Accelerate onboarding without breaking the bank
In our highly digital environment, businesses today are facing increasing costs of customer acquisition, consumer demand for convenient and secure transactions and the fact that fraud is on the rise. Without an efficient and cost-effective process for quickly verifying legitimate identities, businesses will fall behind.
Considerations for faster onboarding
Organizations will need to re-evaluate how they operate to keep up with the pace of digital adoption. From an identity verification and KYC perspective, this requires finding strategic ways to optimize costs and resources. Doing more with less to keep revenue coming in and fraudsters out can allow businesses to be nimble and responsive to changes in consumer behavior regulatory requirements.
By addressing the below considerations, businesses can accelerate onboarding workflows:
- Orchestrate flexible low-friction customer journeys: With the shift to digital, consumers now have more options than ever and set the bar high for the quality they expect from digital experiences. A flexible customer journey means delivering the right verification journey to the right customer at the right time fast-tracking trusted identities while taking higher-risk ones on a more secure path.
- Take an advanced approach to fraud prevention: While onboarding is the starting point for customer relationship building, it is also the most effective place to stop fraud. Organizations must prioritize mitigating potential fraud losses and keeping identity verification costs in check.
- Embrace low-code tech to keep costs in check: Low-code tech allows businesses to customize and evolve their identity verification programs to meet the unique requirements of their industry, use case and business need, while defending against regulatory risks and novel fraud schemes.
Flexible tech to save time and money
IDology’s low-code solution offers businesses easy to use verification that reduces development costs and time so you can focus on good customers. Combining multiple IDV solutions with ease and utilizing drag and drop execution— Flex API empowers companies to screen consumers with multiple, non-PII checks ahead of a full KYC check. This allows an organization the ability to use less sensitive data points to screen an identity before verifying a date of birth or an SSN.
This customized filtering enables a ‘lighter’ touch during onboarding, allowing companies to establish more trust with new and returning customers through low-friction workflows. By reviewing details that users may be more comfortable providing, Flex API can also provide greatly improved lead conversion rates among thin-file and underserved individuals. Since they reserve the option to escalate an identity deemed to be high risk, businesses can rest easy knowing fraud deterrence isn’t being sacrificed.
Flex API delivers configurable filtering options in a straightforward interface at a low implementation cost. Organizations only need to implement one API rather than multiple per product, greatly reducing development time. This frees organizations to focus on solving meaningful business challenges. A drag-and-drop interface makes running checks for email, phone, IP address, mobile attributes and watchlists an easy lift.
Schedule a demo today to learn how Flex API can help your business onboard more customers with confidence and reduce costs while accelerating customer acquisition without sacrificing compliance or the user experience all while fighting fraud with ease.