Finding the Sweet Spot Between Fraud Prevention & Easy Onboarding

In the modern digital age, 1 in 2 end users will experience digital identification verification (IDV), making online identity verification the new norm. Growing commonality does not, however, mean that digital IDV is without complexity. Finding the ideal balance between strong security and a flawless user experience (UX) remains a difficult task.

Complying with regulation is essential for companies of all sizes, yet it may cause aggravating friction for clients. On one hand, fraud must be avoided and user validity must be guaranteed by robust security measures, however, excessively complicated verification procedures might irritate users and result in transactions being abandoned. UX friction causes 1 in 5 users to give up on creating an account; for younger generations, that number jumps to 1 in 3.

How can businesses navigate this delicate balance

When feasible, use automation.

The main advantage of identity verification, in the eyes of end users, is fraud protection. However, they almost equally value speed. Users can avoid time-consuming procedures by integrating with systems that use automated solutions like artificial intelligence (AI) and optical character recognition (OCR) to reduce repetitive operations like data entry and document verification.

Reduce data collecting and increase security

While 85% of end customers are concerned that someone might hack into their current accounts, 92% of them are just mildly concerned about how their data is being stored. By only gathering the information that is absolutely required for verification, you lower the chance of data breaches and gain the trust of more privacy-conscious users.

Make use of clear communication before, during, and after account creation.

One third of end-user customers who gave up on the process said it was too complicated. Make sure identity verification solutions give users rationale, step-by-step instructions, and advice all the way through the verification process.

Implement a procedure for ongoing improvement.

The speed at which digital experiences are evolving is matching the rapid rate at which end user expectations and regulations are changing. It’s critical to employ split testing, regularly monitor user input, and work with an IDV provider who can adapt to changing requirements.

GloRep aims to provide an easy platform where you can provide your clients with the best user experience whilst also making the collection of your client’s data easy, fast and reliable.

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