3 Warning Signs That Your ID Verification Process is Robbing You of Revenue


Looking for a better way to authenticate your digital customers’ identities at onboarding, without introducing friction? You’re not alone: Gartner predicts that by 2022, 80% of organizations will be using document-centric identity proofing as part of their onboarding workflows, up almost 30% from current adoption. Ensuring accurate ID and document verification while getting customers into your ecosystem as quickly as possible is vital to business success. Unfortunately, many digital businesses still use manual processes to verify customer identities. This approach is notoriously expensive, difficult to scale, and error-prone. It introduces high levels of friction and applicants have to wait hours or days for approval, which leads to drop-off and abandonment. But at the same time, if you don’t establish strong identity verification barriers, you run the risk of expensive fraud losses and potential damage to brand reputation for not protecting customers’ identities.


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