How ID Verification Boosts Conversion Rates For Financial Services in 2022?

10 May 2022

In the financial services industry, identity verification is now more important than ever. It is not only an excellent solution for preventing identity-related fraud, but it also helps avoid fines for non-compliance with KYC/AML. Organizations in the financial services industry can address their sales conversion and drop-off rates while maintaining digital security and data management with a solid KYC solution that uses the latest biometric authentication options, such as facial recognition.

Here are some ways that a good identity verification service can help your company increase conversions:

• Reduce The Amount Of Time To Verify Identity

The more steps in your sales funnel, the more time it takes for the consumer to complete it, providing them plenty of reasons to drop out of the lengthy process. For example, customers want to complete their registration or checkout procedure immediately rather than receiving an email confirmation later.

The identity verification solution from Accura Scan tackles the client retention problem by verifying the user's genuine identity in a matter of seconds, making the procedure swift, smooth, and accurate. In addition, the technology is backed up by authentic I.D. proofing from over 130 countries and NIST-certified facial recognition and liveness detection.

• Data Security And Protection

When it comes to sharing data, there must be a high level of trust between your company and a potential client. Clients will want to ensure that only the data required to complete the transaction will be collected and that this data will not be misused or compromised.

Clients that don't trust your service or data policies will not stick around. So, build trust with your users by incorporating information that explains what data you will gather, why you will collect it, and how you will handle it.

• Send A Notification If The Verification Process Was Unsuccessful

Prompts and notifications are another UX innovation that might help you retain clients who may exit the I.D. verification process. Give them hints if they get stuck on a step, such as when their paper is denied.

Because chopped-off or blurry documents cannot be authenticated, you might include prompts like "Please include the complete document in the frame" or "Please make sure all the text is focused." Send them an email letting them know how close they are to completing the onboarding process and outlining the remaining steps if they have closed the app and halted the process.

• Building Trust In The Verification Process

With public concern over data handling growing and data security rules like GDPR and PSD2 becoming more stringent, you may set yourself apart by disclosing your identity verification procedure and other essential client-facing steps. This instills confidence in your consumers and the general public.

• Use Biometric Authentication

You can employ biometric authentication to give new users a more convenient option to login in the future after they've finished their I.D. verification and successfully registered their account. Confirm that they know the benefits of biometric authentication over conventional text-based passwords, which are easily forgotten or stolen.

This efficiently eliminates any time-consuming or obsolete identity verification processes, giving customers ownership over their data and increasing conversion rates.

Closing

If you're seeking a powerful AI-enabled ID verification solution, Accura Scan can assist you no matter what industry you're in. With our identity verification service, you get face recognition, I.D. verification, and liveness detection. We also assist firms in complying with KYC and AML standards at Accura Scan. You can contact us to learn more about us and our services or call us on +91 820-898-8751