Identification Verification on Steroids – the Business Challenges Addressed

Are your customers who they say they are? That is the fundamental question asked by companies of all sizes who do business in a customer-not-present environment. However, mapping a person’s online identity to their real life identity is a lot more complex than it may seem – especially when the goal is to not only reduce fraud, but also drive sales.

There are a variety of business challenges addressed by “souping up” an organization’s identity verification program.  TechValidate, a third party research organization, recently conducted a survey of our trusted and valued customer base. When asked, customers responded that they use identity verification to solve the following business challenges:

Source: Survey of 43 users of IDology ExpectID.

The top business challenges include meeting compliance regulations such as CIP (Customer Identification Program) and Know Your Customer (KYC) Rules as well as other rules and regulations such as OFAC, FFIEC, Red Flag and NACHA Compliance, automating business processes and lowering fraudulent transactions.  Reducing manual processes and the costs associated are other key business challenges of note from this survey.

However, how do organizations address these challenges without making the process too cumbersome and potentially jeopardizing customer satisfaction? Tighter controls can tend to slow down approval rates and even frustrate customers.

The organizations that have found the most success in satisfying all of their business needs while improving customer satisfaction are the ones that find a partner that offers a holistic identity verification solution. Verifying the customer is who they say they are is always front and center – but a true identity verification program on “steroids” includes much more than that. It allows a company to not only verify an identity and age, but also provides the dynamic and flexible technology platform needed to prevent fraud, provide Knowledge-Based-Identity verification, comply with regulatory requirements and increase legitimate customer activations (aka more revenue).

Here is what a few customers had to say when asked about IDology’s identity verification solution:

“IDology has allowed us to take an error prone and cumbersome process, and automate it in a natural way. Our customers much prefer to verify their identity through our online form than to send us a copy of ID documents.” ~ IT Director, Medium Enterprise Real Estate Company

“Very easy to use and has helped us maintain the level of service we are accustomed to providing. IDology’s interface/system has been very reliable.”  ~ Alex Suarez, Business Professional, Ready Credit Corporation

“Our identity verification process is more stream-lined and automated. [IDology] enabled us to incorporate the system into our web site, kiosks and mobile devices.” ~ Operations Manager, Medium Enterprise Hospitality Company

IN THE NEWS

BALANCING SECURITY AND CONSUMER FRICTION IS THE NEW NUMBER ONE FRAUD CHALLENGE FOR BUSINESSES

By Christina Luttrell for PaymentsJournal

RESEARCH

WHAT’S DRIVING THE FINANCIAL SECTOR’S NEW PURSUIT OF MORE SOPHISTICATED IDENTITY VERIFICATION SOLUTIONS?

New Research Overview from IDology