For many businesses, it’s become increasingly important to adopt methods of facilitating business without face to face contact. Often, identity verification is a crucial part of completing a sale, and also a difficult step to complete without human interaction. Electronic Know Your Customer(eKYC) technology can be the solution businesses are looking for, enabling customers to utilize their smartphones to verify pertinent information like name and age. This is done through a photograph of the user's ID and also a selfie and can be completed without the need to physically hand over any documents. The immediate application for this technology has been digital onboarding financial services but this is just the tip of the iceberg of the ways in which eKYC can be used.
Creating a successful process is all about creating the perfect customer experience. It’s about designing the right customer journey, making great designs, and ensuring high levels of automation, - all while staying compliant to regulation. This can only be reached by having the best CX experts analyse your process and integrate with the best 3rd party services like ID-V and KYC services.
A properly designed digital onboarding process can increase customer acquisition, conversion, satisfaction and compliance and can have.many benefits for a bank’s bottomline. These benefits include lower costs of acquisition, processing throughput time, and reduced operational, transactional and reputational risks.
eKYC technology has application to any business where confirming the identity or age of an individual is crucial to completing a sale or service. As telemedicine becomes increasingly mainstream, the need to verify identity on phone or video calls to protect patient confidentiality will be key. Bringing in eKYC capabilities can enable more patients to get the care they need or potentially participate in clinical trials, even if they can’t travel to a doctor’s office.
For a retail business, being able to do curbside or at home delivery of goods such as alcohol and tobacco are not possible without some form of digital identity verification. Enabling these sales can both add convenience to a customer’s life and also facilitate sales that would otherwise be missed.
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Mobiquity has extensive experience in both designing and optimising digital onboarding processes and we provide clients with a range of services to ensure:
