Identity verification is key for any business that works with customers online, in-person, or over the phone. It helps ensure you’re speaking to the actual person and prevents fraud. But how do you improve your identity verification processes? You can automate them with an identity verification platform. Here are six benefits that come from adding this type of tool to your business.
1. No more manual work
The future of automated identity verification is here, and it’s more efficient than ever.
Using an identtiy platform allows you to get your work done with the click of a button. It will reduce costs, fraud, time, and human error for everyone involved in the process.
2. Increase your efficiency
You don’t need to be a data scientist or a coding guru to get started with automation. The good news is that there are plenty of tools out there that make it easy even for non-technical users to automate their tasks.
Using these platforms, you can build programs that automatically trigger when certain conditions are met or when certain events occur. For example, an email could be automatically sent based on the status of an account—if someone’s account is in good standing, it would trigger one type of message; if it isn’t, another type of message will be sent. This can also help increase efficiency by reducing human error and streamlining repetitive tasks so employees spend less time doing manual work and more time doing what they do best.
3. Reduce fraud
Identity verification is a complicated process that can negatively impact your customer experience and cost you money.
With the help of a third-party identity verification platform, you can reduce fraud, false positives, and negatives and increase efficiency which will lead to:
- More customers (increased revenue)
- Better customer satisfaction with your brand
4. Decrease costs
Identity verification is often a challenge for businesses due to the high costs of running manual or in-house verification processes. Fraudulent activity such as identity theft affects over 47% of all companies, costing them $2 billion annually. With a platform, you can reduce these costs by automating the process and removing friction from your business operations.
5. No more false negatives
When you don’t verify the identity of a customer, employee, or business partner, it can lead to false negatives. False negatives are bad for your business and everyone involved in it. If you let someone into an account who isn’t who they say they are, there’s a chance that person could steal money from your company or damage its reputation. It also means if a customer is an imposter trying to steal your personal information, they’ll be able to do so because their ID wasn’t verified.
6. Reducing friction for your customers
In today’s digital world, friction is a barrier to conversion. Friction is any action that requires time and money on the part of your customer. It can be reduced by using technology to remove the steps of verification and verification costs, making it easier for your customers to do business with you.
Examples of frictioninclude:
- Having to find an ATM or bank branch before withdrawing cash from an account
- Having to go through multiple steps when making a purchase online—a long-form, having credit card details verified again after each step
- A website requires two forms of ID verification before giving access to private information (healthcare records) or signing up for a service (credit card processing). This process takes too much time and effort for consumers who are already wary about sharing their personal information online due-to privacy concerns or concerns about identity theft.
Using an idenetntiy verification platform can not only reduce this friction, but also help you to avoid mistakes in your verification process, automate many parts of it, and reduce the overall rate of fraud. This will help you make sure that you connect with the right customers who want to honestly transact with your business.