In this tech-savvy world, customers demand instant sign-ups, remote identity verification, and enhanced data security. Therefore, it has become necessary for e-industries to provide convenience and meet other expectations of their clients. Otherwise, they can face a severe backlash both in terms of customer retention and integrity. However, with innovations come greater chances of fraudulent attempts such as identity theft, illegitimate onboarding, and data breaches.
However, industries have developed various misperceptions regarding online IDV services like they only provide customer identification. On the contrary, these solutions offer remote onboarding and enhanced data security while uplifting customer experience. The blog provides insights into misconceptions of industries about AI-powered ID verification and how they address these concerns.
Identity Verification Services – Outlining the Misperceptions of Industries
Industries are bringing various shifts in their overall operations to stay in line with the changes digital evolution is coming up with. From streamlining digital onboarding to enhancing the identity verification process, technological transformations are changing the landscape of businesses. Moreover, Artificial Intelligence (AI) and Machine Learning (ML) are further opening doors to advanced accuracy. These solutions uphold the integrity of industries undergoing a massive shift by deploying the following;
- Multi-layer identification
- Real-time verification
- Uses risk-based approach
- Access to global records, sanctions, and watchlist
- Enhanced Customer Experience
- Ongoing monitoring of clients
- Data security
Despite all the benefits online identity verification services provide to industries, they still have developed the following misperceptions so far;
Identity Verification is Carried Out Just During Registration
Identity verification is just used at time of onboarding for customer identification and is one of the most prominent misconceptions of industries. Online identity verification services provide ongoing monitoring of clients to keep tabs on their post-onboarding activities as well. This helps industries to mitigate the chances of unforeseen criminal threats.
Moreover, in some cases, an individual posing as legit customers carries out malicious activities after onboarding the platforms. For instance, money launderers dodge the identity verification process and make suspicious transactions.
Moreover, identification prior to onboarding is not sufficient as criminals can easily bypass it by using fake information, forged documents, pre-recorded videos, face masks, and others. Therefore, industries need to incorporate efficient ID verification mechanisms to tick out their misperception, enhance customer experience, and mitigate client drop-off.
ID Verification Ensures Regulatory Compliance
Industries using identity theft protection services see them as their solutions to combat criminal activities and ensure regulatory compliance. As digitization is opening pathways for fraudsters while providing them with advanced techniques, businesses use online solutions to counter them. However, in this process of securing their operations, industries make their digital onboarding so complex that it drives the customers away.
Moving further, online identity verification automates the onboarding process by providing a user-friendly experience to customers. Furthermore, it also helps industries retain a huge client base.
Identity Verification – Entails a Lot More than Just Customer Identification
ID verification is the key to uplifting client experience, safeguarding operations from unauthorized access, and upholding the brands’ integrity. They not only provide remote onboarding of legit entities but also help platforms keep track of their clients. Furthermore, identity theft protection services help industries detect suspicious activities in time with active reporting to concerned regulatory bodies.
AI-powered services streamline customer onboarding by automating the process. By using biometric identity verification systems, industries such as e-commerce, banking, finance, and others can verify customers by simply analyzing their facial features. Similarly, platforms won’t have to ask for the information repeatedly and store required details within the records for future use. Therefore, industries need to integrate efficient ID verification mechanisms to enhance customer experience and secure their overall operations. For this, they need to take the following into consideration;
Adherence to Security Needs, Regulations, and Customers’ Demands
Industries need identity verification solutions to stay in line with their customer demands, prevailing regulations, and ever-evolving security needs. In case of failure in complying with legal obligations, businesses can undergo hefty fines.
Moreover, high chances of breaches and lax security measures are sure to drive customers away and result in a high drop-off rate. Hence, industries can overcome all the drawbacks by employing ID verification services.
Personalization of the Verification Process
This is another effective way to outline operations as per customer demands. However, this may involve repeated asking for information. With robust AI-powered synthetic identity fraud prevention mechanisms in place, industries can provide convenience and data security to customers. ID verification solutions identify fraud attempts in the minimal time while minimizing hassle for legit customers.
In a Nutshell
In order to mitigate the chances of fraud and uplift customer experience, industries need to integrate efficient identity authentication solutions. The tech-driven AI-powered solutions provide robust services for legit customer onboarding. It automates the identification process by deploying mathematical algorithms which provide increased accuracy. Ultimately, identity verification services help industries stay in line with KYC/AML legal standards. They help businesses overcome misconceptions and better address customers’ concerns.