Answering the Biggest Online Verification Questions Businesses Have
New businesses often encounter roadblocks when attempting to verify information in today’s data-driven marketplace. Many founders find themselves contemplating big, seemingly unanswerable questions that involve the tension between security and the need for growth.
There are, however, workable strategies leaders can leverage to craft balanced online verification workflows. These solutions are built to meet current and future data verification demands and requirements.
In deciding the best way to improve online verification processes, do any of these questions sound familiar?
1. How do I create scalable verification workflows?
Scalability is critical for startups that want to catalyze short- and long-term success. With a flexible workflow for identity proofing, businesses with limited time, resources and funding can focus their efforts on exactly what will support positive growth.
But what does a scalability strategy look like? Well, for starters, it addresses the following:
- Adding new attributes: Today you do background checks, but what will your business need to verify tomorrow?
- Ensuring all verified data is from authorities: Are your data sources official, reliable and accurate?
- Ensuring all verified data is current: Verification records change over time. Do you have the most up-to-date data at any given time?
- Centralizing verification: Startups with multiple data sources drain their resources and staff without an organized, unified platform for verification.
Approaching online verification with scalability in mind lays the groundwork for adaptable workflows and future cost savings.
2. How do I interact with personal information in ways that benefit my business and decrease my liability?
Most business leaders and founders have a good idea about the risks that come with utilizing personally identifiable information (PII), which can be defined as anything from an email address to a Social Security Number. They also understand the reward for knowing as much as possible about their audiences: customizable user experiences, lower instances of fraud, and ideally longer term LTV for customers. When it comes to sensitive user data, balancing the risk for the business while still providing a more positive, streamlined experience for users is the challenge.
One way to solve this is to find a platform that actually allows you to access only the data you want without requiring you to hold every piece of information from users. Businesses can strategically reduce the types of data they collect from users, but do not lose the confidence or ability to know that they are creating a more secure environment, minimizing their liability. They collect only what they need for actionable intelligence. Solutions like Evident’s Identity Assurance Platform actually enables businesses to create a more seamless user experience while verifying more information about a user — all without having to hold or handle sensitive personal data.
3. How do I keep up with data regulatory requirements?
The marketplace and the forces that propel it are constantly shifting. Organizations across the U.S. and Western Europe confronted this phenomenon with the launch of the European Union’s General Data Protection Regulation (GDPR).
But when it comes to verification, big tides of regulatory change are not the only catalysts startups should look out for. How, for example, can a startup up verify soft skills when the verification system they have in place is built around document scanning? How does a business adhering to GDPR confidently verify a user’s identity before complying with a Data Subject Access Request, which entitles that user to all of the information a business has stored on that individual? As regulatory requirements in the U.S. and abroad evolve, so too must the methods companies use to adapt and ultimately confirm the legitimacy of the data that helps run their operations.
By using these recommendations to answer these critical questions, startup founders can create and deploy online verification systems capable of growing with their businesses.