How to Maximise Performance & Value for Identity Verification

Organisations face a huge problem in adapting their identity verification processes to maximise their customer acquisition whilst also mitigating their costs and meeting the evolving regulations, fraud threats and customer expectations.

The identity verification process determines if people are who they say they are by comparing data, such as personally identifiable information or identity documents, to trustworthy sources. The better the data access and analysis, the more easily organisations can strike the right balance of onboarding cost, assurance and speed.

Siloed verification systems often oppose that balance as they can be challenging to integrate and inflexible in most cases. This can lead to increased onboarding costs and lowered verification match rates.

Organisations that move away from siloed verification processes to a flexible workflow verification process can increase their efficiency and provide their customers with an experience that drives value.

The Right Data Mix

Different countries have different use cases and present different verification challenges. There is no single solution to providing a fast, reliable and optimised process, without a large investment of time and resources to develop the infrastructure needed to provide the seamless process to clients.

GloRep Aims to solve this problem with a cheap solution for any size of business along with an easy integration.

Organisations can achieve this by taking a risk-based approach with the ideal data for each circumstance. GloRep provides a fully customisable risk matrix to accommodate for your companies specific needs.

This starts with access to reliable data sources that cover the necessary regions. As information changes often and quickly it is imperative to have up to date information.

 

The Right Data Order

The sequence of the data sources used directly affects onboarding performance. When a company calls the most appropriate data first they will optimise their cost, performance and optimise their onboarding experience for their client.

Organisations can extend their verification options with streamlined access to extra onboarding tools, such as document and biometric verification or sanctions screening. The key to optimal match rates is flexible verification that meets all onboarding needs.

Flexible Identity Verification Processes

Digital verifications are constantly evolving. The ability to be flexible with your verification processes stems from a partner that provides the technology that enables your verification processes to meet your organisation’s needs.

Lacklustre, static identity verification systems hold the potential to add time, cost and frustration for organisations. If a partner isn’t continually adapting and optimising, there’s a good chance that what’s good enough now won’t be for long.

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