An On-Demand Culture Requires Sound Authentication of Consumers
Today’s on-demand economy is large and growing larger — attracting more than 22.4 million consumers annually and $57.6 billion in spending.1 People are buying groceries, securing transportation, watching movies and finding dates, instantly. If that isn’t enough to satisfy our culture of instant gratification, Amazon recently announced that you can get wine delivered to your doorstep within one hour.
That puts a lot of pressure on every type of business to provide a customer experience that stands apart—at the very least, one with as little friction as possible.
New account opening for lenders and service providers is no exception. However, with abandonment rates for online banking applications running as high as 66% and even higher for mobile at 92%,2 financial institutions recognize that every additional keystroke, page scroll, and data input required drives consumers further from application submission.
How do lenders balance a great customer experience with effective authentication to both minimize their risk and maximize conversions? One answer lies with an account opening solution that uses photo-capture technology and sound authentication.
Photo-capture solutions allow consumers to take a picture of their driver license (or other government-issued ID) to capture and extract personally identifiable information (PII) on the ID and convert it to the application. This improves the customer experience by reducing the amount of data entry required by the consumer and streamlines the account opening process.
Many photo-capture solutions strictly focus on validating the document—looking for signs the ID may be fake—and fail to verify the identity associated with the ID. Advancements in counterfeiting technology make fake IDs more difficult to detect. Therefore, digital enrollment solutions must verify both the identity and the document of the consumer.
ID Analytics’ digital enrollment solution, ID Connect™ 2.0, features photo-capture technology and a data-driven approach to authentication that helps organizations drive higher conversion rates, create strong identity proofing to meet strict regulatory requirements and deliver an awesome customer experience.
To learn more about ID Connect 2.0, or to schedule a personal demo, please contact us. We look forward to helping your business respond to today’s on-demand economy by providing sound authentication and a differentiated customer experience.
Aaron Kline is the Vice President of Innovation and New Ventures at ID Analytics
2. Javelin. (2017) Digital account opening still has a long road to reality [Press release]. Retrieved from https://www.javelinstrategy.com/press-release/digital-account-opening-still-has-long-road-reality