The real benefit of identity verification
In this post we reflect on the real benefit of remote identity verification, and we link to the costs of relying on manual identity verification for those who still do not trust new technologies.
The real benefit of identity verification
There is much talk about the benefits of digitizing the processes of identity verification in companies: cost reduction, time reduction, more efficient legal compliance, etc. But what about your clients? What does it bring them?
The real benefit of online identity verification does not have to do with the financial part of your business, but with your customers and how you make them feel. Do you make them feel safe? Do they trust you?
What your customers are looking for (often unknowingly) and the real benefit of remote identity verification is trust.
As you know, trust is key in any client-company relationship. Before “doing business” it is important to create a sense of security. Only then, it is possible that your future clients trust you. In addition, trust on the internet is more important than ever now that we are exposed to continuous data breaches, identity fraud, scams, etc. And, of course, companies are in charge of building those safe and reliable environments, and of protecting users.
If your business is online, you should carefully review your business model and structures to detect possible risks of fraud and scams. Failure to do this exercise can damage the security of your company and lead you to lose the trust of your customers (and, consequently, destroy your brand reputation).
Weaknesses in user security begin during the registration process. Therefore, the easiest way to maintain a secure and reliable platform is to “know” new users through identity verification.
Remember that identity verification is the process online that guarantees that a person is who they say they are. And that it is a very important remote security barrier to combat identity fraud.
⚠️ If you are looking for a secure remote identity verification solution to maintain the trust of your customers, while offering a smooth and efficient user experience, we can help.
BONUS: Why doesn’t manual identity verification make sense?
We leveraged the thread on the importance of identity verification in building trust to highlight the superiority of digital identity verification over manual identity verification.
So why is identity verification performed by people not secure? Basically, because this type of verification, in which an employee of a company compares the face of another person with their identity document to verify that it is the same person, depends on humans. And, unlike technology, we are slaves to our circumstances, moods, etc. Additionally, we are more likely to be confused, misled, or overlook counterfeits.
In fact, there is evidence. In 2014, the University of Louisiana demonstrated that manual identity verification is flawed and insecure . Especially in normal conditions, in which an employee verifies the identity of more than 200 people a day.
In 2018, the same university reinforced its first study, adding that the experience work in the field of facial recognition does not represent an advantage when it comes to recognizing identity theft.
Companies that still carry out manual verifications do not decide on online verification:
- because they think it will be very expensive
- because they don’t trust technology
Technology has advanced so far in recent years that it is now more reliable, robust and accurate than manual verifications. And it is not only recommended by regulators, but it is also easier, faster and cheaper (to give you an idea, just compare the salaries of a team with our prices).
Technology allows the verification of digital identity on a large scale, at a higher speed and from mobile devices or computers, with the consequent convenience, both for users and employees.
In case it is not clear, here are the costs of betting on manual identity verification:
Higher expenses
Manual verification is synonymous with human resources because to carry it out you need a qualified team (with their respective salaries, training, office supplies, etc.). Of course, maintaining a team costs considerably more than any automated software.
Not to mention the time that is subtracted from other priorities and more, taking into account that the knowledge of employees is being wasted on tasks that do not contribute anything.
Greater exposure to human error
Humans get tired, lose focus … Repetitive and tedious processes, such as identity verification, can lead to confusion.
Errors translate into false rejections or false positives, which translates into a bad experience for a potential customer.
No scalability
Unlike automated solutions, manual identity checks require more resources to scale, making scalability expensive and very slow.
Longer times and abandonment
Manual identity checks take time, travel and processing, which can take days and delays. If your competition provides faster sign-up, why should your customers wait?
Manual verification processes are not designed for today’s businesses, much less for tomorrow’s opportunities.
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