Identity verification is not only a global industry, but it also goes beyond traditional and physical methods of authentication to aid in the establishment of digital identities. Here are some of the reasons why Identity Verification is so critical:
-Increase Customer Satisfaction
Customers’ expectations must be better understood by businesses. Customers don’t want to go through a long process or provide a lot of information. Poor customer service and a lengthy onboarding process lead to a high abandonment rate, according to research 89% of clients experience friction, and 13% choose to switch to a competitor as a result, which is why businesses should use identity verification methods like facial recognition and liveness detection, which don’t require customers to wait hours or days to begin.
-Avoid Fraud and Money Laundering
Fraudulent transactions, identity theft, phishing, and other types of cybercrime have become all too common. Customers appreciate enhanced security measures, in fact, 86% of consumers are interested in using biometrics to verify their identity or to make payments. Businesses must ensure a smooth onboarding process that improves the customer experience while also meeting all customer identification requirements.
-Avoid Costly Fine
AML refers to a set of rules, laws, and procedures aimed at preventing illegally obtained funds from being declared as legitimate earnings. This is linked to the Know Your Customer (KYC) requirement, which is the process by which companies identify and assess the risk of illegal activity among their customers. By complying with AML and KYC requirements, businesses that use streamlined, efficient identity verification software and practices can avoid potential fines. Businesses are subject to a variety of other rules and regulations, depending on their location and the customers they serve.
-Improve Business Reputation
Consumers actively seek out trustworthy businesses, emphasizing the importance of trust now more than ever. According to the research, 84% of customers will have more trust in the brand and 71% will share more personal information with a financial services firm that uses real-time identity verification. Consumers want to know that their information is safe in an age of constant data breaches and identity verification checks. With FACEKI, you can improve your identity verification solution and carry out a thorough KYC, CDD, and EDD (Enhanced Due Diligence) process. FACEKI assists in the growth of your business and the development of customer trust.