Why Identity Verification Speed Is Important

The emergence of technology has given rise to both positives and negatives in business. One of the drawbacks of this digital age in business is customer identification verification. And as the number of online customers increases, the need for identity verification becomes imperative.

This is because identity verification is germane to compliance with know-your-customer (KYC) and anti-money laundering (AML) regulations and fraud prevention. This is all tailored towards ensuring a sustainable customer experience.

However, it is one thing to be conscious of establishing identity verification, and it is another thing to look at the speed of the verification process. This broadly determines the overall interaction of customers with your business.

What Is Identity Verification?

Identity verification is the process of vetting and confirming that the person or entity providing an identification is the true owner of the identity. This process can be achieved by employing various methodologies, which can be largely relative.

Such identification can include personal information, government-issued identification documents, or biometric data.

The core application of identity verification is to prevent data breaches that may lead to possible attacks or theft.

Therefore, it has become important for businesses to uphold their customers’ data security. This applies to every business that uses their customers’ data to design their product and service offerings.

Meanwhile, as identity verification has formed an integral part of every business, there is a need for the process to be fast to portend a satisfactory customer experience.

When the speed is poor, it can become monotonous for customers – which is capable of reducing the number of people interacting with your business.

Importance Of Speed In Identity Verification

• Competitive Advantage

Every business customer loves to have a seamless experience during the onboarding process. Therefore, this is a major perk of any business that provides a better customer experience and adequate security in terms of customer data.

• Fraud Prevention

When identity verification is fast, it guarantees a timely detection of possible fraudulent transactions that might lead to losing customer funds. By adopting sophisticated technologies, businesses can improve the efficiency of their operating systems to build a firewall against fraudulent activities.

• Compliance With Regulations

A fast identity verification enables apt compliance with the KYC and AML requirements. Any business activity contravening these requirements may attract huge fines and other penalties.

How To Improve Identity Verification Speed

Adopt Real-Time Data Verification

It is important to employ sophisticated tools that enable you to use real-time data sources to verify your customer’s identity. You can supply information to these tools to help confirm the originality of the information by comparing it with the existing databases.

A speedy verification reduces the time for businesses to verify identities, which, in turn, improves customer experience.

Provide An Omnichannel Verification Process

Omnichannel verification enables customers to verify their identities via operating platforms like desktops and smartphones. This omnichannel process allows customers to start and continue the verification flow on any device.

For instance, customers can start the verification process on their desktop and continue using their mobile devices. As such, it enables customers to use their preferred devices anytime and anywhere.

Use Advanced Technology Solutions

The advent and advancement in technology have been pivotal to automating identity verification.

For instance, AI-powered facial recognition software can instantly confirm a customer’s identity by comparing their image to the one on the identification document. This is the best alternative to the manual approach to identity verification.

Provide Multiple Identity Verification Options

It is often not advisable to provide one identification verification process. This is because it can deter customers from going forward with the business due to the lack of options available with such a business.

Businesses must have many options that suitably meet customers’ identification document(s).

For instance, if a business provides only international passport document verification to its customers, many people may not interact with such a business because they do not have the passport document or it has been misplaced.

However, if multiple identity verification options exist, customers can use other personal information documents that serve the same purpose.

Employ Liveness Checks

Liveness checks are biometric verification that enables real-time authentication – making identity verification effective and efficient. Liveness checks catalyze identity verification, such that it provides an excellent customer experience in using smartphone cameras.

Therefore, it reduces the rate of abandoning the verification process by customers.

Verify Your Customers With Peppa

You can use the Peppa KYC APIs, widgets, and other tools to verify your customers instantly, automate your verification process, provide multiple identity verification options, and stay compliant with KYC/AML regulations.

We are reputed for making businesses safe and attractive for customers. Many brands trust us to speed up their identity verification process.

Conclusion

Identity verification has become a necessity in the business world today. This is because compliance with the existing regulations is important while attracting and retaining customers. In all this, businesses must ensure that identity verification speed is a top priority.

Therefore, consider integrating the Peppa KYC APIs and other tools to help your business with the identity verification of customers.