What Are The Advantages Of An Identity Verification Platform?

Before digitalisation transformed the way businesses work, manual verification was standard. This would involve completing document verification of individuals using things like a driving licence, passport, or official correspondence.

Manual verification checks are carried out by a trained individual, which can result in lengthy delays in corroboration. In response, digital identity verification has revolutionised the timeframes and accuracy of verification.

Research suggests the global digital identity verification market is currently valued at $10 billion and is forecast to reach $29.7 billion by 2030. There are multiple reasons for this growth, but any business that is responsible for storing sensitive information will require a secure and compliant system for customer identity verification to protect themselves and their customers and improve customer satisfaction.

Contents

• What does identity verification mean?
• Is digital identity verification on the rise?
• Legal requirements securing customer information.
• What are identity verification platforms?
• Identity verification platform benefits.
• How can Interpass Identity Verification help your business?

What Does Identity Verification Mean?

Digital identity verification completes some of the same identity-checking processes as manual validation, but it uses different, more advanced technologies to ensure accuracy. Digital identity verification involves confirming someone’s online identity by assessing identity documents and data collated online.

This confirms people’s digital identity and authenticates their information, checking this against multiple data streams. Examples of these are email addresses, browser information, licence checks and location to help assess the validity of a person’s identity. It aids in fraud protection for customers and can decrease the amount of indemnity complaints businesses face.

Is Digital Identity Verification On The Rise?

According to recent studies, Western Europe will account for nearly 25% of digital ID verification spending by 2028, on a par with the Far East and China.

It’s clear that businesses centred in the UK and Europe are committing larger tranches of investment to digital identity verification platforms in order to meet regulatory requirements and keep customer information secure.

Legal Requirements Securing Customer Information

GDPR and UK GDPR laws require global companies that process EU or UK citizens’ data to keep this information safe and store it appropriately.

Businesses handling sensitive data should comply with Know Your Customer (KYC) regulations. In order to fulfil these legalities, valid proof of customer ID and current residential address must be provided and approved for customers completing transactions.

These regulatory practices provide clear frameworks for businesses so that customer identities can be verified to minimise the risk of identity fraud and indemnity claims and strengthen legal compliance.

What Are Identity Verification Platforms?

Powerful tools throughout the onboarding process are essential to increase security and minimise fraudulent activity. Identity verification platforms integrate identification operations, such as liveness detection and biometric identification, that create extra security layers.

To summarise, Liveness detection ensures the user is physically present for identity approval. Biometric authentication employs biological characteristics to validate personal identity, using fingerprints, facial recognition or other biometric markers.

Identity Verification Platform Benefits

Ultimately, businesses need to consistently meet compliance requirements and maintain a reliable reputation by building customer trust and loyalty. Delivering steadfast security in terms of guarding customer information provides efficacy on both fronts.

With this in mind, identity verification platforms also create the following valuable benefits for businesses.

Streamlined Transaction Monitoring

There is no doubt that today’s businesses need effective transaction monitoring systems which perform rigorous identity verification checks on an individual’s identity against multiple data points to ensure transactions take place smoothly and efficiently. These systems can also assess and report any suspicious activity for the purpose of reducing or eliminating fraudulent incidences.

With identity verification platforms, many businesses are discovering that their ability to uncover existing fraud and minimise potential cases has strengthened so they can confidently meet compliance regulations.

Frictionless Customer Experience

Customers expect an effortless onboarding experience and customer journey. Over 50% of customers report that they would switch to a competitor if they have one single unsatisfactory interaction so the stakes are notable.

Ideally, customers are looking for an onboarding process that has smooth and quick identity verification which feels comfortable and easy. In order to facilitate these needs, an identity verification platform enhances the customer onboarding experience by reducing the steps required and making the identity verification process simple to complete.

Without the need to be physically present for manual identity verification, this form of validation can deliver results in real-time or shortly afterwards, which means customers and clients have access to services straight away or within hours.

Consistent Business Growth

More traditional forms of identity verification take time and can restrict your business’s ability to scale and grow. With an identity verification platform, you are able to reduce the amount of time employees spend checking personal information and documents.

Moreover, you can also complete multiple checks concurrently, thereby streamlining your operations and opening up opportunities for expansion.

How Can Interpass Identity Verification Help Your Business?

You will know better than most how your customers feel about their data being kept safe so they can transact with peace of mind. As a result, it’s imperative that fraud cases are eliminated and regulatory compliance requirements are upheld to keep data safe and increase customer satisfaction of your services.

To achieve these goals, our digital identity verification tool helps businesses check customer identity for more assured verification methods without unwanted obstacles in the way. Plus, Interbacs Interpass customer information can be checked and verified without extending the checkout process.

Discover how Interpass can transform the security of your organisation through our insights, or book a free demo with our friendly expert team today.