MWC 2017 is going to be exciting. We’re expecting to see innovative mobile designs, brand new IoT gadgets, 5G trials and connected car solutions. The mobile revolution has huge potential to change our lives for the better, but, as we’ve talked about before on the blog, it’s vital the security is right. And that means creating a protected route for those wanting to sign up to a service on their smartphone.
As you’ll see at this year’s show, ID verification is becoming an increasingly critical component of consumer acquisition, for industries deploying their digital strategy. To protect against fraud and cyber-attacks, it’s vital that businesses know who their customers are who they say they are, and aren’t pretending to be someone else. Identity verification isn’t something that can be overlooked; businesses are coming under increasing regulatory pressure to build robust enrolment strategies.
The challenge now is to develop effective ID verification process that balances these new security requirements while maintaining end-user convenience. Long, complex forms are going to put people off as they’re time-consuming and tend to have poor completion rates even when they are important.
For mobile network operators, banks and any service providers building value added services, getting their ID verification strategy right could be a competitive differentiator.
Examples of online ID verification scenarios
In the banking sector, ID verification online can enroll new customers. In mobile banking It can also further increase the level of security for sensitive transactions, such as fund transfers and loans, for existing customers.
In addition to online enrollment, MNOs can propose differentiating services, that may require ID verification such as mobile wallet packages with prepaid, peer-to peer payment and mobile payments.
More generally, there is a multitude of online service providers providing digital services and who can differentiate themselves with new services:
Car rental and hospitality services could further enhance the consumer experience by using online registration to avoid long queues at pick-up and check-in. And other regulated services such as online gaming and gambling would also benefit from such solutions to bring additional safety to their respective sectors.
Governments can capitalize on the digital revolution with new services such as travel visa requests, which citizens can be apply for online.
The key advantage of such offers is that they maximize the reach of potential consumers far beyond borders. The service then becomes easy to scale global where the challenge then becomes how one verifies many different types of foreign ID documents in real time. It is vital to solve this so you can maximize the reach of potential consumers and keep the onboarding process seamless.
Last but not least, we see ID verification regulation growing internationally and locally. Initiatives in anti-money laundering are anticipated to be widely adopted, especially for sensitive transactions and customer enrolment.
Building a successful customer acquisition strategy
Companies need to take three steps; connect, secure and monetize.
Connect
Whether it’s registering for popular online services such as car rental, hotel booking or opening a bank account, users need to be able to connect quickly, wherever they are.
They expect the same experience for both sensitive and non-sensitive transactions and services. Organizations need to invest in a smooth, seamless digital strategy, which allows potential customers to enroll on mobile, tablet or laptop. That means taking a bold approach to digital transformation and investing in the most sophisticated solutions.
Secure
Every step of the enrollment process needs to be secure, so solutions need to be flexible enough to encompass mobile apps, wearables, laptops, and PCs. They also need to be quick and convenient. Gemalto ID verification system, for instance, performs vital checks in just a few seconds, automatically checking a user against an enormous database and assessing documents. The effect is quick, secure and convenient self-enrolment.
Another important parameter is to ensure privacy, both from a regulation perspective and consumer perspective. People need to be convinced that the ID verification process does not impact their privacy, and solutions providers need to make them feel secure. This is something we take very seriously.
Monetize
ID verification solutions offer multiple opportunities for monetization. First, they allow companies to optimize their customer acquisition and retention, resulting in increased revenues. They can also add new value premium services that require ID verification.
Those building solutions must always have the interests of the end-user at heart; ensuring the process doesn’t frustrate yet is still robust and secure. Here’s how we approach multi-channel ID verification:
Customer acquisition strategies are increasingly important. Companies cannot afford to fall behind – embracing flexible, convenient, and secure ID verification solutions can give them a vital edge over competition.
#KnowYourCustomerNOW
To find out more about sophisticated ID verification techniques, you can visit our stand at MWC – Hall 2 Stand 2J29.
