Customize Identity Verification Processes to Maximize Performance and Value
Organizations face a critical challenge in adapting identity verification processes to maximize customer acquisition while controlling costs and meeting evolving regulations, fraud threats and customer expectations.
The identity verification process determines if people are who they say they are by comparing data, such as personally identifiable information or identity documents, to trustworthy sources. The better the data access and analysis, the more easily organizations can strike the right balance of onboarding cost, assurance and speed.
Siloed verification systems often work in opposition to that balance because they can be difficult to integrate and inflexible. That can lead to wasted time, increased onboarding costs and diminished verification match rates.
Organizations that break down the silos with intelligent verification workflows can expand onboarding efficiencies and deliver the customer experiences that drive value.
The Right Data Mix
Different countries, use cases and profiles present different verification challenges. There’s no single best process to ensure high assurance, a fast customer experience and an optimized onboarding cost.
But organizations can still reach those goals by combining a risk-based approach to onboarding with the ideal data for each circumstance.
That starts with access to reliable data sources that provide the necessary regional coverage. Information changes quickly, so it’s critical the data is as up to date as possible.
Optimized onboarding also depends on how well organizations calibrate data inputs to account for regional nuances and audience demographics. When organizations have access to a broad range of sources, they can fine-tune data collection to match specific onboarding needs.
The Right Data Order
The sequence of data sources directly affects onboarding performance. When organizations properly order sources, they can call the most appropriate data first and triangulate cost, performance and coverage to optimize onboarding.
Organizations can expand their verification options with streamlined access to additional onboarding tools, such as document and biometric verification or sanctions screening. The key to optimal match rates is flexible verification that meets every onboarding need.
The Importance of Optimized Data and Routing
Data source acquisition and sequencing aren’t set-it-and-forget-it processes. They require ongoing optimization.
But that can be difficult when organizations rely on multiple point solutions that don’t necessarily work well together or deliver the deep insights that can power nuanced process automation.
An identity platform with a full suite of in-house verification capabilities, though, can form the bedrock for ongoing optimization and peak match rate performance. AI and machine learning can dynamically optimize performance and fuel intelligent routing to the right data points for each country and use case.
Agile Identity Verification Processes
Digital identity verification evolves constantly. Agility is critical for organizations to keep pace, and that stems from a partner that provides the technology, expertise and attention to detail that lead to capabilities customized to meet an organization’s current and future needs.
Does the provider take a customer-first approach and dedicate a team to providing ongoing guidance and optimization? Can the provider’s strategy adapt to evolving technology, such as digital IDs and AI?
Spaghetti-like, static identity verification systems hold the potential to add time, cost and frustration for organizations. If a partner isn’t continually adapting and optimizing, there’s a good chance that what’s good enough now won’t be for long.
