Businesses across the globe have experienced a rise in data breaches in the past couple of years. Studies show that there had been over 5 billion recorded cases of data breaches in 2018 alone. Businesses are desperate for reliable ways to confirm users are who they say they are.
The ability to confirm someone’s identity is now a pivotal part of business success. There are a few firms offering verification technology services. However, it would help if you carried out background checks to ensure exemplary service for your business. If your business does not feature a credible identity verification platform, it is about time you get it. Here are a few reasons this should be your next move.
1 Maintain and Improve the Reputation of Your Business
For ages, data security has been one of the biggest challenges and concerns for people worldwide. When you can assure accountability to your customers, they trust yours more than other unsecured businesses. To have the upper hand, verify both the host’s and user’s identity.
Reputation is perhaps the essential feature of any business. In the 21st century, data is critical to customers. They need to know they can trust your business with their private information. You will also be able to know your customer. Investing in a credible identity verification technology is one of the best ways to assure your customers of your business’s credibility.
2 Evade Costly Injunctions
Your business stands the risk of hefty fines because of poor money-laundering controls. Most businesses go bankrupt after receiving these hefty fines. For instance, Standard Chartered received a whopping $1.1 fine for featuring inadequate security systems.
The AML and KYC systems govern the laws, regulations, and procedures that must be adhered to when identifying customers and evaluating the risk of businesses’ criminal activities. Stick to the safer side by adhering to these protocols. There are also individual state rules and regulations that apply to businesses depending on the customers they serve and where they are located.
The rules and regulations governing customer verification systems constantly undergo amendments, and it is worth every penny to stay updated on the latest changes and adhere to them.
3 Improve Your Customers’ Experience
Your business needs to remain competitive to maintain and improve your profits. To achieve this, your customers need to have the best experience when enquiring about your services. A great user experience should feature a frictionless and simplified process.
For a smooth verification process, avoid asking for too much data from your customers. Instead, invest in a process that eliminates most of the paperwork and manual data entry. Done correctly, your customers will enjoy a smooth digital workflow when onboarding your platform. Few or none of them will be deterred from accessing your goods or services.
Your identity verification process does not have to keep your customers waiting. A well-oiled digital verification process can help your business drastically improve its conversion rates. What’s more, there are higher chances that your clients will refer their colleagues, friends, or family to your platform.
4 Proper Use of Business Assets
The right identity verification system will keep not only your customers but also your employees in check. Because of the fear of being caught abusing the firm’s resources, your employees and management team will try their best to stay on the right side of your business protocols. It is almost impossible for your team to use your business assets unfittingly with the proper protocols in place.
Hackers and other malicious users will also be deterred from trying to gain access to your business assets. With a profound identity verification system, your business assets are much more secure, ensuring continuity of growth and prosperity.
5 Accurate Picture of your Business Position
Your management team must be in the know about the business’s actual position. To ensure you always get a credit report on your business’s position, you should consider investing in a viable identity verification system.
Since an audit can only disclose the accurate picture of your financial position after verification, it is critical to have an efficient verification protocol. It is, therefore, impossible for an auditor to offer his opinion on your actual business position without verification. That way, you always get a credit report and make effective decisions based on real-time facts.
6 Know Your Customers
Due to the increasing hacking cases, data breaches are among the top concerns for customers across the globe. To relieve your business of fears and fines from security concerns, your business must implement a user-friendly identity verification protocol that adheres to every organizational guideline in your firm.
Technological updates now allow you to offer your customers the ability to keep track of the checks that third-party verification providers carry out. That way, you can revolutionize your identity verification protocol in your firm without losing the trust of your customers. Everything considered, it is worth more to invest in a verification technology than to survive without one.