According to research from consulting firm Walker, customer experience will overtake price and product as the key brand differentiator by 2020. Let that sink in for a moment. And, believe it or not, identity verification will play a big role in how customers perceive their experience with your business.
What does identity verification have to do with customer experience? Actually, a lot.
It was refreshing to come across this article, titled “Why Customer Security is an Essential Part of Customer Experience”, which links customer experience and identity verification. At IDology, we often talk about the relationship between the two. It’s something that many businesses continue to find challenging and consumers find frustrating. Year after year, in fact, our Annual Fraud Report confirms that identity verification complexity and reducing consumer friction are the top challenges businesses face. Why?
Because, in the quest to verify identity (during account opening, for example), businesses put processes in place to stop fraudulent activity. Unfortunately, these processes also require legitimate customers to do more work, jump through more hoops, and waste time. Remember, the majority of interactions with your business aren’t attempted fraud—they’re conducted by legitimate customers. So, while identity verification and fraud prevention are important, the customer experience is, too.
While striking the right balance between these elements might seem out of reach for many organizations, the good news is that with the right solution in place, there’s no need to sacrifice one for the other. With a streamlined verification process, you can deliver a rock-solid customer experience and deter fraud at the same time. The ideal solution is one that uses multiple, smart layers of identity attributes to analyze disparate identity characteristics and offers the option to escalate to another form of verification when and if the time is right. By doing all of this work “behind the scenes,” IDology users are able to quickly green-light legitimate customers without friction.
When you think about brand differentiation and the customer experience, you simply can’t leave fraud prevention out of the equation. Putting the right processes and solutions in place that also enable a frictionless experience will put you well on your way to the top-notch brand differentiation every business strives for today, into 2020 and beyond!