How Identity Verification Improves Customer Experience
The spike in privacy attacks has had significant impacts on both American businesses and consumers. Personal data is bundled, sold, and circulated on the deep web, making everybody anxious. Users would like to be secured, yet they also expect ease and, as a result, have high expectations on companies for services that are quick and reliable.
Preventing fraud may not spring to one’s mind when talking about user experience. Still, the latest research shows that decreasing customer dissatisfaction is now the top obstacle for businesses in preventing fraud. All consumers and businesses demand and pursue secure and friction-free service. This explains why about 85% of people recognize identity verification by a provider like Data Zoo as a tactical determining factor.
What do customers want?
Because multinational businesses are challenged to accelerate progress during customer onboarding, it is essential to address consumer needs. The industry is highly dynamic, so smart consumers are willing to move somewhere else if an organization does not satisfy their urgent needs.
Users demand a fully digital experience for everything as a necessity. Their progress has to take advantage of the platform of their preference, and the method must be in real-time with instantaneous permissions and immediate access. Connect an increased security standard to that, and it is understandable how innovation in identity verification by providers like Data Zoo is necessary.
How does identity verification improve customer experience?
Biometric verification facilitates onboarding and regulation inspections to be carried out concurrently and easily. Clients can upload photos of their IDs that are then biometrically checked against a selfie. Reports are accessible in a few minutes. An example is virtual immediate onboarding, and for many businesses, a faster realization of profit.
When providing a digital onboarding experience, the consumer process is perfectly smooth together with the other KYC regulations, so where several measures were previously needed, the new ID system eliminates those extra steps. It encourages the client to use the platform of their choice.
The modern biometric design emphasizes the elimination of identity theft and is the safest alternative available. Biometric data is challenging to reproduce, and its whole nature renders it impossible to override. It directly opposes the ID files that are easily copied.
Keystroke mistakes hinder the onboarding phase and lead to many consumers getting denied. ID innovation decreases these inconsistencies and enables identity verification of consumers to be processed directly.
In the search, once an account is opened, companies implement procedures to prevent fraudulent transactions. Sadly, such systems often require valid clients to go through a long process with more obstacles and waste valuable time. Keep in mind, most dealings with your company are not planned fraud — legitimate consumers do it. Therefore, although identity verification and deterrence of theft are essential, the experience of the consumer is also necessary.
Although seeking the best compromise between these factors may seem out of control for plenty of businesses, the great news is that with the correct tools in place, there will be no need to compromise one for another. With a structured Data Zoo authentication procedure, you can offer excellent customer satisfaction and prevent fraud simultaneously.
The optimal solution is one that uses several intelligent levels of identification features to test various identity attributes and provides the ability to move to some other method of authentication when the time is right. By conducting all this groundwork behind the scenes, companies will easily green-light genuine consumers without hassle.
Businesses cannot afford to disregard fraud prevention because they care about product recognition and user experience. Having the best strategies and approaches in a position that also allows seamless interaction would bring the business on top in terms of brand differentiation, which every company is aiming for, now in 2020, and onwards.