Even as COVD-19 slammed the brakes on in-person interactions across the globe, it simultaneously accelerated the virtualization of working models. Everything that was online was accessible; anything that was not, lagged behind. In response, companies have raced to support and retain their customers by providing digital capabilities and online experience at a speed that was previously unimaginable. As the digital economy amplifies on a global level, seamless online transactions are penetrating communities all over the world. But with this, there is a growing threat of probable frauds too. To combat this, online businesses realize they must build meaningful digital relationships with their customers based on trust. With tools like digital identity authentication, businesses can foster more transactions, build brand loyalty, and improve company reputations with their customers.
This paper talks about the challenges faced by companies while verifying new customers on digital channels and different types of eKYC solutions available. It also brings into focus the criticality of comprehensive yet agile ID verification for trustworthy and satisfying onboarding experiences.
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