The Benefits of Identity Verification for Customer Digital Onboarding

Online services are becoming more popular than ever. They can be used to shop, bank, book flights, invest in alternative assets and much more. There has been a largely significant increase in the financial services industry’s demand for mobile apps and online services. Nearly three-quarters of the UK population had adopted online banking services in 2020, as opposed to 30% in 2007.

Consumer expectations have risen with increased adoption. They are now looking for an easy, seamless, and secure onboarding process without compromising security. One of the ways to accomplish it is to use the latest Identity verification system. It promises a lot of advantages that customers and businesses can take advantage of. Here are some of the benefits of identity verification for digital onboarding.

Increase conversions

Increasing competition in the financial sector has pressured businesses to provide speedy and seamless customer onboarding. Lengthy onboarding and verification processes can leave customers susceptible to fraud or lose them to competitors. Digital onboarding can offer significant advantages to both customers and businesses. Increased conversions are just one of them.

Creating a seamless digital onboarding experience with an automated identity verification solution can improve the overall experience, decrease drop-offs, and reduce fraud. While humans still make mistakes, identity verification solutions powered by artificial intelligence can remove the need for human review and save the operations team’s time. Additionally, automated solutions can define customer logic and automate decision-making, which will help your business adapt to market conditions.

Deliver fast and real-time onboarding

Increasing the speed of identity verification is critical to ensuring customer trust. Businesses can dramatically improve their client onboarding process by using multiple layers of verification. Moreover, it helps preserve a company’s reputation, which is critical in today’s competitive world.

A layered approach to identity verification allows businesses to adjust their processes without reinventing or replacing technologies. For example, they can opt for a simple KYC check for one customer while requiring more rigorous verification for a different customer. Moreover, consumers expect a hassle-free and seamless online experience. Even the slightest friction is enough to drive a prospective customer away. As a result, many businesses have implemented AI-based machine learning solutions to automate these processes. This eliminates the need for manual employees to conduct these processes, which cuts HR and KYC training costs.

Ready to integrate a mobile biometric verification system into your business?

AuthID can help you with that. AuthID is a leading provider of numerous identity authentication solutions that deliver enhanced client security. All authentication solutions and products offered are available for almost every industry. Discover what’s perfect for your business and get it from AuthID.

Visit them at their website, or contact them at +1 (516) 274-8700 for more information.