ID validation is vital across many industries as a means of guaranteeing compliance with relevant regulations, but that’s not all it’s for. It is an essential factor in fighting off increasingly sophisticated forms of fraud as well.
Among the many options organizations in industries such as finance have at their disposal for bolstering their defenses against fraudsters, ID validation ranks high. This is due to its superiority from both an accuracy and user experience standpoint. Compared to knowledge-based authentication techniques and other common security approaches, ID validation can prove to be far faster and presents much lower friction for onboarding wary customers.
Improves the Onboarding Experience
By validating identity documents with the right technology, your organization can leverage the speed and security of modern, digital-first processes. These benefits are passed down to your customers resulting in decreased waiting times, fewer delays, little to no clerical errors, and enhanced data privacy.
As the millennial cohort and subsequent generations put pressure on companies to offer digital onboarding options, the importance of choosing technological services and partners to manage these options with minimal downtime has continued to grow. The right tools can help reduce customer churn by simplifying key onboarding processes like ID validation.
A One-Step Process
Meeting your customers where they are with a simplified onboarding process can dramatically improve your company’s lead acquisition results. When customers are made to jump through hoops to get what they initially needed, they become much more likely to abandon the process altogether. Onboarding fatigue can ultimately cost your company money and reputation as customers opt for competitors with simpler signup procedures.
Blindly giving customers the completely frictionless onboarding process they would likely prefer is almost never advisable as acute attention from fraudsters would almost certainly follow. However, a happy compromise in the form of a foolproof and simple ID validation step–in which customers show their face, ID, or both before receiving near-instantaneous confirmation–can make the process easier for them and more secure for your organization.
Any impediment to the customer during the onboarding process can cost your company their business. For instance, in the credit card space, common snags in the process produce week-long waits for new customers who must continue to provide their personal information throughout the lengthy proceedings. This may push them to seek out other offers that have faster results. Point of sale credit and personal lenders benefit greatly from this trend, while traditional credit companies miss out on many new millennial clients.
Whether your organization is routinely postponing new customer processing or otherwise impeding the pathway from prospect to a loyal client, the result is often a net loss in revenue and slow growth over the long term.
Digital ID validation systems take the manual processing effort out of identity checks and clears the way for new customers to come into your organization’s ecosystem at scale.
Consistency is key in branding, security, and preserving the customer experience along the way. A consistent experience means keeping your customers from having to jump from channel to channel to complete the onboarding process.
That’s why, instead of rerouting them to a new channel to submit documents or provide additional details, your chosen solution should be able to integrate tightly with your current infrastructure. The process for verifying your customers’ IDs should be kept consistent each and every time to help ensure the customer experience is held to a measurable standard.
Improving the Customer Experience and Compliance
Optimizing the customer experience is a powerful approach to onboarding and security, not to mention business in general. However, doing so without paying special attention to the accuracy of your chosen security and validation solutions would leave you at a serious disadvantage–not only putting you at risk of fraud but also the loss of leads as well. Inaccurate solutions not only allow bad actors into your organization but also produce false positives that keep legitimate customers out. Accuracy does away with these threats to your company’s success by forming a foundation you can count on.
Enhanced functional consistency and relative immediacy bring unending benefits to your team and customers. And there is only one solution that can provide it–Intellicheck.
Intellicheck offers industry-leading, 99.9% accuracy that top businesses and government agencies already depend on for fast verification results. Our platform is flexible and easy to incorporate into your existing toolset. Choose between full-featured API integration and a turnkey web portal solution to harness our system’s precise, sub-second document validation results. Intellicheck can parse ID barcodes and security features via scans or photos to determine legitimacy in real-time.
With Intellicheck, organizations can validate identities without disrupting the customer experience and ensure they remain secure.