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For years now banks have been using laid back and inconvenient methods for ID verification of customers. Such methods are time-consuming and, most importantly, are expensive. This is not only true for banks but for e-commerce and traditional and physical stores as well. According to a business intelligence research report from Business Insider states that strict verification rules that banks keep for customers make their onboarding process complex and lengthy. It may also be the reason for putting their data at risk which can leave people unsatisfied with the service they receive.
Banks and financial institutes are, however, known for being rigid and cynical about embracing new technology. Other high-tech businesses like e-retailers and cryptocurrencies are more open to adopting digital identity verification methods to fulfill compliance regulations. Some of the numerous drawbacks of manual methods of verification include chargebacks, penalties for breaches, false declines, legal compensations and regulatory fines. This is just the tip of the iceberg; the list of failings for laid back and obsolete verification methods goes on. Herein comes a dire need for businesses to invest in advanced and tech-savvy solutions to verify their customers.
The report published by Business Insider suggested that the emerging solutions fordigital identity verification customer authentication methods in the year 2019 will include solutions based on Artificial Intelligence, Biometrics and Blockchain technologies. FinTech companies that are now providing SaaS products like Shufti Pro are focusing on AI-based solutions for online ID authentication. There are numerous ways in which a digital ID verification service can boost revenues for a business.
Using ID Verification to Avoid Bogus Declines
There are studies that show that due to manual verification methods, merchants are twice as likely to decline a purchase or order due to suspicion of fraud. This can also sometimes happen with returning customers since there is no way for the retailer to determine if the customer is making a repeat purchase. This can make it harder for the business to achieve loyal customers – and may end up driving them away too. ID verification software helps prevent such mistakes. It takes considerably less time to verify customers through online verification methods and can help an online business to determine whether they are returning customers. Similarly, banks can also perform identity checks to see if a client is presenting his legitimate details or is actually a fraud. This can significantly improve sales revenue for businesses, whether online or physical.
Prevent Chargebacks and Negative Reviews
Often we see cases of false orders being placed through stolen credit cards or identity information. This forces the businesses to pay back the bank and the customer and, on top of that, pay a heavy fine to the banks for not implementing customer verification protocols. Moreover, it can result in negative reviews for the business, damaging their reputation with any potential or existing customers, because no one wants to buy from a retailer with vulnerable data security. Investing in a smart online ID authentication method can help businesses decrease fraudulent orders, thus preventing undue fines and penalties.
Faster ID Verifications can Reduce Purchase Abandonments
Reportedly, shopping cart abandonment rates can go as high as 80 per cent for online transactions. One of the major reasons for this is increased time for verification procedures. A Digital ID verification service can help fasten this process by at least 6 times.
Smart software solutions like Shufti Pro provide authentication methods based on Artificial Intelligence and can verify the identity of a customer within seconds. This enables a business to authenticate their customers without any delays that often threaten purchase abandonment. With a fast authentication method like Shufti Pro’s identity document solution, businesses can increase the efficiency of their checkout procedures.
Smooth Check-In Procedures and Convenient Purchases
Ever got stuck in a long check-in queue at the airport or had to face delays due to lengthy check-out procedures during payment. At the time of flight check-ins, flight representatives are having to verify the passengers manually. This makes the whole process lengthier, resulting in long queues. With the help of an ID verification software, authentication of a passenger’s ID can be faster and seamless.
In addition, online check-out procedures can be long and have a higher chance of the customer leaving the purchase process without completing it.
With Shufti Pro’s Instant Capture service, businesses can now help customers scan their credit/debit card at the time of checkout. The service extracts the customer’s data through Optical Character Recognition resulting in faster checkouts. The whole process takes less than a minute and can help businesses reduce the chance of abandoned shopping carts.
Shufti Pro’s ID verification services are fast and efficient. It is one of the few available technologies out there that are safe and can actually help a business achieve better sales targets.