technology such as biometrics, facial recognition, and machine learning. The solutions utilize trusted identity verification as a service based on flexible capabilities. ID verification, identity authentication, and document verification help establish a real-world identity of a customer in real time.
Better Service Provision
Future identity verification will be more than customer security alone. Benefits of businesses exploiting new identity sources, customer biometrics, and advanced analysis technology are enormous, as can be seen in this informative post. Companies can leverage this information to increase customer insight and improve service relevance while reducing fraud and abuse.
Protecting customers against online crimes is just one part of an identity verification service. Today’s digital world is experiencing a surge in data volume and speed. With customers accessing their information from different platforms, identities are becoming complicated and expensive to manage. However, this can be used to a business advantage by analyzing a customer’s previous preferred services or products. Customers past activity can be used to infer what services they prefer. The information can be used to avail relevant services to that customer.
Improves Customer Relationships
Paperless businesses are considered customer friendly. Replacing traditional identification with modern solutions will put a company ahead of its peers. Reducing the time meant to fill paperwork and extended check-in procedures is an indeed a great way to begin a relationship with the customers positively.
Online customers also find streamlined identity verification processes easy to use. Most of them appreciate businesses that require less informational input to check in. Such companies will have a higher customer base and will be preferred over their competitors.
Trust is also gained by businesses who take time to verify their data and guarantee its protection. In return, customers reward the company by loyalty.
Regulatory Compliance
An identity verification service is the best way to comply with legal requirements imposed by state and federal laws. The service is essential for businesses, such as alcohol retailers, that deal with particular customer groups. The service will enable them to verify the customers that belong to that specific group. That will help the business comply with the law, avoid fines and potential litigations.
Businesses that offer financial services may use identity verification to help customers open accounts quickly. At the same time, verification enables the companies comply with Know Your Customer, KYC and Customer Identification Program requirements.
Businesses offering medical services may also use customer verification to comply with emerging Health Insurance Portability and Accountability Act, HIPPA regulatory compliance requirements (more can be learned by contacting a HIPAA Compliance Consultant or similar professionals from the field).
New identity verification services are changing the way business is done. The result is reduced paperwork, improved accuracy, and security and less fraud. Moreover, compliance with regulatory requirements and improved customer relationship are features of businesses that embrace the new customer identification service. Do not be left behind move your business forward, save time and money.
