February 26, 2021
Interested in learning how to improve customer experience and secure onboarding by pre-filling identity? Click here to download a detailed white paper.
Consumer expectations regarding fast and easy digital experiences are at an all-time high. Every second counts when companies try to get new customers to sign up for their services. At the same time, they need to protect customers from fraud account opening and other onboarding scams. They need to understand how they can leverage modern identity verification and authentication technologies to improve customer experience and drive more revenue.
Sub-optimal customer experiences lead to application abandonment, a serious challenge faced by many industries. As per The Remarketing Report by SaleCycle, the average abandonment rate across industries was close to 77%.
E-commerce: When purchasing on an e-commerce website, consumers expect a quick and smooth checkout experience. In a single year, cart abandonment is responsible for $4.6 trillion in lost e-commerce sales, with abandonment rates averaging nearly 76%.
Financial Services: When it comes to financial transactions, consumers demand a frictionless application service and security that operates seamlessly and in real time. According to a study by Signicat, two-thirds of European consumers abandoned digital banking applications in 2020. Apprehensions related to security and the amount of personal information required were the top reasons for abandonment.
Healthcare: When it comes to accessing healthcare, patient registration is often the first experience that a person has with a healthcare provider. With most providers, this process is currently manual and paper-based. The process can, however, be digitized and made simpler and faster.
Consumers strongly dislike filling out forms or manually entering lengthy personal information in an online application. Abandonment is a result of this intense dislike and security concerns.
Pre-fill techniques reduce the burden of filling out an application by keying in authenticated and verified data. In addition to reducing friction in the form-filling process, they mitigate identity fraud and minimize the need for costly manual reviews.
The efficacy of pre-fill techniques hinges upon the accuracy of the data being filled. An effective method for validating identity leverages the power of phones and phone numbers. Pre-filled identities can be sourced and verified using Phone-Centric Identity information linked with other data sources strong enough to meet KYC requirements and regulatory requirements for different industries. When pre-filling information with phone-based identity techniques, identity authentication and verification should follow these three NIST SP 800-63 digital identity checks:
The Possession, Reputation, and Ownership (PRO) methodology also ensures that data is secure and unique, making it difficult for fraudsters to create synthetic identities.
Overall, pre-filling data with Phone-Centric Identity and adopting the PRO model of authentication and verification can help organizations increase the number of new accounts, reduce fraud incidents, and increase customer loyalty.
For more information, download the full white paper here.
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