Fraud and mobile risk are major obstacles to the acceptance of digital banking. It’s a marketer’s responsibility to ensure that the organization’s authentication processes are secure and easy for customers to use. Customers can find out about digital ID programs and learn about Jumio here.
Security and Simplicity: It’s a Delicate Balance
Where authentication and verification are concerned, the key to maintaining consumer convenience is to ensure that a solution can perform the following tasks:
Encourage the consumer to stay in the channel
Operate in real time, with little to no lag
Require almost no user data input
Remain invisible to the user where possible
Work with additional security layers (like biometrics) for two-factor authentication capabilities
Using the above guidelines for consumer convenience, most businesses can set up secure, simple and safe mobile authentication processes.
Making Things Easier for Customers—and Harder for Scammers
By creating a secure process that’s also convenient, a financial institution or marketer allows customers to quickly move through the buying cycle; however, fraudsters are kept out. These automated processes may even eliminate the need for expensive manual audits, which can, in turn, lower the cost of customer relationship acquisition and management. Furthermore, mobile ID authentication meets all compliance requirements.
Making it Easier to Open an Account
A mobile verification process can make it easier for customers to open an account online. It works by allowing them to remain in the channel during the identity verification process. This differs from other methods where a user would typically need to send copies of documents through unsecured channels.
The Advantages of Jumio
With Jumio, finance institutions can reduce customer verification times from a few days to a few seconds, via the online document verification tool. This makes it easier for customers to expand while remaining compliant with Know Your Customer and anti-money laundering rules in relevant jurisdictions.
It’s vital to remember that UX (user experience) is crucial to mobile onboarding and customer acquisition. With a mobile ID verification UX that’s just as easy and quick as any user could expect, a digital marketer can improve metrics for customer satisfaction and mobile self service.