Digital verification gets thumbs up from Canadian business leaders
Interac opens its new report, “Digital Verification for Canadian Businesses: Insights from Decision Makers”, with a statement on trust.
“Trust is the cornerstone of any meaningful relationship, whether personal or business related,” says the report. Consumers want to trust the businesses they interact with. Likewise, businesses looking to provide a personalized product or service need to trust that their customers are telling their truth about their identity.
Enter digital verification. From employee safety to security and access, digital verification scored high across the board among the nearly 300 respondents to Interac’s survey. A 57 percent majority said they were looking to adopt digital verification tools, or saw value in understanding them. Of those who plan to adopt digital verification, nearly half said they planned to do so in the next year.
Other noteworthy numbers in the report include the 77 percent of respondents who said digital verification improved safety for remote access, and the 80 percent who agreed it improves safety for employees.
The largest worry among business leaders was data privacy, about which 47 percent of respondents had concerns. That number looks fixable, though, considering the second largest concern is lack of education about the benefits of digital verification. This suggests that unfamiliarity is still partly driving hesitation.
The report returns to trust on the question of partnerships and vendor relationships. “Nearly 70 percent of survey respondents who use digital verification either deliver digital verification under a vendor brand or have a vendor endorse it,” it says. Customers trust businesses who engage a third party in the security process, especially if the vendor brand brings its own cache of consumer trust.
“Delivering digital verification methods under a trusted vendor brand may also reflect the fact that Canadians access many different online services from many different organizations, often in a single day,” says the report. “The name recognition of a vendor brand can provide peace of mind and further strengthen the trust associated with the company delivering the digital verification service.”
In terms of how to select the right partner, Interac suggests businesses look for “a digital verification solution provider who leverages market-leading technology and partnerships, has a proven track record in operational excellence and constantly builds their capability to support future verification needs as they emerge.”
Regardless, the report is blunt on its assessment of those who cling to paper as more and more leaders adopt biometric and digital verification tools. Says Neil Butters, the vice president of product for Interac Verified, “The consumer demand for digital interactions is only increasing, which means any business or organization that requires an element of in-person or paper-based onboarding is at risk of losing customers who are seeking out online, digital-first solutions.”