Why Identity Verification Needs To Be a Part of Your Digital Transformation Strategy

2 min

Smartphones have become an indispensable part of modern life. Smartphone users want a streamlined mobile experience and businesses are also focusing more on digital transformation efforts to satisfy mobile users. As discovered by Forrester report, now fifty-six percent companies believe that digitalization is underway and thirty-eight percent find that digitalization will have a great impact on the business’s decision in the next year.

All these developments will make communication easy without face to face interaction. Therefore, it is important to implement proven and strong security measures to sustain customers’ loyalty as well as to enhance their experience. Here online id verification comes in.

Digital Identity verification will play the central role in the digital transformation strategy since companies need to ensure that online id matches with physical identity. If you are looking for some more reasons to include online id verification on your digital transformation strategy, consider the followings.

Traditional Verification Methods Are Not that Effective

Now your customers prefer a seamless digital experience and you cannot satisfy them without offering everything in their fingertips. That is why the businesses need to change their verification process. Traditional methods such as knowledge-based authentication and two-factor authentication are no longer effective. These methods can cause security concerns and can be frustrating for users as well. Your customers might find the process intrusive. Online id verification will avoid all these possibilities.

Businesses Need to Win the Trust of their Customers

Customers play an important role in the success and failure of a business. The companies need to trust their customers while offering easy access and secure process. According to the PwC survey, only twenty-five percent of customers have faith in the data-handling ability of the companies and eighty-seven percent of companies will prefer competitors if they find that a company is unable to handle personal data securely and more efficiently. Therefore, data evolving companies will have to achieve two objectives: security of data and a simple data verification process that will win the trust of customers and will also keep fraudsters out. Online id verification will help to design a streamlined customer journey. At the same time, it will deter would-be fraudsters.

Helps To Boost A Company’s Scale

Online id verification uses innovative technologies including AI, biometrics, machine learning, and expert’s verification to ensure that a digital identity matches the real-world identity. The process normally involves two steps: government-issued id, and real-time selfie to make sure that the same person is holding the ID document.

In the latest biometric innovation, businesses are using the liveness check feature to ensure that the person is physically present at the time of the transaction. Liveness is more effective as it proves that the company takes fraud very seriously and wants to ensure that the person is the real person who claims to be that person. It boosts scale easily by ensuring more presence without compromising their security.

Security and enhanced user experience will continue to determine the success of a business. Companies need to integrate both these in their digital transformation strategy.

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