The number of data breaches worldwide has increased over the years. In 2018 alone, over five billion records are exposed by data breaches. This situation forces businesses to adopt a more reliable method to verify someone’s identity.
The company’s ability to streamline this process and do so accurately is a critical part of business success. Identity verification goes beyond conventional and physical ways of authentication to help establish identities in this digital age. Opting for a reliable identity verification company gives businesses a competitive edge and protects them against fraudulent activities. Here is why companies should work with a competent identity verification provider.
The importance of identity verification for businesses
Businesses can gain various benefits when working with an online identity verification company, which include:
- Improve company reputation: Trust is the key element of any relationship. One of the reasons why companies like Airbnb are popular and trusted by customers around the globe is because it makes everyone accountable. Both the hosts and the travelers have to confirm their identity and maintain good reviews, which in turn established an in-built sense of trust from both sides. By working with a reliable identity verification company, businesses would be able to run identity verification checks fast and accurately, which makes customers trust them more.
- Protect businesses against fraud and money laundering issues: No matter how small a money-laundering accusation might be, it can spell the end of the road for a company, regardless of its size. Hence, many businesses implement a risk-based approach that integrates identity verification to evaluate the risk of certain users. Opting for efficient identity verification services allow companies to verify the customer’s identity quickly and accurately.
- Cut down on costs and time: A reliable identity verification agency helps lower operational expenses on staff and real estate by digitizing the onboarding process. Mckinsey’s study reported that the use of digital identification processes results in an up to ninety percent decrease in customers’ onboarding expenses.
- Provides better user experience and a higher conversion rate: Online identification allows businesses to offer a seamless experience to their customers. Instead of having to be physically present at the facility and wait in long lines, customers can get their identity verified within minutes. This efficient and faster process also leads to higher conversion rates.
- Customer-centric approach: Offering a variety of options for identity verification gives businesses an advantage over their competitors. Plus, it also shows that the business values its customers.
How to pick the right identity verification services provider
Before choosing an identity verification company, be sure to consider the following:
- Ensure that the company is reliable and complies with the country’s regulatory requirements
- Pick a company that provides sophisticated technology that can protect the business against fraudsters. Companies that can confirm identity documents like passports, driver’s licenses, residential data, and ID cards from all over the world would allow businesses to onboard more customers and expand their business
- Choose a service that offers an excellent support team throughout the installation, integration, and even after the process is up and running. A dedicated support team help business owners to save money, time, and unnecessary headaches
- A company that offers omnichannel support allows customers to use multiple devices, such as mobile web or desktop, for identity verification. This convenience improves customer satisfaction and boosts conversion rates.
Working with a reliable identity verification provider helps businesses boost their reputation, increase their conversion rate, and offer better user experience. When choosing an identity verification agency, consider its reliability, technology, support, and available identification channels.