Customer onboarding is a tricky balancing act: you must ensure security for your brand and its clients, while avoiding a long and complex process. But get it right and you will boost your reputation while helping to attract and retain customers.
Why is the right customer onboarding playbook so important? First, there are regulatory and legal considerations. In many jurisdictions, Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements are a vital element of the fight against fraudsters and other criminals. There are also data protection measures to consider, such as the EU’s General Data Protection Regulation (GDPR); a bad actor could expose your customers’ data, leaving you open to fines or worse.
There is also the safety of your brand and your customers to consider, even without legal consequences. If a bad actor can infiltrate your platform – for example, someone posing as a child in an online gaming environment – it can have major consequences for your reputation. It could also make you a target for theft and other crimes.
Most online customers today know they will have to complete some kind of onboarding process. They know it is essential for the safety of all users, particularly in areas like finance or gambling that can so easily become the target of crime.
However, they expect a smooth process, without complexity. If you make them wait for days – even hours – while you manually inspect their ID, they could lose patience and take their business elsewhere.
Adopt the best customer onboarding approach, and not only will you secure your platform and keep out criminals, but you will build business going forward. Customers will know they are secure, with all that means for their satisfaction – and your brand value.
So how do you strike the right balance? With Veriff, your customer simply snaps a photo of their ID, then takes a selfie. They are guided through the process with real-time feedback and technology like our Assisted Image Capture (AIC) software. Thanks to our biometrics technology and AI-based approach, they receive an answer within an average of six seconds.
As your business grows, you will begin to acquire customers around the world. Our database of more than 11,300 government IDs from more than 230 countries means we can offer a smooth process for customers anywhere, no matter the location. The process is both speedy and secure, protecting you from security and legal concerns without posing headaches for potential customers.
In short, it is good for business. After all, you have spent time and money on building your business and attracting customers – why risk losing them through a frustrating and lengthy onboarding process?
With automated identity verification, you can secure your platform, protect your company and customers, and boost your reputation, building your brand value into the future.
Online fraud is more than just a nuisance to your company and your customers. Left unchecked it has the potential to cause significant legal, financial and reputational harm to your business, as many companies have found out to their cost.
How can marketplaces secure their platforms against a surge of fraud? Next-generation identity verification (IDV) technology is the answer.
Over the course of three decades in the industry, Sue Schneider has seen internet gaming evolve from something of a ‘Wild West’ to the more corporate sector it is today. She offered us her thoughts on the issues that matter for the future of online gaming in her native US and beyond.