How to improve your business with strong online identity verification

Going global means breaking geographical barriers and allowing people to connect from anywhere at any time. Every day, we see various business processes being digitized to allow businesses to go global.

In this digital age, where an increasing number of companies are offering virtual services, strong authentication with online identification holds crucial importance. Performing online identification does not only hold a competitive advantage but is also necessary to prevent companies from exposure to various fraudulent activities. With activities such as financial crime, identity theft, and account takeover on the rise, strong online identity verification has become a necessity.

The importance of online identification for businesses

There are many advantages business from all around the world can take by providing their customers with the possibility of verifying their identities online:

• Save time and money: Decrease operational costs on staff and real estate by digitizing the onboarding process.  
• Better user experience and higher conversion rates: Online identification allows you to provide a seamless experience to your customers. Instead of being physically present at your facility and waiting in long queues, the end-users can get the job done in a matter of minutes. Not only does this offer your customers an excellent user experience, but it also results in much higher conversion rates for your company having direct impact on top line and bottom line.
• Customer-centric approach: Providing different options for identity verification not only gives you an edge over your competitors but also indicates that the company has a customer-centric approach.

What is in for my customers?

The connected world demands that businesses can provide services on the go, anywhere, and at any time. By allowing your clients to identify themselves online with a reliable process, you are giving them:

• Better user experience while saving time: By allowing them to acquire your product or service at their most convenient time and location, without any need for support from staff. As per Mckinsey study* businesses can have up to 90% reduction in customer onboarding costs by using digital ID enabled processes.
• Real-time identity verification and faster onboarding: Online identification enables an uninterrupted experience to the customers when they are signing up for your service and allows them to get their identity verified in real-time. This results in much quicker onboarding – A definite win-win for the company as well as the customer.
• Security: The peace of mind that their data is being handled securely, with no risk of fraud.

What should I look for in an online identification provider?

1)      Make sure you choose a provider that you can rely on. It is important that the provider complies with different regulatory requirements, even the strictest ones. With that, you will be assured that any kind of non-compliance with Regulators arises in the future.

2)      Hire an identity provider that can really protect your business from fraudsters. The damage expected to be caused by internet fraud by 2021 is USD $6 trillion and you want to make sure your company is not paying for damages arising from non-compliance or frauds.

3)      Choose someone that can provide support to all your clients, no matter where they are located. If the provider is able to verify identity documents such as driver’s licenses, resident permits, passports, and ID cards from all around the globe, you can onboard more customers and grow your business.

4)      Provide omnichannel support – Allowing your clients to identify using point of sales, mobile web, app, or desktop is crucial to increasing conversion rates and generating customer satisfaction. This way you ensure that your customers don’t need to worry about which device they need to have in order to perform an identification.

5)      Last, but not least, get the support you need. Choose a service provider that can give you a team of experts to support you throughout integration and after your processes are up and running. Having dedicated professionals taking care of your business will save you time, money, and unnecessary headaches.

*  https://www.mckinsey.com/~/media/mckinsey/featured%20insights/innovation/the%20value%20of%20digital%20id%20for%20the%20global%20economy%20and%20society/mgi-digital-identification-a-key-to-inclusive-growth.ashx