If you have never thought of using digital ID verification systems in your business, you are missing out on a lot of benefits. With digital payments are growing at an estimated 12.7% annually, you need to be moving your business toward the digital landscape for you to stay competitive, and this has to be done securely. The following are some of the benefits that you can get from using digital identity verification systems.
First of all, using digital ID verification systems can help improve customer experience and save costs. Independent and cutting-edge digital identity verification solutions can provide user-friendly experiences for prospective customers at the onboarding stage as well as during the entire customer life cycle. Both customer consent and satisfaction are crucial drivers in completing applications and transactions which can lead to customer retention. When there is lean and accurate verification process for customers, combined with potential efficiency gains for regulated entities, it can help reduce n-boarding costs drastically.
Another benefit of using digital ID verification systems is that they can help with transaction monitoring. Digital authentication of customer identity for authorizing continued account access can facilitate the identification and reporting of suspicious transactions. This is because it helps the business establish that the person accessing an account and requesting transactions today is the same individual who accessed the account before, and they are the identified or verified individual who holds that account.
Depending on user consent as well as data protection/privacy laws, digital identity authentication for authorizing account access can enable your business to capture additional information such as geolocation, IP address, or the identity of the digital device used for requesting transactions. This information can help you develop a more precise understanding of a person’s behavior as a basis for determining when their financial transactions appear to be suspicious, and it can help law enforcement in investigating fraud or crime.