The online world has a constant supply of data. Unfortunately, it creates an environment where hackers can have a field day. If your company isn’t familiar with eKYC/electronic know your customer, now is the time to do so. There are many benefits to using a secure digital identity proofing and verification solution for online interactions. Here are ways that using this solution can help you and your customers. 

Improved Security

Security is essential when interacting online. That’s why more companies are verifying customer data before allowing them to move forward. Using digital identity proofing can help ensure your company meets compliance regulations and can avoid liabilities. It allows you to protect your company and other customers against fraud. After all, the digital identity proofing process involves a valid ID and visual verification of your face. If these things don’t match, a customer can’t go through with a transaction.

Verification Speed

There was a time when identity verification was done manually, but that process could take several days or weeks. Today, more things are moving at lightning speed and are automated. If you’re still doing things manually when unnecessary, you may look slow in comparison to the competition. Plus, customers have many companies to choose from, and if your verification processes take too long, you may lose them to a competitor. By using eKYC, the identity verification process is much faster. The faster you can onboard new customers, the more customers you can take on within the same period. 

Customer Satisfaction

Remember, you have competition with other companies. Therefore you want to ensure that your existing and future customers are satisfied with your processes. By simplifying the identification process, you’re much more likely to convert new customers. If there’s too much wait time or opposition when verifying information, you have customers who may drop off and go to your competition. They may also complain online and note that it’s difficult to deal with your system. However, if they can get through this process quickly, they’re much more likely to return and give your company high marks. Plus, if they feel good from the initial interaction, it could set a positive tone going forward.

Green Business Standard

Are you tired of wasting paper? If you run a green business, having many mounds of paper related to customer information isn’t the best way to be eco-friendly. Thanks to the eKYC process, the process is automatically done online and stored in your secure server. Therefore, you no longer have to deal with tons of file cabinets filled with copies of customer IDs and other data. You can reduce clutter and enjoy more savings.

Save Money

Using less paper and file cabinets to store them can save you money. First of all, you no longer have to buy tons of paper, photocopiers or printers. You can also reduce the amount of office space if working from a physical office. Plus, you can quickly reduce the administrative cost as you no longer have to worry about the manual identification process. As a result, using this method can reduce your company’s overhead or free up space to invest those administrative funds elsewhere.

Digital identity proofing is one of the ways that technology has advanced to help prevent fraud and make the process of identity verification easier. Any company that wants to stay ahead of the curb should get involved in using this method. It benefits both companies and customers alike. After all, with so much data floating around online, it’s essential to know the customer is who they say they are, so you can avoid problems on the road.