Today, when everything is just a matter of a click, people’s personal information has become highly vulnerable. Therefore, enterprises want to implement procedures that will allow their users to perform anything in the digital space, knowing that there would be no threat to their private data. That’s why many businesses feel a need to avail of an identity verification service that allows them instant verification of their customers. Moreover, it helps them build positive customer relationships and establish trust when they’re required to provide confidential information like an ID document while also guaranteeing regulatory compliance.
The global identity verification market size is expected to hit the USD 15.8 billion marks by 2025. Read some steps you should take to ensure that you are choosing an appropriate solution.
Examine Your Needs And Business Processes
Not all use cases need the same degree of security and validation. For instance, if you want to conduct a simple verification of those who come into your office, you require a biometric fingerprint verification and scanning of identity documents. But if you’re a financial provider who offers different loans, you need more comprehensive data for verification purposes.
But here also, choose a solution that offers functionalities aligning with your purpose. For example, suppose you don’t need facial recognition and only require an identity document. In that case, there’s no need to purchase one that offers facial recognition.
Find The Right Balance Between User Identity And Experience
Companies need to identify their service value to the user and modify their procedures and user flow accordingly. For instance, in the facial recognition system, there’s a need to establish a specific threshold. It exerts a strong influence on the error rate, solution validity, and user experience. A high threshold will reject even suitable matches. Alternatively, a too low point will make a business liable to incur many false positives. Hence, it’s crucial to have a balance between a great user experience while also remaining secure.
Examine User Habits
It is necessary to determine a solution that is appropriate for every channel used by the business. First, think about the platforms the users are using, like desktop or mobile. Every platform has its challenges, which calls for adjustments in the verification process. Next, assess the pain points of your user and act on them to ensure process consistency.
When your company narrows down on the platform for deploying the verification process, it needs to consider the development tools and the right way of incorporating a third-party solution. This entire process can come into a software development kit (SDK) included in the current mobile app. SDKs that function as plug and play solutions are helpful. Other forms utilise a web application. Customers can access the identity verification service through their network using secure IP controlled channels. It is beneficial for small and mid-sized businesses with lesser verification volumes.
Real-Time Data Processing
A solution with more layers of identity attributes will impart a robust foundation for risk assessment. It is vital to have a solution that can verify user identity at the exact second when registering themselves.
Specific industries have a higher demand for compliance. For example, cross-checking identity with international watchlists, government databases, and mobile network operators functions as a reminder of prior centralized systems. For businesses, it is essential to have diverse data sources to ensure information validity.
Companies envision scaling rapidly. Incorporating the right verification process is essential to scale and reduce risks in the business system.