Building a business from the ground up has many challenges. We currently live in a digital age where devices like tablets and smartphones are taking up a major part of our lives. Everything from our daily tasks to reminders to correspondence is performed digitally by anyone who owns a computer and/or a smartphone. With such an accelerated growth of digitally available services, it is important for a business to invest resources into digitising its processes. Systems like customer validation through document verifications form a significant part of a business’s digital transformation.
Reports from Forrester suggested that 56 per cent of business in the US were taking their operations online in 2018. This suggests that customers are increasingly preferring to purchase online rather than in person. However, there numerous challenges to maintaining a business online. A major portion of which is protecting your business from online fraud and protecting a customer’s online data.
In the past businesses have used manual methods of customer identification. However, verifying customers online is another matter entirely. Until digital identity verification services were introduced, there was no way for an online business to verify its customers. Any fraudster could potentially get away with making a purchase under an assumed identity.
In addition to that, customers also require their online activities to be fast and seamless. Businesses need to realise the importance of establishing online systems that are simple yet effective in providing a good user experience. Some verification methods like the two-factor or knowledge-based authentication have now become outdated. They are easily breachable by hackers as answers to security questions can be obtained from social media or the dark web and text messages can also be easily intercepted by an average scammer.
Besides the safety factor of such methods, there is also the question of maintaining a smooth customer experience. Such methods can take longer and can thus thwart the customer.
In more recent years, as the cases of online identity theft have increased, online identity verification services have become more commonplace and have made user authentication much easier for businesses online. McKinsey reported that the market for identity verification services is expected to see a growth of nearly 16-20 billion US dollars. This shows that forming a sound system for customer verifications online can enable businesses to ensure their online security.
A company can outsource identity verification services from a SaaS provider that provides authentications through AI or machine learning technology. They can perform a number of different checks like performing facial recognition checks and can also establish proof of residence with document verification.
Latest and innovative technologies are enabling businesses to implement faster customer authentication methods into their online operations. Automated procedures including biometrics, online identity verification through facial or document verification have allowed users to identify and authenticate their IDs in a fast and secure manner. They have also ensured the establishment of a secure as well as a better customer experience on part of a company.
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