In a business world where finding a unique selling point is as hard as finding a needle in a haystack, digital identity verification might just be the market with the most untapped potential.
Digital identity verification has long been seen as a necessity rather than a business driver. A process deemed obligatory for the operation of any business with an online presence.
The coronavirus pandemic came to change this notion completely. Businesses were forced to operate remotely and embrace the online world, putting even more weight and emphasis on digital identity verification.
Suddenly, onboarding customers from remote locations became a business driver and an area that could literally make or break your business. Looking closely at recent stats and surveys, it becomes very apparent that digital identity verification is a deciding factor in whether customers choose to stay with your brand.
The stats show an impressive inefficiency of the current onboarding methods which means only one thing: opportunity. The market is currently underserved and the businesses that manage to figure it out first will be the ones to come out victorious.
Now let’s look at some stats.
Digital Identity Verification is a USP in The Making
IDology’s Third Annual Consumer Digital Identity Study has revealed some impressive stats regarding the ineffectiveness of the current identity verification process and its impact on business:
Percentage of American adults who abandon the signup process for a new online account:
- 2018 - 42%
- 2019 - 37%
- 2020 - 48%
Here are more stats that highlight the opportunity at hand:
- 57% of online adults are extremely worried that they will be victims of new account fraud (NAF)
- 2/3 of Americans want companies to do more to safeguard their personal information
- 77% of participants are more likely to do business with a brand that uses advanced digital identity verification methods
According to a report by McKinsey Global Institute (MGI), using digital ID verification processes could reduce customer onboarding spending by approximately 90%.
We could keep unearthing stats and surveys for you but it’s not hard to get the gist. People value the onboarding process and give it more attention than you think.
If you are of the mindset that this is something customers have to do in order to open an account, which means it doesn’t matter how arduous or unrefined the process is, you’re mistaken.
People have a choice and they won’t hesitate to abandon their online verification process if they find it too challenging in order to give another vendor a shot.
Here’s where your mind should be at:
- People are seeing the online verification process as a “test” of whether they will stay or not with the company
- We, as a company, should revisit the process and try to make it simpler, easier, and faster
- User experience and design should be driving the rethinking exercise
- Let’s turn digital identity verification into a USP
- We should be tracking conversion rates and measuring at which part of the process people are falling off in order to fix it
Successful businesses are the ones that focus and execute on details and take every opportunity they get to become better. Customer service, digital identity verification, and payment checkout are parts of almost every company in the world and the reason why companies don’t pay as much attention to them.
This is where the opportunity lies. Taking something the whole world is overlooking and redefining it.
Trust is Not Bound To One Location
If we had to play the word association game, “trust” would be the first word that comes to mind when talking about digital identity verification. The digital identity verification process is essentially a trust-building exercise between company and client.
The company is trying to verify whether the client is eligible to do business with and the client is gauging comfort, offering, and value.
To validate this theory comes a recent PwC survey showing that only 25% of consumers believe companies handle their sensitive information responsibly. Additionally, 87% will choose a competitor if they don’t trust a company to handle their personal information as they should.
Achieving to automate and streamline this process won’t just get you brand loyalty but it will open the doors to acquiring new business. Trust knows no boundaries and tuning the digital identity process into your USP will be a driver for new business.
It’s the passport every business is looking for in order to operate globally. Building such a transparent, trustworthy onboarding process gives customers all around the world the confidence to place their faith in you.
But how exactly do you build that solution?
Finding The Right Dance Partner
The theory is great - turn the digital onboarding process into your USP. How do you it, though? Where do you start? Where should you be looking at?
The answer is simpler than you think - find the right technology provider. Digital identity verification is a beast of its own and a breed of technology that’s developing fast. To try and do it on your own would be an entirely new business venture in its own right.
Thankfully, the eKYC market is growing and the choice is aplenty. Before you take a shot at a prospective provider, make sure they tick some boxes. Make sure they bring to the table a solution that fulfills your needs and will truly give you a USP.
What you should be looking for in your digital identity verification provider are the following:
- Agility - The ability to tweak and tailor their offering to your needs
- Proprietary technology - Someone who created their platform from scratch. It shows skill, dedication, and knowledge.
- Evolution - A company that enhances and develops its offering as time goes by.
- Constant support - Look for a company that doesn’t sell you a product, it helps you find a solution. Meaningful customer support is as crucial as the platform itself.
Our team here at Identomat is always available for a chat. Reach out and start a conversation that might change your company’s onboarding process forever.