As we are moving into a technology-driven world, customer experience is getting more important than ever. As per the research, it is customer experience is expected to take over price and product as the key brand differentiator by 2020. Among the factors driving customer experience, identity verification is playing a significant role that how customers interact with your business and it will continue to do in the future as well.
The main question arises that how identity verification is linked with customer experience. Well, it’s more than we think. There is a very strong relationship between both. The businesses find it really challenging to balance both, while the consumers find it frustrating. Identity verification is an essential part of the businesses and becoming complex with every passing year to meet regulatory compliance. This complexity is leading to reduced customer friction.
Seamless Identity Verification – A Major Challenge for Businesses
According to the fifth annual Fraud Report, the top challenges encountered by businesses are complex customer verification and reducing customer friction. In the quest to verify identities – for instance, during customer onboarding, account opening, lending, etc. – businesses often put complicated processes to deter fraudulent activities. Unfortunately, these processes require customers’ efforts and time to go through various hoops and loops.
Customers are the main assets of any business. They are the ones interacting with the businesses instead of the fraudsters. While identity verification and fraud prevention are important, customer experience can’t be neglected.
Striking the Balance
While striking the balance between customer experience and verification may seem difficult to achieve through manual processes, but the right digital identity verification solution is making it possible to achieve both at a time without sacrificing one. Integrating an AI-based online verification process, businesses can deliver an exceptional customer experience while keeping fraudsters at a bay.
The digital verification solution based on advanced technologies incorporates multiple verification checks to efficiently confirm the identities of the customers Moreover, it offers customers various verification options to escalate from one to another, as per their ease. All the verification is performed behind the scenes in real-time that frictionlessly enhances the customer experience.
Digital ID Verification to meet KYC Compliance
Adopting the right verification solution facilitates businesses in onboarding the secure clientele and enhancing the customer experience. With identity theft, data breaches, and money laundering scandals on the rise, the government agencies are quite stringent towards businesses to obliged with regulatory compliances. Identity verification of the customers is the mandatory requirement for the businesses to meet the KYC – know your customer – compliance.
Traditionally, the manual KYC process is an expensive and time-taking process and requires manual effort. Customers have to submit the documents physically and wait for a long time to get their verification done. Moreover, manual verification can be prone to errors, since with the advanced technologies it is not difficult to fake the documents. These forged documents are not detected through naked-eye – for instance – photoshopped dob. And the failure to properly verify the identity can land businesses into some serious legal problems.
An online identity verification solution covers these limitations in the manual KYC process by verifying identity in real-time and successfully comply with KYC/AML regulations. In addition, the ID verification provides top-notch brand differentiation that businesses are going to strive for in 2020 and beyond.
To sum up, identity verification and customer experience share a very strong relationship with each other. As we are moving into the fourth industrial revolution where the business operations will be online and they will define the way customers interact with the organization, customer experience is becoming the top priority for the companies.
