Buy now pay later (BNPL) is growing at a phenomenal rate, but the regulators are closing in. How can your business take advantage of the market explosion without compromising security?
As a customer onboarding and experience leader, your primary concern is people through the door, either figuratively or literally. When it comes to BNPL, that means creating enticing offers, an attractive brand and a platform for perfect service.
From the very first touchpoint with a potential customer, you need a strategy that covers all the bases. That’s why 94% of companies see a powerful onboarding plan as the primary responsibility of the onboarding team, according to a 2023 report by Rocketlane.
In the BNPL market, customers also want a service that’s quick, efficient and lets them complete a purchase with no fuss. In the same study, 78% saw shortening the time-to-value ratio as a vital route to improving experiences.
But the business requirement to eliminate fraud – perpetuated in scams ranging from compromised data to fake personas – and comply with regulations now and in the future, means customers are often required to take a few extra steps for the sake of security.
This is especially true for businesses hoping to make the leap to unsecured lending, a potentially high value but also higher risk market. Businesses operating here must comply with anti-money laundering (AML) and Know Your Customer (KYC) protocols if they lend above a certain level.
Done wrong, the process of security clearance can dissuade customers from getting to what they need, so risks increasing customer abandonment and churn. Done right, it provides reassurance and a perception of quality, while also leaving customers with a sense that they’ve been taken care of.
Identity verification provides a safeguard against many forms of fraud, plus it can dissuade money launderers, with a series of checks that tell you that the person accessing the service is real, genuine and present ‘live’.
With financial crimes on the rise, it’s an essential part of your security toolkit, particularly when global oversight bodies are preparing to tighten compliance rules around lending.
The good news for customer onboarding and customer experience professionals is that the process doesn’t have to be a drag. The best IDV products on the market fit seamlessly within your platform, with stages that are clear, simple and quick. They offer multiple language options, customer support and easy payment, all of which help new customers over the line.
So, if you want all the security without the hassle or disruption to business development, IDV could be a great solution for your organization, now and in the future.
A 98% check automation rate gets customers through in about 6 seconds.
Real-time end user feedback and fewer steps gets 95% of users through on the first try.
An unmatched 10K+, and growing, government-issued IDs are covered.
Up to 30% more customer conversions with superior accuracy and user experience.
Veriff’s data-driven fraud detection is consistent, auditable, and reliably detects fraudulent forms of identification.
Veriff’s POA can grow with your company’s needs and keep up with times of increased user demand.