5 ways identity verification can increase your conversion rates

identity verification that increases conversion rates
Identity verification and authentication is not a single event anymore; it’s a journey that happens from customer onboarding to mobile, web and contact center authentication, to account recovery. In this article we will explore 5 ways digital identity verification will keep the friction low and the accounts highly secure so that the customers want to keep coming back.

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Building trust in your customers online can be a long and tedious process that gives headaches to both your customers and your team. Due to so many security and compliance requirements that need to be met, the identity verification process becomes overwhelming to customers. As a result, they will abandon the process in the first minutes.

Hight churn rates translate directly into financial losses for your company. Having to balance so many requirements and still not forgetting about the customer journey it’s quite a challenge! 

Luckily, there is a way you can have it all. You can get security and compliance, while your customers are happy and satisfied. Yes, you can have your cake and eat it too! 

No-code identity verification

Digital identity verification solution makes the user experience quick and painless while keeping security high and compliance checked. How does it work? Well, it looks like this. 

  1. Your client takes a picure of the front and back of their ID or passport.  In this step, we verify the document authenticity  and validity.
  2. From the taken pictures of the document, we extract the data that you need to auto-fill the forms you need. This means less work  for the customer to manually complete forms and also accurate data for you.
  3. Your client is asked to take a selfie using his mobile camera. This is required to verify that he is the true document owner and that he’s a living person.
identity verification steps

Here are the 5 ways identity verification can help you retain and convert more customers.

1. Create friendly friction to make your customers feel secure

Sometimes friction is necessary in order to ensure the security of your customers. Friendly friction is finding the optimal way of making your customers feel secure without making them feel inconvenient and abandon the process.  

Digital identity verification can help you optimize the user experience by introducing the right amount of friendly friction that would guarantee the security and authenticity of digital identity and unlock your growth potential.

consumer perception of a business if they invest in customer experience and security

2. Allow more remote operations 

Consumers are all in for digital experiences. They want to access your service anytime without leaving their house or even getting up from the couch. For them, it’s a win if they can open digital accounts and perform operations and transactions without the need of interacting physically.  Of course, security and compliance needs require you to be vigilant about who is the person behind the screen. Digital identity verification is the safest method to verify identities and stay compliant with regulations, without sacrificing customer experience. 

clients want more remote operations

3. Onboard users from anywhere 

Unlock the global potential of your business by authenticating users no matter where they are on the globe. Digital identity verification is a solution that scales and meets global regulations and can identify any face, no matter the county/region or race.  The technology can identify the authenticity of global ID cards checking data consistency across the ID, performing image analysis, and detecting anomalies.

online account opening abandonment rate

4. Increase your net promoter score

The service your business provides is what your customers are looking for. They want to have access to it directly without anything between them and their interest. However, the authentication process is necessary and that’s why it should be quick and easy. Your account opening should not make the customers think about it. 

Digital identity verification helps you onboard customers in under 3 minutes, making the interaction with your business a breath of fresh air. With no barriers between them and your service, the interaction is rated higher than with a traditional account opening method.

customer satisfaction increases as a result of biometrid identity verification

5. Engage your customers through the entire process

Onboarding delays, customer frustration, and user drop-off are avoided when the customers is authenticated using a digital identity verification solution. Using the camera of their phones and following the instructions on the screen, the users are intuitively completing the registration in under 3 minutes. The process is short enough for them to stay engaged and gives you everything you need to stay compliant and secure.

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identity verification that increases conversion rates
identity verification

5 ways identity verification can increase your conversion rates

Identity verification and authentication is not a single event anymore; it’s a journey that happens from customer onboarding to mobile, web and contact center authentication, to account recovery. In this article we will explore 5 ways digital identity verification will keep the friction low and the accounts highly secure so that the customers want to keep coming back.

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