As a start-up, you will need to invest in a couple of digital solutions to improve the efficiency of your business, reduce costs, boost productivity and keep your company safe. One of the key solutions you can invest in is a digital identity verification service. As the name suggests, this is a service that will help in identifying whether a customer is really who they say they are. Investing in a digital identity verification solution is essential for the following reasons.
Prevent Fraud
Companies lose millions of pounds every year due to fraud, and fake customers are among the key sources of fraud. ID verification is one of the steps businesses can take to avoid falling for fraudulent customers’ scams. It’s one of the preventive measures you should take if you don’t want your company to suffer financial losses. Preventive measures against fraud are also essential for the sake of your company’s reputation. Most consumers translate fraud cases as incompetence or lack of seriousness. Thus, it can be hard for people to trust you if you are always dealing with fraud cases.
Improve Customer Experience
Customers appreciate fast and efficient services. A digital solution eliminates most of the manual processes and this allows businesses to serve customers fast. Most solutions will return results within seconds, and you don’t need to key in a lot of information to get your results. You can use Cognito which you can easily get started with the phone number. Cognito offers growing companies advanced tech to make consumer and business identity verification easier.
KYC and Other Due Diligence Compliance
As a business owner, it is your responsibility to verify customer identities so as to prevent fraud and other crimes. Investing in the right solution can be helpful in achieving some of the due diligence you require to keep your business safe and stay away from trouble with the laws. For instance, if you are dealing with goods or services that have an age limit, by using age verification solutions, you can avoid selling to customers who lie about their age.
Save Money
One of the key benefits of using digital solutions in your business is that they save both time and money. With the right solution, you can eliminate some manual processes and this will save money for your business.
Increased Profitability
Digital identity verification solutions can boost the profitability of your business in two key ways; one – they save time, and thus your output can increase since you have more time to focus on other business processes; two – the solutions can improve the customer experience. This will in turn boost conversion rates and increase profits.
Identity verification solutions are easy to use. You don’t require a lot of technical know-how to use these solutions. Getting started is also easy since all you need is integration. Hence, don’t be afraid to give them a try for fear of complexity. Secondly, there are so many companies offering identity verification APIs. Thus, it is easy to get an affordable one for your startup as long as you take time to do the comparisons.