Advancement in the space of Digital Identity Verification

With the advent of a new economy has come the need to establish seamless digital onboarding solutions. This involves  innovation as well as expansion of the scope of  practices that are already being implemented by online-dependent platforms. Here are some of the advancements that have taken place to boost the onboarding journey undertaken by clients and companies through third-party platforms:

Increased reliance on digital interfaces

The pandemic has driven demand for online services, proving themselves to be viable alternatives to many traditionally physical-dependent organizations. 56% of industry leaders believe the majority of their revenue will come from online mediums within the next three years. This has led to the demand for processes – especially engagements with customers in financial and other risk-sensitive sectors – to emphasise rapid and safe processing of complex data that comprises the digital identity of a  modern consumer.

Fraud detection and prevention

Fraudulent attempts at engagement have become more prominent than ever, with 26% of companies feeling they are minimally equipped with the ability to root synthetic fraud out before being compromised themselves. Such an evaluation, however, does not present an impossibly bleak picture. The rise in the expertise of people providing KYC processes, digital address verification, financial statement analysis along with other digital onboarding processes allow for their software to deliver world-class technology to these same companies.

Consumer trust

The fragmentation of user information into different interfaces for verification is a drawback the industry has recognised for some time now. This represents a larger focus on ensuring the drop-off rate of consumers during digital onboarding processes is reduced. This has allowed for efficiency and safety to take precedence in the ongoing developments in the industry, where even the most trusted security solutioning players are striving for an evolved outlook towards ensuring their products prioritise the needs of the customer.

AI-powered growth

Artificial Intelligence has been at the forefront of automating the processes set in motion by conscious users of digital onboarding processes, thereby hoping to find seamless solutions for a  long-term client-company relations. The aforementioned integration of processes has been successful largely in part due to the ability of innovations in the industry to allow for accelerated experiences. By being both paperless and accurate, human resources can be reprioritised to the more subjective segments of customer experience – while ensuring none of the security or customer experience is compromised along the way.

Evolution of online identity

As a consequence of over 10% of the world’s population not having some form of legal ID, infrastructure needs to be developed with the help of public policies and private entrepreneurship to ensure accessibility is not compromised. After all, it is only through the most equitable digital onboarding processes through trusted software that one can hope to create a business that balances its vision with the ground reality of identity verification.

Smart onboarding solutions have never been more sought-after than during this era of digitisation. With smart innovations and a consumer-centric approach, the products presented to industry leaders have helped this sector witness exponential growth and all trends indicate the integration of even more efficient and holistic onboarding solutions in the time to come.

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