Why Identity Verification is Necessary in Digital World

Smartphones and tablets are an indispensable part of daily life, and consumers expect nothing less than a streamlined mobile experience. With this in mind, businesses are focusing on digital transformation efforts in order to deliver an excellent customer experience.

One of best identity verification service provider for companies is Cognito which is focused on simplifying identity verification through cutting-edge technology integrations and partnerships. We empower you with the most advanced technology ever created for optimizing the customer signup experience, developer-first infrastructure, and an industry first full spectrum verification solution

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1.  Improve customer experience

Automatic Identity verification simplifies the customer experience. This not only significantly decreases the enrolment time thanks to the digitalization of the data capture, but also assures the verification of customer identities (who they really are). It enables carriers to streamline and digitize workflows, reducing manual entry and paperwork which could take several days to process while customers get a smoother and faster onboarding experience.

 2. To maintain customer trust

For companies looking to digitally evolve, it’s imperative to keep customers’ trust through secure business processes. A recent PwC survey found only 25 percent of consumers believe companies handle their personal information responsibly and 87 percent will take their business to a competitor if they don’t trust a company to handle their data responsibly. Following the Cambridge Analytica debacle, consumers’ trust is now harder to earn than ever before.

3. Digital identity verification Helps to Scale more Bigger

Emerging identity verification services leverage innovative technologies, such as biometrics, AI, machine learning, computer vision and verification experts to quickly verify that a person’s real-world identity matches their digital identity.

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4. Protection From Fraud and Crimes

In a world where proof of identity has become essential for access to goods and services, when criminals gain access to our identity information, the consequences can be devastating. With a few pieces of critical personal information, hackers can suddenly assume your identity and ruin your credit history and reputation through fraudulent credit cards, loans, and purchases. By doing so, you may be left with the difficult task of re-establishing your credit rating by jumping through numerous hoops with credit bureaus to prove that you didn’t make all of those suspicious transactions.

5. Outdated and Slow Earlier Process

Using electronic identity verification (eIDV) in emerging markets can play an important role in ensuring that new customers for financial services are onboarded quickly and affordably. Manual identity verification is an extremely slow and costly process that can add lengthy delays as well as frustration for customers

6. Real time ID verification

Real time ID verification aims to establish whether a person is who they claim to be. This means that it can stop fraud before it happens. A fraudster can only abuse a service if we allow them access. For example, by verifying a government-issued ID presented by a customer in real time, carriers can reduce many issues when presented with fake IDs. Creating another factor of authentication with facial biometrics and liveness remotely offers additional assurance to validate whether or not a document is stolen, which helps mitigate the risk of spoofing.

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