Everybody is actively using digital resources on the internet, from online payments to financial services, including banking transactions, stocks, etc. To achieve fast transactions, people sometimes miss out on a thin-line difference between using personal and professional details for instant connectivity.
Digital transformation is not about the growth of any specific platform; rather, it comprises the growth and connectivity of different governments, businesses, and more. With transformation, several other aspects can affect trust building in digital payments or financial services. Building digital trust is a critical challenge for financial institutions and service providers to address. One can measure digital trust in several ways, including customer satisfaction, transaction volume, web traffic metrics, and more.
Difficulties of trust building
Trust is crucial to any business, especially for payments and financial services. Some of the difficulties while achieving trust building is due to the following reasons:
- Traditional payment systems are vulnerable to fraud because they don’t offer sufficient protection against cybercrime.
- Lack of standards and regulations around financial services.
- There’s an ongoing battle between banks and cryptocurrency startups for customers’ attention and investments.
Banks have traditionally been perceived as the industry leaders regarding security, but cryptocurrencies have made rapid strides in that department. Banks must build digital trust to retain customers by offering tools that make transactions safer and more secure than ever.
Time to correct the whole process
- The initial phase is ID verification by developing a secure electronic Know Your Customer (eKYC) process that’ll replace manual KYC, Anti-Money Laundering (AML), and customer onboarding processes with a quick and secure online approach.
- When digitally onboarding the online user, using face match or biometrics authentication technology with database checks can help improve user verification and establish him as a trustworthy one with complete digital security.
- Digital payments must comply with KYC standards to avoid being targeted by cybercriminals. With precise and proactive monitoring technology, tracking and detaining real-time suspicious transactions is possible, resulting in appropriate action being taken quickly.
- Cross-border payments from international businesses will require different customer diligence standards and workflows. A versatile platform for technology customization based on business requirements is required.
In a nutshell, digital trust is about maintaining reliable resources for customers over time and giving them a reason to stick to your brand. Visit Accura Scan to learn more about the end-to-end trust-building process for digital payments & financial services or call us on +91 820-898-8751
1. How is KYC done?
Accura Scan offers a modern and real-time Digital KYC verification solution. This contactless process provides complete protection for your information and data.
2. Why is digital id verification important?
Digital id verification is the key to preventing online frauds and identity breaches.