Technological innovations are bringing improvements to the industry’s customer onboarding process. They can attract global customers and assist them in a better way by providing a user-friendly interface. However, simultaneously, industries are facing other challenges such as identity theft, illegitimate onboarding, minors’ easy access, and other criminal threats. This is why digital businesses require more than just information and document validation.
Industries require to incorporate efficient biometric verification solutions. The AI-enabled solutions verify customers by analyzing their discrete features. They also cross-check the user’s claim that they are present behind the screen. This way industries can verify remote customers in real-time and onboard only the legit ones. The blog sheds light on the reasons digital businesses employ biometric recognition solutions.
Biometric Identity Verification – Ways to Ensure Security and Customer Retention
Fraudsters are getting advanced and use sophisticated methods to dodge the verification process while onboarding. They use fake credentials and documents and camouflage their surrounding to escape the identity checks. The fraudulent attempts are increasing the industries’ need for better biometric checks. These technologically advanced biometric screening solutions drive efficacy in industries. In order to differentiate between fraudsters and legit clients, biometric user authentication is their profiting bet.
They further elevate security, customer retention, legit onboarding, and database protection. Biometric security checks further provide the following benefits to digitally growing industries.
Remote Customer Onboarding
Where industries are striving hard to enhance their onboarding process, fraudsters are playing otherwise. They use different ways to manipulate the information of legit customers and register on digital platforms. This helps them slip through the verification checks easily. Fortunately, businesses can incorporate biometric recognition solutions to further place more strict checks.
As Know Your Customer (KYC) guidelines mandate, industries should verify their customers prior to onboarding. As per Shufti Pro News, this process involves authenticity checks on name, document, and address validation. For instance, the travel industry is using biometric passports, to verify passengers remotely and e-commerce provides a facial scan to complete a purchase.
Automated Verification
Considering the fast-paced digital shift, manual identity verification is no more reliable enough as they involve a high rate of human errors. They also take a long time and consume additional operational costs. Therefore industries need efficient biometric security systems that identify imposters in minimal time.
They automate the customer onboarding process by verifying them in real-time. The biometric security solutions involve Machine Learning (ML) technology that analyzes huge datasets and is also capable of self-learning. Ultimately, industries can register global customers without having to wait for days.
Easy Integration
While fraudsters are using advanced methods to carry out their malicious activities, biometric identity verification is providing security to businesses. These solutions verify customers by analyzing their biological and behavioral traits. Businesses using biometric screening can also safeguard their records from external breaches. With improved safety, authentic checks, and smooth onboarding, industries can ensure customer retention.
Shufti Pro Funding indicates that industries can easily integrate digital biometric solutions. They can further save extra operational costs.
Efficient Authenticity Scans
Businesses’ reputation directly influences the client dro-off rate. The industry with increased chances of data breaches and other criminal risks is less likely to attain a huge user base. This is why industries require effective biometric recognition solutions to not only shield customers’ information but also sustain a better reputation.
The biometric user authentication validates customers’ “existence in the real world” claim. This helps industries differentiate between legit clients and mere imposters. The AI-driven solutions are capable of accessing global databases in the blink of an eye which ensures accurate verification of remote customers as well. The digital biometric screening checks use mathematical algorithms to verify clients. For further accuracy, they identify imposters from other regions.
Hard-to-Pass Checks
Fraudsters use digital methods to bypass identity verification checks which grant them unauthorized access to platforms. According to CompariTech, identity fraud cases have seen a rise of 5.1% since 2019. This is why industries need to build efficient biometric recognition defense systems against fraudsters.
This is why businesses need robust defense and verification solutions. The AI and ML-driven services are cost-effective with strict checks to restrict criminals at the bay. Ultimately, industries can better perform identity verification during digital onboarding.
It All Adds to
Amid digital transformation, businesses are going completely online. However, it also raises their need for efficient identity verification mechanisms such as biometric recognition. Where fraudsters are using tools like 2D/3D masks, voice changers, and spoof attacks, industries require robust biometric ID checks to turn the tables. Otherwise, digital industries will be close enough to face customer dropoff. Hence, biometric screening not only helps online businesses to retain their reputation but also onboard global customers.