Improving Global Identity Verification Processes in a Digital Age
As we conduct more and more transactions online, the need for tighter and more secure global identity verification increases. Regulatory authorities have called for better adherence to AML and KYC compliance. With this in mind, companies have to expand how they verify consumers by taking the right steps and utilizing reliable tools to get the job done. Here’s how innovative global identity verification processes can meet the needs of today’s digital age.
Tightening consumer trust
2020’s digital transformation was a direct response to the impacts of the pandemic. Across industries, businesses acted quickly to adopt digital processes to keep their operations up and running. For consumers, this shift brought about some concerns. According to a Norton LifeLock survey, 40 percent of consumers are worried about their personal information’s safety, while 64 percent accept the risks to their privacy in exchange for convenience. Thus, businesses need to reassure their customers that their information is safe while showing the value customers will receive in exchange.
40% of consumers are worried about their personal information’s safety, while 64% accept the risks to their privacy in exchange for convenience.
Trusting companies with powerful and personal data can be a big step for consumers, especially in the wake of such rapid acceleration. Customers realize that sharing data is inevitable; that’s why it’s critical for businesses to keep their worries at bay. Introducing reasonable amounts of friction into the identity verification process gives consumers a greater sense of security. Companies can introduce solutions like multilayered identity verification and consumer-permissioned data into global identity verification processes to build consumer trust and mitigate risk.
ID verification goes global
Across the globe, roughly one billion people lack proof of identity. This global right of passage can hinder their access to financial freedom, business ownership, and overall independence. Innovative solutions like alternative data can support growth opportunities and open new doors for people worldwide, expanding identity verification access for those that currently lack it.
Businesses have the power to expand their customer portfolio without forgoing a reliable global identification process.
Companies can also benefit from the use of alternative data to help solidify the verification process. Whether a business is big or small, it could use the extra layer of information on a customer that alternative data provides. Now, companies have the power to expand their customer portfolio without forgoing reliable global identity verification processes.
One size does not fit all
As you identify which global identity verification processes fit your business’ needs, don’t stray from customization. In the world of identity verification, one size does not fit all. When it comes to identity verification methods, there are several techniques available. Settling on the ones that suit your business’ needs and use cases is key.
From document scanning and biometrics to online identity authentication, supporting your business with the right solutions can minimize fraud risk and protect your customers. Multiple layers of information are needed to meet different companies’ and consumers’ needs across the globe.
Alternative data can support global identity verification processes
Globalization is part of the present and the future. Whether your business is operating in one or multiple countries, global identity verification processes can support business expansion and proof of identity for consumers worldwide. The data that your business needs will transcend borders. With Urjanet’s platform, companies can access utility bill data from providers all across the globe to support the verification process.
To learn more about how you can digitally access customer utility bills from across the globe, speak with one of our experts today.
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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.