3 Helpful Developments in Digital Verification of Customers to Boost Your Conversions
Photo by Isaac Smith on Unsplash
As you've probably noticed, new solutions in digital verification of customers pop up every week, and I'd like to share with you 3 important trends that help tremendously with customer conversions.
- Reliance on 2-way human interaction during digital video onboarding or “liveliness tests” is likely to become obsolete soon
This is mainly because human eyes cannot perform facial recognition accurately enough, the quality of the video in many instances is less than perfect, and the human error rates for cases of identifying and verifying people who are of different age and race than the KYC agent are very high. If we assume that the main goal of the liveliness test is to collect the proof that your customer can follow certain instructions is real time, SDK process can auto-collect evidence automatically, when the customers are typing in registration information, taking the selfies or uploading documents in the order they are asked to do so. - Reliance on info included in transactional messages that can be collected from incoming deposits will continue to play a significant role for small transactions, especially with SEPA transfers.
- Automation of address verification is likely to get better and smarter.
It is already possible to check that the proof of address document has no signs of digital tampering and that the address actually exists in Google maps, and it is also possible to reconcile in many cases the geolocation of the person with the address found on the document and match it to the address you have on file. It is also possible already to detect whether the name of the person is found on the address verification document. Hopefully, we are not to far from the day when the requests to provide utility bills will become history 🙂
By the way, we also have a practical checklist for you to refer to, when conducting KYC and onboarding your customers! Have a look!
