Smooth customer onboarding and fraud prevention

ID scanning machine

Striking a perfect balance between the best customer experience and the least frauds is tough. The challenge for service providers is how to strike the right balance between security and providing excellent user experience. However, can you risk onboarding a fraudulent customer at the cost of delivering a good onboarding experience? Can you and other service providers square this circle?

The Balancing act
One of the researches by Baymard Institute found that one out of four customers abandoned the cart because of a lengthy and complicated checkout process. 92% of the consumers want to know that their information is kept secure and well-used in the cognitive era, according to IBM research. Our experience working with the healthcare and financial services sector also suggests that most of the customers abandon a service because of a complicated onboarding process.

Identity verification
Digital identity verification provides a perfect example of how new technologies are making it possible to marry the competing needs of speed and security. The ID scan apps and devices can scan the document and pre-populate your customer's information into your systems.

This simple, intuitive, yet secure method like this can help you make the verification a smooth, guided user experience that takes a matter of seconds. Meanwhile, advanced machine learning methodology, automatic and reliable face comparison ensure precise and accurate results.

Identity validation
An identity authentication process that uses the uniqueness of human characteristics, such as a fingerprint, retina, face or voice, biometrics provides identity information about something you are. Biometric identification has evolved as a better customer identification process. When facial recognition combines with biometric identification, it becomes an excellent tool for customer onboarding.

Data extraction and user experience
 We recognize and extract the relevant data points from your customer's ID document, including name, document number, and more. This utilizes the details we have in our document library, recognizing the format of the document.

People's willingness to share such sensitive data with service providers is a matter of concern. Therefore, it is necessary to handle the communication of benefits to the end customer. One significant advantage is the speed and convenience when concluding new contracts.

Advantages

  • Accurate and secure data: ID Scanners can scan IDs such as driving licenses, passports, and more. Importantly, it scans all the IDs with the highest accuracy possible.
  • Improved data quality: Mobile scanning removes human error from your processes. Inaccurate data entry is a big issue when looking at data sets. With better data quality, you'll be able to make more informed and accurate business decisions.
  • Optimized user experience: An ID scanner is a perfect tool to replace typing in your ID-related processes. Scanning works in all conditions, so faster average completion time for onboarding or verification processes should be easier to achieve.
  • Save time and money: Instant ID scanning can significantly reduce the duration of your manual processes. This can save you hours of unproductive working time daily and increases employee productivity.

Summing-up

The first impression leaves a lasting impression, especially when users are at the point where the service isn't signed yet. At ONE BCG, we think of every step of the customer journey is an opportunity to convince, engage users, and form trust with them. So, we develop solutions that eliminate inefficiencies and delights users with speed, accuracy, and ease of use.


Smooth customer onboarding and fraud prevention Smooth customer onboarding and fraud prevention Reviewed by ONE BCG on October 03, 2019 Rating: 5

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