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Keep rapid digitization in context to adapt effectively

Keep rapid digitization in context to adapt effectively
 

A period of rapid change for businesses across practically all sectors with forced digitization has led to organizations reassessing how they interact with customers remotely. More than half of organizations prior to the pandemic said they had not carried out digital transformation because adopting the needed capabilities was not a priority.

With the onset of COVID-19, businesses quickly adopted new technologies to allow customers to continue doing business with them, with new online sales channels closely following new customer experiences.

The forced acceleration of digital transformation was handled remarkably well by many businesses, but customer expectations have changed along with the capabilities of the organizations providing them with services online.

As new technologies and the consumer attitudes and concepts that they support, from ‘total experience’ to the ‘internet of behaviors,’ come online, they bring with them an opportunity for businesses to adapt for a future of easy, contactless interactions, performed anywhere.

The new way of interacting is not only more convenient for consumers, but also more efficient from the perspective of the organization providing the service, and if anything, even more secure than the old way of doing things.

Digitization requires digital identity verification

In-person, manual identity verification is still considered the default method by regulators. Even before the pandemic, however, they had begun to recognize that strong assurance of who is claiming an identity is possible at a distance, and had started to change requirements for things like financial services onboarding.

The methods of identity verification available to businesses in the digital world vary widely, depending on the sensitivity of the application and the digital maturity of the service provider. For businesses that are not handling users’ money or personal information, identity verification requirements are few. For organizations in regulated industries, the stakes are different, and robust digital identity verification, anchored by a biometric, is usually needed.

The use of facial recognition and other biometrics to match a person with their government-issued identification document has been pioneered mainly in the financial services and aviation sectors, but is also being widely adopted in other important areas of life.

Organizations catching up on digital transformation or putting new workflows in place to interact with their customers online in a compliant, trustworthy and seamless way can do so without taking on a major integration burden with an end-to-end solution like the FacePhi Digital Identity Platform.

The platform provides a complete suite of tools to manage the digital identities of users, deployable for any kind of architecture, from on-premise to hybrid to delivery from the cloud, from the beginning of the onboarding process through the end of subsequent authentications. This gives the business high assurance of their customers, with the compliance and fraud protection benefits that go along with it. Further, by reducing friction in the onboarding process, they can cut abandonment and drive higher conversions.

For end users, the technology provides an experience which is both low in friction and trusted, from the convenience of their own home.

FacePhi’s clients get trust that their users are who they claim to be, and that they are not carrying out fraud against the organization or their end-users. They also get a smooth, convenient and efficient way to do so, allowing them to onboard more users faster, with a higher conversion rate.

The new way

Opening bank accounts remotely was only possible in certain places before the pandemic, but as of mid-2022 remote onboarding has become common. Financial and government services and access to enterprise systems for work-from-home are now commonly signed up from home, and similar biometric technology is also used for contactless physical access to offices, and throughout the airport journey.

The process involves selecting the biometric modality or multiple modalities most appropriate to the use case, and binding the user’s biometrics to the identity data collected from their official identity document, which have been validated for authenticity. The technology checks that the person is real and living, and that it is the real person (rather than for instance a photograph scraped from the internet) with passive liveness detection.

Once the account is set up, the user can also authenticate themselves for secure access in the future. The flow is optimized and can be further refined with transaction records and stats generated by customer interactions. Modules are available to improve user experience, add AI tools for fraud prevention and privacy.

End users will be unaware of most of the technology being used to ease and secure their onboarding journey and subsequent authentications, but they will appreciate the speed and convenience. Consumers in the digital environment want the assurance that their accounts are secure and their data privacy is protected, without having to worry about whether systems or technologies will exclude them through bias. Those assurances are provided by using the best remote identity verification systems.

The through-line, and most important take-away for businesses across a wide range of sectors, is that contactless identity verification can be integrated easily with cloud-based technologies like FacePhi’s Identity Platform. Choosing the right partner makes it possible to have strong trust in remote digital interactions, provided in a way that is reassuring and convenient for everyone.

Digitization is necessary, but can also be rewarding for businesses that do it well, with the right specialized partners.

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