Short for “Know Your Customer,” KYC identity verification has become a common part of many businesses over the last few years in particular. Organizations need a way to confirm that their current or prospective customers are who they claim to be, and the technology has finally gotten to a place where this isn’t just possible – it’s more efficient than ever. It’s prevalent in a wide range of different industries, from grocery to retail to banking, telecommunications, travel, and more.
Yet at the same time, this increased reliance on mobile technology and eKYC (Electronic Know Your Customer) solutions have also given birth to increased instances of identity theft, along with related fraudulent hacks. Some providers have always kept security in mind and have offered the ability to capture data without the need for an Internet connection. Unfortunately, this isn’t always the case.
Thankfully, there is a solution – pairing the best and most effective portions of KYC and eKYC together, coupled with face authentication technology, to create a safer and more efficient future for us all.
A Modern Solution with Modern Security Protection
Despite the rise in identity theft and related concerns, trust and reliance in eKYC is continually growing. Mobile and digital processes have seamlessly become a part of everyday life, thanks largely to how ubiquitous devices like smartphones have become. Additionally, staff and workers are more efficient than ever before.
Therefore, the next step in the evolution of digital eKYC involves using biometric identity verification, alongside mobile ID and document scanning, to combat those threats of identity fraud at the source.
People are already comfortable with things like facial recognition, as it’s a common security measure on personal devices like iOS and Android. This simply takes that idea to the next level, bringing operational efficiency to the foreground.
Enhancing Data Privacy is Attainable in KYC Identity Verification
There are no limits to the industries that can use this technology on a day-to-day basis. Likewise, added data privacy is easily attainable with modern-day technology, particularly via all-in-one solutions that integrate directly into a business’s current data management systems.
There is unprecedented value in future-proofing not only your operations but also your customer’s data. Consider the fact that an enormous 60% of small businesses, in particular, close their doors permanently within just six months of some type of data breach or similar event. Face authentication coupled with a mobile eKYC solution is therefore one of the best opportunities to prevent that from happening.
In the end, the growth and confidence in eKYC processes will only continue to rise – something that is especially true if continual data privacy measures are put into place. Pairing mobile document scanning and face authentication, all made available by a single easy-to-use mobile solution, brings a higher level of security to customers and end-users everywhere.
Not only does it help future-proof and protect their data for years to come, but it also instills trust and solidifies the important relationship between businesses and those they’ve dedicated themselves to serving – which truly is the most important benefit of all.