Discover the IDV Buyer's Guide
To achieve regulatory compliance, prevent the risk of bad actors, and help build customer trust, businesses in financial services, gaming, and many other sectors are increasingly adopting identity verification (IDV). However, what do businesses need to know to find the right service?
Chris Hooper
Identity verification (IDV) is crucial for businesses, helping organizations build trust with customers while also helping to prevent fraud and meet demands around evolving anti-money laundering (AML) and know your customer (KYC) requirements.
But how do you get the perfect IDV provider for your company? We have outlined the full process in our Buyer’s Guide report, but the key steps areas follows:
Step 1: Building the business case for IDV
In any organization, you will need to make the business case for IDV – and rightly so. This could involve colleagues from the procurement or legal sides of the house, within your product team, or perhaps even extending up to the board level and the C-suite.
This is only natural when it comes to bringing new suppliers onboard, particularly when these partners will be trusted with your customer’s data. That’s a hugely important factor in the era of US regulations like the California Consumer Privacy Act (CCPA) and the EU’s General Data Protection Regulation (GDPR). When you’re essentially outsourcing the first customer interaction to another firm, it pays to be careful.
Click here to discover how to build a business case for IDV
Step 2: Readying the RFI
Choosing an IDV provider involves sorting through a lot of companies who will be competing for your business. As much as you can sift through them with desk research, there will be a limit to this and eventually you will need to contact companies to see if they fit your use case.
In building your request for information (RFI), it’s important to remember that this is the stage where you will be conducting your initial research. You will be narrowing the field of prospective providers to the IDV companies that best suit you and your sector.
Click here to discover what questions you should include in your RFI
An optimized IDV solution will help you enhance your service for your customer base, creating benefits for customer satisfaction and the future growth of your company.
Step 3: Preparing the RFP
The request for proposal (RFP) phase allows you to get a dedicated scope from your shortlist of providers - allowing you to zero in on the key questions in much greater detail.
At this stage, you get to thoroughly examine those companies remaining from the RFI phase. You can look at their performance metrics in detail, their ability to scale their products, any data they can provide on UX, and so on. At the end of this phase, you will eventually narrow the field to one provider – your IDV specialist.
Click here to discover the critical questions to include in an RFP
Step 4: Making your decision and testing
So how should you decide upon the right IDV provider for your organization?
The decision will, of course, depend on your sector and the nature of your business. But what will drive your decision is asking which solution best fits your appetite towards fraud and compliance.
This last step will enable you to start testing a solution - or a range of solutions - to see if it fits with your internal systems, how it impacts your conversion or churn rates, and how much it reduces fraud.
There is far more detail in how to select the right IDV solution in our comprehensive buyer’s guide. Download it here.
