The digital natives are restless

Jim Close at Kofax explains how to keep customers happy and at the same time ensure compliance with biometrics and ID verification

Today’s consumers are digital-first. Yes, they still go to the store and sometimes even choose to interact with an employee or human agent, but 56 percent of all B2C communications now take place online. This shift was already happening, but the pandemic turned the slowly moving tide into a tsunami of change.

The online customer experience (CX) is more important than ever – and expectations are high. Customers want the ability to seamlessly interact with your organisation, across any channel, and even switch from one channel to another – without skipping a beat.

Patience has also run thin as of late. People don’t want to spend their time entering data, uploading forms, or repeating steps. Interactions must be fast, simple and efficient.

It sounds easy enough . . . until you factor in security, compliance and regulatory requirements. Executives are tasked with the tough job of finding a way to conduct thorough identity checks and onboarding procedures while still delivering a seamless and fast CX.

Fortunately, modern identity verification and biometric technology make it possible to satisfy your digitally native consumers without putting your own organisation at risk.

Go digital for maximum CX

The customer experience in the UK declined for the first time in four years, according to recent KPMG research. However, when you look at the top 10 brands that avoided the dip, most of them are highly digital. Additionally, 10 new entrants to the top 100 ranking are technology-based businesses.

Organisations must adapt to survive. Fortunately, many are finally seeing the writing on the wall, and they’re taking action. Businesses are spending money on automation and AI to provide faster and better customer service.

They’re also investing in technology that enables them to maintain compliance and security. In fact, spending on digital identity verification is expected to reach $16.7 billion by 2026, a 77 percent increase from 2021. 

But the results aren’t always stellar. More than 70 percent of CX leaders are struggling to design projects that increase customer loyalty and achieve results.

In this digital-first world, success will boil down to making the right technology choices.

CYA with biometrics and identity verification  

As digital interactions increase, the risk of fraud rises right alongside it. But customers don’t want to be slowed down by lengthy onboarding or application processes. They just can’t (and won’t) be bothered.

It’s quite the predicament. How can you deliver fast, personalised digital interactions and still CYA (Cover Your Assets) when it comes to onboarding and Know Your Customer (KYC) requirements?

Deploying biometrics and identity verification technologies like cognitive capture and AI deliver a seamless customer experience while improving security and compliance.

Customers can upload required identification documents like residency cards and passports with their smartphone. Digital identity technology takes it from there, automatically extracting and verifying the required data. An authenticity check matches the data on the documents and verifies the digital certificate in documents containing eChips against an approved list.

Customers can even upload a selfie using their mobile device. Of course, you don’t want to frustrate your customer by forcing them to resubmit their photo multiple times. Thankfully, AI and machine learning guide them through the process, so they get a clear and complete picture right away.

From there, liveness detection verifies the selfie is taken in real time, tampering checks scan for headshot manipulation and text changes, and face-matching technology compares the image to the applicant’s identification document.

The customer completes the process in a few simple clicks, while organisations improve compliance with KYC requirements and regulations like GDPR and PSD2. Plus, customers can check the status of their application in real-time across any channel.

Play the long game

Organisations looking to take advantage of biometrics and digital identity technologies should keep in mind a siloed, patchwork approach doesn’t work. Success requires careful planning and design.

The entire customer journey needs to be considered, and this includes front and back-end systems. Failure to address all aspects of the process will negatively impact the CX, and you’re likely to be stuck fighting a losing battle.

An integrated platform of complementary capabilities makes it easier to adapt as requirements change, handle more complex workflows, and scale on demand. It’s also easier to implement new technologies as soon as they’re available.

Leaders must also take it upon themselves to create an appreciation for the value of CX throughout the organisation and communicate goals and strategies to all departments.

Today’s customers know what they want, and they want it now. If they don’t get it from you instantly, they’ll get it from someone else. But in a digital-first world, the risks are higher when it comes to fraud and non-compliance.

Make sure your digitally native customers will never be restless again and CYA with seamless biometrics and identity verification. 

Jim Close, Regional Vice President of Enterprise at Kofax

Main image courtesy of iStockPhoto.com