Identity Authentication

Digital Identity landscape in 2020

These days, consumers value digital relationships based on trust. They expect the companies they interact with to prioritize both security and convenience. As the digital economy grows stronger on a global level, seamless online transactions are permeating communities all over the world. This phenomenon is happening in tandem with the growth of fraud and online crime. 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.

Identifying Consumer Needs

Consumers are willing to share their personal data with businesses up front to secure convenience and a seamless user experience down the line. Plus, it is becoming clear that they also are willing to go through more thorough identification processes to assure that the digital platform they use is both secure and trustworthy. Consumers want to perform digital identity validation when opening accounts online. This phenomenon makes the digital onboarding process critical for most digital companies.

Industry reports indicate that as many as 74% of consumers cite security as the most important part of their online experience. These same reports say that 72% of consumers would be willing to go through a more thorough onboarding process when opening digital accounts to ensure their user experience is simple later. This data showcases how security and convenience are equally important to customers. Businesses must develop a process for validating their customer’s identities and keeping them secure as well. That way they will be able to meet consumer expectations.

Building Trust also Builds Loyalty

Businesses are now beginning to realize the importance of building trust and how it relates to consumer desires. With so much fraud, deception and crime happening online, it is critical for businesses to build confidence with their customers. More than half of all consumers report that they prefer doing business with websites that can guarantee a person is who they say they are. Plus, half of customers who have experienced identity theft or digital fraud never interact again with the business or individual that facilitated it. These statistics indicate that your brand reputation is the difference between generating or losing potential profits from your customers in the long run.

Finding Balance with Digital Identity Authentication

Traditionally, security and convenience have been at odds with one another. As the digital economy has grown to become commonplace, security and convenience have had an inverse relationship with one another. Nevertheless, the tides are changing. It is now critical to provide your customers with not only a secure site for online business, but also an easy and convenient one.

Finding the right balance can be achieved using the right technology and digital ID verification methods. More than half of all customers feel more confident in banks that use biometrics as a part of its’ identity authentication process. Plus, more than three fourths of all consumers also indicated that they feel more confident in businesses that use biometrics in their identity authentication processes as well. This indicates that if your company does not use some form of biometrics when performing digital identity validation, it is missing out on building a lot of trust with your customers.

Conclusion

The digital landscape is changing. As the digital world becomes more mature, trust is becoming a vital part of performing business online. Consumers expect security and convenience to be built into the platforms that they use online and will ditch companies that do not meet their expectations. Implementing digital identity authentication methods in your onboarding, checkout or account creation process is critical for your business. Please contact us to learn more about the digital identity validation tools offered by IDMERIT and how they can benefit the longevity of your online business. We offer services that can quickly and easily validate customer identities through a secure API. Our services do not rely on human review and provide one of the quickest and safest method to validate identities on the market.

 

Nelson Christian