Why Online Onboarding Process?
In the face of huge societal and economical challenges, the need for digital transformation seems the only ray of hope for survival for any company in any domain. Even post COVID there is no escape from going digital because generation Z who learned how to swipe a screen before they learned how to speak will be influencing and dictating the market. This might as well change the face of online onboarding process of the customer going completely digital.
Challenges of Online Onboarding Process
While all major evolving industries are adopting online onboarding of customers, they are also concerned about the threats tagged along. The online onboarding of customers is still in a very nascent stage for a few industries and they still believe that onboarding is an analog process. For industries like medicine and banks who deal with critical data from time to time, it can be costly, prone to fraud and create unnecessary friction in the customer’s experience.
Digital Onboarding with Identity Verification
Implementing digital onboarding can be an operational challenge as well . Apprehensions related to identity thefts and other account related frauds such as account take overs are valid due to the surge in these fraud at unimaginable rate. As shown in the graph below:
That’s why many modern companies have adopted online identity verification solutions that require the user to capture a picture of their government-issued ID document (e.g., driver’s license or passport). But, if the ID was lost or stolen, then fraudsters can still create bogus accounts using perfectly legitimate IDs. This means companies must go further to definitely establish the identity of new users.
How to lower abandonments in Online Onboarding?
Another huge challenge of e-onboarding is to onboard genuine customers with low attrition rate. 40% of consumers abandon on-boarding process when applying for a new product or service already out of which more than 33% of abandonments were due to the length of time taken and just over a third were because too much personal information was required as well.
Also, there are lots of liveness detection solutions in the market today with variety of different functions that involves the user to perform a task, and there isn’t a common standard among them. This could involve a user moving your head from left to right, blinking, touching your nose, smiling, or following dots round the screen, flashing lights at your face or even moving the device around.
Nearly all of these tasks are really unnatural to the user, especially to a new consumer who has no idea what this is or why they are performing these tasks. That is where solutions like passive liveness tracking comes into the picture, the verification process with passive detection even a still picture or photograph can be used to analyze unique facial features and speed up the onboarding process by long strides.
Lately, it has been an onerous task for company balancing both the aspect with minimum losses. The real task is to keep it simple yet authentic.
IDcentral Solution to Online Onboarding – Digital Verification
IDcentral has created one such platform where one can get all the information or proofs about a customer ranging from credit score, email- verification to physical existence by tracking all the digital footprints of a person from multiple partners, without making the digital onboarding task complex. The liveness test it provides is passive and accurate with its AI capabilities.
In the times where online fraud and account takeover landscapes at a surge, businesses need to stay at the forefront of fraud detection without compromising the quality. Online identity verification by tracking the digital footprints of the customer and liveness detection together will significantly reduce fraud and cyberattacks.
Your one-stop-shop for Digital Identity solutions!
Ayesha Kapoor is currently working with IDcentral (A Subex Company) as a growth Marketer. She is a post graduate in management from Symbiosis Institute of Digital and Telecom management with marketing as her majors. She is creative head who loves to read and explore different avenues in the field of Marketing, Branding and Advertising.