Smartphones and tablets are an indispensable part of our day-to-day life and consumers expect the ultimate mobile experience when they are interacting with a website. As such, businesses are focusing their efforts on digital transformation in order to deliver an outstanding customer experience.
A recent Forrester report found that 56% of companies are currently implementing a digital transformation strategy for their business, while 38% believe that digital transformation will have a huge impact on their business decisions in the next year.
Companies are battling to remain competitive in an increasingly digital world, with most interactions now taking place on a screen rather than face to face. As such, stronger security measures must be put in place together with a flawless customer experience. If your business can deliver this, your customers will be much more loyal to your brand.
When conducting business online, it’s vital that your organisation can confirm that a person’s digital identity matches their physical identity, and this cannot be achieved without digital identity verification.
Identity verification is a must for your company’s digital transformation strategy because:
1. Previously used verification methods are now outdated
Customer expectations are now higher than ever and your business will suffer if it doesn’t offer a seamless digital experience. With the continued emphasis on the digital, companies must always put the customer first, ensuring that they have everything at their fingertips for a positive digital experience.
The National Institute of Standards and Technology says that traditional authentication methods, such as knowledge-based authentication and two-factor authentication, are no longer recommended. This is because it’s easy for fraudsters to find the information they need on social media, through others sources of publicly available information, or through the dark web.
2. Companies need to earn and maintain digital trust
For companies seeking to evolve digitally, it’s vital to maintain customer trust through secure business processes. Unfortunately, many customers feel that companies don’t handle their personal information responsibly enough; however there are plenty of measures that can be implemented to improve that.
Digitally evolving companies need to keep customer data secure while creating a simple process that lets real customers in and keeps fraudsters out. As more and more businesses go digital, it’s never been more crucial to verify they are onboarding real clients.
3. Digital identity verification can help companies scale
There are countless modern identity verification services available to us, such as AI, computer vision, machine learning and biometrics, all of which help to quickly ensure that a person’s real-world identity matches their digital identity while simultaneously deterring potential fraudsters.
This hybrid approach to the identity verification process combines authenticating a government-issued ID and also asking the user to take a real-time selfie to ensure the person holding the ID document is the same person in the ID photograph.
Companies are also introducing a liveness check feature to ensure a person wishing to create an account is physically present during the transaction. The liveness detection process, which can be done in less than two minutes, demonstrates that a company takes fraud extremely seriously and wants to ensure that the person creating the account is who they claim to be. This also gives businesses the power to easily on board new customers without compromising security.
Wherever your company is in the digital transformation journey, the delicate balance between security and customer experience will definitely determine the success of your business.
These methods of online identity verifications are becoming increasingly common thanks to websites such as HSBC, Airbnb, Instacart and more. Traditionally, the idea of submitting a selfie as part of the verification process would have been alien to many (and scary), however now that these types of verification are much more commonplace, they are much easier for businesses to adopt.
Contact 8 Ways Media today to learn how we can help you with your digital transformation strategy.