Original article can be found here (source): Artificial Intelligence on Medium
Can You Simplify the KYC Process Without Compromising Security?
Did you know that 40% of customers drop out during the onboarding process? The statistics are staggering, but we would be lying if we say we weren’t expecting it. To put it lightly, identity verification is a hassle for most people — providing ID documents, taking selfies and photos that are often declined. You would hardly call this a fun activity. The lack of clear directions and overall bumpy user experience create a frustrating procedure that almost half the people that go through it, decide to quit.
Could you, as a business, avoid the identity verification step of the onboarding process and immediately see your conversion rates skyrocket? Sure, if you are willing to bet your whole business on it. Identity Verification is an absolute must-have for your business. Besides being a legal requirement in a growing number of industries, it’s a necessity in the era of digital transformation, large-scale data breaches, identity theft, and account takeovers. Businesses need a reliable way to determine if a user is indeed who they claim to be online. The challenge is, how do you provide identity verification in a way that does not make your potential customers leave?
What you should be looking at is not trying to avoid the process, but rather reinvent it in a way that keeps the customer engaged.
How do you make the KYC process interesting enough so that customers don’t drop out?
At Identomat, we believe that it’s possible to turn the KYC process into a truly rewarding experience for the customer. Our flagship product was put together with the mission of enabling businesses to onboard customers faster and easier while maintaining the highest level of security. The secret to success is a minimal intuitive design and frictionless automation that can empower the user to seamlessly go through the process without roadblocks or hiccups.
In saying that, we understand that every business is different and brings its own set of challenges. This is exactly why we offer an end-to-end KYC & Identity Verification solution with enough flexibility to meet your unique business needs.
In the year 2020, where everything moves fast and people’s attention span keeps shrinking with every new app that comes out, having a cumbersome onboarding process can literally break your business. You can’t expect customers to compile documents that require any sort of manual processes. The entire procedure should happen online and this is exactly what Identomat can do: simplify and automate the process.
The latest advances in facial recognition and biometrics are creating ways for online business owners to run identity verification checks quickly and easily. A selfie, a photo of a government-issued ID/Passport/ Driver’s License, and a biometric check could save both the users and the operator numerous steps and time.
The idea that AI is a tech breed for the elite few is a thing of the past. You no longer have to run a Fortune500 company to offer it to your clients. With Identomat, you can easily help companies improve conversion rates, comply with AML and KYC regulations, and better detect fraud while delivering a definitive yes/no decision in seconds using artificial intelligence.
Identomat brings you the benefits of:
· Simplifying the user experience without compromising security
· Eliminating manual identity verification processes
· Accelerating customer onboarding and transactions
· Catching fake IDs and prevent fraud
· Industry-leading data extraction accuracy
· Omnichannel verification
Your customers deserve a better onboarding process. Identomat delivers.
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