Conversion rates are crucial for all financial services. In today’s digital world, having an onboarding process is becoming increasingly important. In order to achieve high conversion rates, users should have frictionless experience that prevents them from abandoning the process. With the increasing frequency of identity theft, and account takeovers, providing a secure Identity Verification solution in your product or service now protects both your users and your business.
Prevent fraudulent activities
One of the biggest reasons your company needs identity verification is to reduce the possibility of a data breach or fraudulent activity on your digital platform like financial crime, identity theft, money laundering Not only does this cause damage to your customers, but your company will definitely lose its reputation
Identity Verification can help your company decrease the costs that it would have incurred if the process was performed manually. It not only helps customers save time but also helps your company reduce the workload on their staff, since everything from registration to authorization can be done by customers at the comfort of their homes.
Increase the rate of conversion
It improves the customer experience by removing the need for customers to be physically present for verification and simplifying the entire process to the point where customers can complete it in minutes, regardless of their location or time. This increases conversion rates and aids in the development of strong brand value.
Increase customer loyalty.
Customers may now be working in a virtual rather than a physical environment. This used to mean that they wanted to be treated quickly and courteously, but also means that they want their data to be handled securely and quickly. To keep your customer data safe and secure, you should provide identity verification for consistent customer experience that leads to more conversions Customers will switch to a competitor if they don’t trust your company to handle their data responsibly, according to 87% of respondents. FACEKI can easily assist your company in using our identity verification solution with your applicants saving them time and money by simplifying the entire process for customers, ensuring compliance, preventing frauds and also benefiting your employees by reducing workload.