The benefits of digital ID verification
The fear of data breaches is one that is very real and very rational for customers that do business with you. In 2020 alone, data breaches resulted in 5 billion records being exposed, and as a result, security has become a priority for customers and businesses alike.
Data breaches are often the first step in the journey of much more dangerous crimes such as identity theft and account takeovers. Businesses are now looking for more thorough and reliable methods to verify identities, preferring methods that remove the possibility of human error, and thus businesses are looking towards digital ID verification.
Upon realizing that the ability to reliably verify identities is directly related to the success of a business, most businesses across industries are beginning to take ID verification seriously. Digital ID verification also comes with many benefits that protect the business while also helping it grow.
Improved Customer Experience
A customer-centric approach is the best way to keep consumers satisfied in today’s day and age, and to achieve this, businesses have to make processes as simple as possible while delivering above and beyond the customers’ expectations. Moving to digitized identity checks makes onboarding customers relatively frictionless, and keeps them satisfied with the smooth processes and quick service.
Avoiding Costly Fines
In 2020, non-compliance fines totalled approximately $10 billion in the finance sector alone, with some individual institutions having to pay hundreds of millions alone for non-compliance with KYC, AML and other regulatory compliance. Most businesses cannot afford to front the costs of these heavy fines and sanctions, so automated services that keep your business in line with compliance guidelines is ideal.
Digitizing your KYC, AML, and Onboarding processes ends up being significantly more efficient than sticking with traditional methods and processes. Digital ID verification alone, not including other aspects of onboarding and KYC/AML, shows faster turnaround times with lower margins for error and higher levels of accuracy. In addition to this, the operational costs of digitizing these processes, especially ID checks, are lower.
All in all, not only does your company save money on the processes, but simultaneously avoids costly fines and improves customer experience. Platforms like Idenfo exist to be a plug and play solution for all your ID verification, KYC, AML, and Onboarding needs. Such platforms are reliable and thorough, and function to effectively digitize your processes while simultaneously improving security. Idenfo’s features include Facial Comparison, Liveness Check, Risk Rating Assessments, and more to ensure that you Know Your Customer, while removing the pain points of KYC checks for businesses, and doing away with the human element involved in such meticulous processes.