Why Reliable Digital Identity Verification Solutions Remain Crucial for Businesses
In this new decade, the impacts of the pandemic have forced businesses to reinvent themselves. With more customer interactions taking place online, the potential for fraud and identity theft is on the rise, too. To keep up with the digital transformation and heightened fraud risk, digital identity verification solutions are no longer a luxury – they’re a must-have.
KYC identity proofing
Using secure and reliable digital identity verification solutions is important for the rising digital economy. Although incorporating digitization can ensure business continuity through transitions to remote work, it can also increase businesses’ exposure to fraud and financial crime. For that reason, more robust ID verification solutions are needed to ensure that companies can thrive in the heavily regulated industries of finance and banking.
Mobile banking has increased from 63% to 72% among the largest U.S. banks.
With increasing numbers of consumers moving towards digital banking platforms, businesses need to be prepared for the influx of consumer IDs they need to validate. Among the four largest U.S. banks, mobile banking has increased from 63 percent to 72 percent since the start of the pandemic. Digital identity verification solutions can help lenders ensure a compliant KYC process without disrupting the user experience.
Supporting a smart economy
As the shift to digital processes continues, it’s also moving us closer to a smart economy that enables businesses to increase their growth and productivity. This projected growth is reliant on the interdependencies of multiple digital technologies like AI, blockchain, and even big data analytics. With the help of reliable digital identity verification solutions, these digital technologies will be even more secure.
Frictionless transactions are the way of the future. Digital identity verification solutions can help financial services providers continue to take on more applicants while ensuring a fully digital experience. Last year, Kabbage was able to process approximately $7 billion in PPP loans for over 300,000 businesses thanks to digitization.
With the help of digitization, Kabbage processed $7 billion in PPP loans for over 300,000 businesses.
Digital innovations have enabled financial services providers to verify customer identities remotely with the push of a button. By combining digital identity verification solutions with data governance and digital payments, companies were able to prepare for the new online economy. Although the impacts of the pandemic were sudden, the switch to digital ID verification doesn’t have to be.
Reinventing the ID verification process
Some businesses have soared in revenue growth during this past year, while others have dwindled. Instead of simply returning to normal, businesses should aim to prepare for the new normal. By reinventing verification methods to ensure adaptability, speed, and security, your business will be prepared for the future.
22% of Americans 18 and older have been targeted by digital fraud related to COVID-19.
Secure, internet-friendly solutions are appealing to the majority of customers today, who are faced with higher risks of fraud than ever. TransUnion found that 22 percent of Americans 18 and older have been targeted by digital fraud related to COVID-19. Fraudsters are looking to take advantage of the rise in contactless transactions. Businesses that embrace onboarding remote customers with secure digital identity verification can close the gaps in their fraud prevention strategy.
Strengthen your digital identity verification solutions
Secure digital identity verification solutions keep customers satisfied and businesses growing. With direct and digital access to utility and telecom accounts from Urjanet, lenders can accurately verify borrower identities and addresses – without disrupting the user experience.
If you’re ready to reinvent your digital identity verification solutions, set up some time to speak with one of our experts.
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About Ma-Keba Frye
Ma-Keba Frye is a Content Marketing Associate at Urjanet, assisting with content development and execution. When she's not writing, she enjoys reading, listening to music, and volunteering.