Convert more customers at onboarding Identity verification solutions should offer businesses: customer profiles, and risk tolerance,
mer profiles, and risk tolerance, while creating
Converting more customers at onboarding is key
to realizing the lifetime value of a customer. But
conversion rates might be impacted by any number
of factors. A poor user experience, outdated verification
methods, and clunky onboarding flows all contribute
to customer frustration. And the higher your customers’
frustrations, the bigger your drop-off. Up to 43%
of customers will abandon an onboarding experience
if it doesn’t meet their expectations.
Regulated industries can’t run their businesses without
verification, but outdated approaches to verification
(for example if prospects have to gather documents
and appear in person to verify their identities) can
leave customers waiting up to days or even weeks.
These outdated onboarding processes can also impact
expansion into new markets, or a business’s ability
to keep pace with sign-up spikes during busy periods.
As a result, verification methods are moving away from
manual, high-friction approaches toward solutions
that prioritize automation, user experience, and scalability.
10 A guide to digital identity verification
➔ A range of verifications so businesses can pick the
righttype of check for their specific goals
➔ Optimized capture experiences including NFC,
accessibility, and built-in analytics features
➔ Sophisticated AI that boosts automation and decisioning
An optimized flow will ultimately help businesses get more
customers through the door, driving long-term growth and
revenue improvement.
Prevent fraud and enable risk management
Research suggests that global losses due to fraud equate
to roughly 6.4% of GDP, or $5.38 trillion5. Missed fraud
results in chargebacks and lost assets.
Traditional approaches to fraud prevention are often manual
and slow. They block resources and increase operational and
support costs. This is why fraud prevention solutions are
moving towards using a combination of active and passive
signals that combat a range of fraud vectors. Customizable
identity workflows allow businesses to configure experiences
to their own fraud definitions, based on geography, market,
minimal-to-no impact on genuine customers. Some
customers might only require a database check with
passive, background fraud signals. Other high-risk
customers might need step-up verification in the form
of document or biometric checks to filter out fraudsters.
Passive Signals
Document
Verification
Biometric
Verification
A layered approach means businesses can leverage
the right fraud detection method for individual cases
based on risk scoring. Ultimately, decreasing the amount
of revenue lost to fraud, while giving genuine customers
a faster onboarding experience and increasing customer
satisfaction and safety.