5 Powerful Benefits of Identity Verification

Online data breaches not only have a financial cost to a business, but they can also destroy its reputation. The digital revolution has increased competition within the marketplace to unprecedented levels, and as firms look for new ways of competing, the benefits of identity verification can be utilised as a vital component towards future growth. 

Contents

• What Does Identity Verification Mean?
• Why Use Digital Identity Software?
• A Tailor-Made Solution
•  

What Does Identity Verification Mean?

A Digital identity verification method is a process organisations use to perform identity checks in order to determine their customer identities. It’s also found in the business world as a method of allowing employees to access sensitive data relating to their work.

As the digital world becomes an expanding part of our daily lives, a foolproof identity verification process is growing ever more critical. Without it, the likes of banking, registering for local services, paying bills, and eCommerce wouldn’t even exist.

What are the top 5 Benefits of Identity Verification?

• Build Consumer Trust
  
  
• Ensure Regulatory Compliance
  
  
• Prevent Fraud and Identity Theft
  
  
• Provide Premium Customer Experience
  
  
• Increase Efficiency

In the digital world, identity software is a must-have for businesses. A proven platform not only ensures a safe marketplace for your customers but has worth as a growth tool and helps you navigate regulatory laws and protect your company’s revenue from churns. Let’s take a look at the top 5 benefits of identity verification checks:

To Build Business-Customer Trust

Trust is crucial when it comes to relationships, no matter whether your firm operates in the B2B or B2C realm. 

Businesses need to use digital identity software to protect their customers and inspire them to invest further in their products or services. Consumers need to feel safe when interacting with a business, or they’ll simply take their custom elsewhere.

To Ensure Regulatory Compliance

Depending on their modus operandi, most businesses are subjected to laws relating to regulatory compliance. Generic compliance requirements can be referred to as Know Your Customer (KYC), which is an obligation to develop and maintain an identity verification procedure. Specific compliance depends solely on industry and business purposes, such as anti-money laundering (AML) regulations within the finance world.

Business compliance also includes global laws, such as the General Data Protection Regulation (GDPR). And should a firm expand beyond the confines of its home country, it will likely find itself subject to a host of new compliance laws solely relevant to its new trading base.

Compliance is a complex web of regulations that require careful navigation from business leaders. Digital verification software provides an excellent solution to this ongoing challenge, and the best of its kind will be updated in line with the introduction of any new regulatory requirements. 

Discover other challenges the payments industry may face on our blog ‘Due Diligence Challenges for the Payments Industry’.

To Prevent Fraud and Identity Theft

Preventing identity fraud and suspicious fraudulent activities online is something no business can afford to take lightly. In 2020 alone, 47% of companies worldwide felt the impact of identity fraud scamming. The cost of a major online security breach can run into billions, and just one leak of sensitive data has the potential to prevent a company from trading again in future.

For a Premium Customer Experience

Far from being an entity existing in a separate realm to other business faculties, identity verification is wholly tied to the overall customer experience. A positive user experience can be a major driver of business growth, inspiring loyalty, increasing retention, and potentially resulting in referrals and positive reviews.

For Increased Efficiency

Efficiency is vital to profit, and without profit, businesses cannot survive, let alone grow. Identity verification software can perform checks in a fragment of the time it would take a human to process a manual verification, freeing up staff to work on company tasks in which human involvement is crucial.

A Tailor-Made Solution 

With the cybercrime ‘industry’ predicted to harbour a global worth of $10.5 trillion by 2025, the benefits of identity verification demonstrate how essential it is to have an accurate system in place.

Helping to build strong relationships with customers and stimulate future growth, a strong process of identity verification can eradicate any risks of fraud, ensure compliance, and allow firms to gear more resources towards expansion.

Our digital identity verification solution Interpass is a tailor-made solution to the ongoing challenge of protecting customers online, allowing companies to reap all the benefits that stem from ultra-secure data management. 

Discover the difference Interpass can make to your own organisation through our insights, or book a free demo with our friendly team of experts today.