Fixing trust issues with digital identity verification

Today, modernizing business operations is more critical for organizations than ever. The need for speed and convenience has upended the era of paper-centric processes and brick-and-mortar facilities. Market demands and competitive pressures impel businesses to switch to digital platforms to continue onboarding, serving, and supporting customers. The biggest challenges to a seamless digital transition are three-fold: organizations need robust tools that meet industry mandates while supporting versatile workflows; customers need to be reassured of security in their interactions; the user experience must be hassle-free.

Customer trust—the pivotal factor

As business processes migrate to the digital space/As businesses roll out their digitization plans,  acquiring the trust of stakeholders can mean the difference between success and failure. This is particularly true of onboarding functions that require customers’ active involvement at every step. Several factors influence user experience; but if they’re inadequate, they erode users’ confidence, impeding the organization’s progress toward its goals:

• Security: A significant number of customers are wary of online fraud. Inspiring such users to migrate to digital apps requires considerable effort.
• Friction-free experience: The evaluation of credentials warrants the collection of several documents and photos. Sometimes, this creates an impression of excessiveness, demotivating customers.
• Speed: Delayed approvals add to uncertainty and doubt. Users expect immediate, “within-minutes” responses that indicate the organization’s respect for customers’ time and effort.

Reinventing Identity Verification

Thanks to exciting technological developments in computing and AI, groundbreaking innovations have transformed digital identity verification and customer onboarding approaches. Over the years, industry leaders have realized that it’s imperative to complement functionality with features that contribute to establishing trust online. Tools that attempt to verify the identity need to look beyond rudimentary document collection and analysis. They need to incorporate:

• Automated identity verification from images, videos, and documents to minimize the processing time: The user is guided to share documents and a selfie video or photo as part of a video KYC process. The system then employs advanced algorithms to perform automatic biometric verification checks.
• Liveness detection to eliminate spoofing and impersonation: Biometric verification is augmented with randomized gesture checks. The user is asked to make a simple gesture with the hands or head, and the movements are captured and verified by AI-powered techniques.
• Integration with public or third-party databases: Users’ identity is validated with external data repositories for an automated assessment. For the customer, the only requirement is to provide the basic details and a photo or video.
• Friendly user interfaces: The technical complexity of digital identity validation is hidden behind simple, intuitive app or web interfaces that enhance the user’s trust and acceptance.

Gaining from trust in business processes

Digital identity verification enhances trust across business processes and customer interactions with a fail-safe validation of the user’s identity. The precision and reliability of the solution keep improving with Machine Learning techniques. A reliably verified identity signifies a risk-free engagement for businesses, while for users, the process becomes simple, open, and stress-free. Quicker, transparent, and secure methods delight customers and reinforce their confidence in the organization, paving the way for an enduring relationship. Businesses stand to benefit from future cross-selling and upselling opportunities, assuring higher revenues with little additional effort.

Robust identity verification is imperative to impart trust in workflows. Business processes must incorporate elements that offer customers the reassurance they expect to achieve this goal.

Let’s make your account opening process future-proof/Future-proof your account opening process now

Digid is a digital onboarding solution that facilitates faster, robust, and secure authentication and onboarding of customers. Built with cutting-edge AI technologies, the solution helps organizations gain users’ confidence, improve operational efficiency, comply with e-KYC needs, and grow their market share.

Leverage real-time digital identity verification services that help you earn customers’ trust. Be ready to revolutionize/transform your account opening and onboarding processes.

The future of onboarding will be driven by digital technologies. Let’s help you get there.