Over $2 trillion will be spent on digital transformation this year - a large part of it fueled by growth, regulations and customer-centric initiatives.
Forbes highlighted that companies with revenues of over $1 billion a year earned an additional $700 million by investing in customer experience.
Digital businesses are not shying away from tackling growth and are heavily driven by conversions today. Be it e-commerce, retail, online banking or marketing - conversions could mean anything from tracking which leads translate to customers, analyzing sign-ups on your website or even tracking conversion rates from a free plan that your business offers to a paid version. A large part of this hinges on customer data and identity verification to onboard, track and utilize customer-targeted knowledge to make the process easier for your client.
Performing online identification isn’t only limited to a competitive advantage but is also necessary to mitigate risk and prevent fraudulent activities. With data breaches, identity theft and account takeovers on the rise, enabling a strong identity verification and access management solution is necessary.
The best way to make this work? Simplify (or rather, shorten) the identity verification process.
Simplifying it, however, could prove to be a challenge for a lot of enterprises - particularly when their focus is on adding extra security layers into the process. This could increase the time taken to onboard a potential client, lengthen the checkout process and prompt potential clients to abandon the service or product.
Moreover, certain regulatory and compliance requirements demand that additional KYC and AML laws are met and with the latest PSD2 directive, sales conversions may slip. If you’re a financial service provider, you cannot afford to ignore identity verification for new customers - it’s necessary.
€50-200 lost per customer due to a flawed, complex process) Increasing fraud - Reports highlight that over online fraud has increased by an alarming 45% to $57.8 billion across businesses last year. Regulation - Over €100 billion is estimated to be spent on RegTech next year..
Different industries come with different requirements - be it legal, user experience-driven or compliance-based, a large portion of it include controllable factors that your business can carefully sift through when enabling identity verification on your platform.
With a robust user authentication system in place, enterprises have the ability to tackle their sales conversion and drop-off rates, without compromising on digital security and data management. Here are five ways the right identity verification provider will help you drive better conversions.
1. Reducing verification workflow
The more steps there are in your sales funnel, the more time-consuming it gets for the customer - giving them ample opportunity to drop off from the process. When it comes to your business’ identity verification process, Passbase makes it simpler, smoother and highly efficient.
Passbase’s identity verification platform solves the customer retention challenge by authenticating the true identity of the user in a couple of seconds, making the process quick, seamless and accurate. The technology is supported by NIST-certified facial recognition and liveness detection, backed by official ID documents from over 150 countries.
Check out our verification workflow here
2. Data protection and security - A critical aspect in building your clients’ trust
When it comes to providing data - particularly sensitive information - there needs to be ample trust between your organization and a potential client. Your clients will need to be certain that data that’s necessary for the transaction will only be collected and this will not be misused or compromised at any other point.
Moreover, when it comes to sign-ups and onboarding a customer, they’re not provided information on what details are required, why it’s necessary and what is being done with the data that’s collected. Not to mention that they do not have any reassurance that their data will be protected by a separate third-party service. This can prompt many clients to fall off the process.
With Passbase’s zero-knowledge sharing architecture, the client’s data is secured by enabling ownership over their data. The customer has control over what data to share and who to share it with. This proves to be a definite win for business and clients - businesses can swiftly verify their customers without compromising on data protection and security and customers can exercise control over their data.
3. Sending an alert if the verification process was not successful
Another simple way to retain your customers from discontinuing the identity verification process is by sending them reminders/alerts. This works great both ways - your customers are looped on what’s next and the process will help improve conversion rates.
If your customer’s verification process was not successful, sending an email notification stating this will be useful for them to clear any roadblocks.
4. Establishing trust in the verification workflow
With data security regulations like GDPR and PSD2, it is a positive visual signal when you tag it to your identity verification process and other important client-facing steps. Moreover, Passbase’s SDK streamlines the overall verification process so as to not create friction (in terms of trust and otherwise) when the user is being redirected to a third-party verification partner.
5. Tapping into a biometric re-authentication tool
With Passbase’s simplified re-authentication service, users can mitigate their exposure to risk and fraud, resolve account lockouts and reset their passwords by taking a selfie video. This effectively eliminates any time-consuming or outdated identity verification processes and instead gives customers control over their data, improving conversion rates.
In addition to enabling a strong identity verification solution for your business, our team will guide you through the workflow. Interested in learning more? Get started with Passbase.