Digital transformation is driving a new era of commercial innovation but comes with increased risk for many companies. As businesses embrace digital channels, they must stay ahead of fraud and identity theft to ensure that their customers can safely transact business online.

In the age of hyper-connectivity, businesses are under more pressure than ever to deliver exceptional customer experiences that are secure and convenient while also remaining profitable.

At the same time, consumers are demanding greater transparency from businesses on how they handle their personal information. The stakes are high, with billions at risk from fraud and identity theft. As a result, companies need to verify identities quickly and cost-effectively while still providing a great customer experience.

The Value of Having A Strategic Identity Verification

Businesses and organisations must understand that they will be required to redesign and rethink their relationships with their customers to remain competitive in a changing business landscape. As user expectations change regarding how digital identity is managed, organisations must reposition themselves regarding how they interact with their customers.

They must take a more strategic approach to identity verification and fraud prevention by harnessing artificial intelligence (AI), machine learning technology, and biometrics. Leveraging these technologies can help businesses maximise their security postures, increase customer loyalty through a frictionless onboarding experience, and improve risk assessment for both new accounts and existing customers—the result: a streamlined end-to-end process.

Here are a few ways strategic identity verification can help businesses build trust and security:

1. Strategic identity verification is a way to strengthen business relationships, especially with consumers new to the brand.

Not all customer experiences are the same, with their varying needs and differences in consumer behaviour. For many companies, the first interaction with a new consumer can make or break a relationship. A seamless transaction builds trust and loyalty, while a poor experience discourages repeat sales and deters future interactions. By verifying their information online and clearly communicating why you are doing so, you can create a seamless, customer-friendly experience that builds trust and loyalty.

Using identity verification strategically means more than simply checking a box to ensure you comply with Know Your Customer (KYC) regulations or anti-money laundering (AML) laws. It also gives you a chance to use data about your customers to make better decisions about how you do business together.

2. Strategic identity verification is a way to build trust and security while protecting data assets.

Organisations want to offer their customers a seamless user experience, but they also need to protect themselves from fraud and bad actors. For example, when someone opens a new account with your bank, they’re likely doing so through a mobile app or browser window — not in person at a teller’s desk. If they rely on traditional methods of ID authentication, such as checking ID cards against social security numbers, it’s easy for someone to create an account under false pretences.

Individuals and organisations must be able to trust that people are who they claim to be in every online transaction. For that, they need a more practical, valuable, trusted, private and secure way to identify themselves reliably and the entities related to them in the online world to protect their data.

3. Strategic identity verification is a way to reduce your customers’ risk of being victims of fraud, phishing, or other cybercriminal activity.

Fraud is one of the biggest threats in the online world. They often target businesses with a reputation for accepting fraudulent transactions — like restaurants, hotels, and airlines — and other businesses that lack sophisticated security systems.

According to the Federal Trade Commission, more than 95,000 people reported about $770 million in losses to fraud initiated on social media platforms in 2021. These numbers represent a stunning eighteenfold increase over 2017 reported losses and account for about 25% of all reported losses to fraud in 2021.

The need for robust mechanisms to authenticate each device’s identity and verify the entities accountable for transactions in which it is involved is critical to preventing fraud and ensuring trust. These mechanisms prevent both hackers and users from sharing passwords online, thus blocking access to accounts by unauthorised individuals. They also reduce the risk that e-commerce businesses will mistakenly grant access to their websites, product lines, and customer service departments to people who don’t have permission.

4. Strategic identity verification is an opportunity for you to invest in your customers’ experience.

Since it typically only takes a few minutes to verify someone’s identity with strategic identity verification, there’s no need for extensive forms or phone calls with customer support. With strategic identity verification, customers can open accounts and start engaging with your product more quickly than ever before. They can also access your product from anywhere in the world — even if they don’t have any identification documents on hand — providing a heightened level of convenience.

When you offer strategic identity verification services, your customers will have one less thing to worry about as they conduct business with you.

Investing In A Strategic Identity Solution For Your Business

Identity verification is at the heart of today’s digital economy – enabling businesses to compete and win in a global marketplace while at the same time protecting individuals from identity fraud and improving the security of the critical national infrastructure. Unfortunately, only a handful of providers offer a one-stop solution for decentralised personal identity verification, document management, and data management.

User trust is hard-won and easily lost, especially with the increasing digitisation of consumer data. Customers expect companies to use this information in their own interests and are increasingly wary of how that data might be used against them. Q-Servi’s proprietary mobile app enables users to create a digital profile with their verified identity. Anyone can use it for mobility, banking, insurance, delivery, and online shopping. The most forward-thinking brands are turning user trust into a competitive advantage by creating and maintaining the best user experience possible within their industry.

Putting in place rigorous data privacy policies, empowering consumers through clear and controlled methods to access and manage their own data, and ensuring that the best user experience is constantly being iterated upon are some ways that brands can stay ahead of this curve. Their mission to build a trusted digital ecosystem helps us all safely navigate life and businesses to thrive in the digital age.

To learn more about how we can help your business, drop us a line via the form below.

To learn more about how Q Services can help your organisation, get in touch via the contact form: