As a best-in-class digital ID verification provider, we talk to all kinds of businesses about how they approach document and biometric verification. In those discussions, there are three pain points that we especially hate to hear—because they mean that the person we’re talking with has been losing revenue, customers, and growth opportunities, simply because they haven’t caught up to the ways that modern digital ID verification is re-defining fraud prediction and customer onboarding.
Any of these sound familiar?
1. “ID Verification Causes Too Much Friction.”
Not all digital ID verification systems are created equal. Some are mostly manual and friction-heavy at onboarding, even taking minutes, hours, or days for customers to receive approval. These subpar processes harm your reputation, produce high false positive rates, and lead prospective customers to drop-off (and go to your competition). And that’s not even considering the sunk cost of manual reviews.
So yes, some ID verification solutions cause an overload of friction—but not Socure. In testing the conversion rates of Socure’s ID verification solution, we found that our customers have an overall consumer conversion rate of 92% once their users initiate the first identity verification scan. And of those 8% who do drop off, friction is not the cause; it’s more likely an uncommitted user who isn’t serious about doing business, a user without a smartphone—or a discouraged fraudster.
Socure’s passive, single-frame biometric check is as low-friction as it gets for end users. It does not require physical movement or video from the consumer, plus it works in the background to confirm an identity with minimal exceptions. Socure’s automated machine learning, computer vision, and algorithmic approach streamline the user verification process in order to minimize friction and maximize the conversion of legitimate customers.
2. “ID Verification Takes a Long Time to Implement.”
By the time many companies talk to Socure’s experts for a proof of concept (where you can test the system to determine how it would provide measurable, empirical value ), they need to launch a solution fast. But a lot of legacy systems have issues with quick integration.
With Socure’s simple no-code approach, you can integrate mobile and web SDKs in days—3X faster than the industry standard. In some cases, it takes longer to get the paperwork through our customers’ departments to sign than it does to get Socure’s digital ID verification solution fully implemented into their environment. Once within the module, the ease-of-use continues with a dashboard that gives you the ability to customize logos, text messages, descriptions, and more than 170 other attributes that can all be configured without coding. Whether you’re ripping out and replacing legacy systems or prepping to go to market, Socure ID verification offers the most scalable, timely, user-friendly, and cost-effective implementation path.
3. “ID Verification Doesn’t Add Value Beyond Onboarding Identity Claims.”
It’s tempting to think of ID verification as a stand-alone system, whose only purpose is to verify identities and reduce fraud. While fraud reduction alone drives down your expense, the right ID verification solution will also offer much more benefit for your bottom line.
Safe and seamless customer onboarding is a huge competitive differentiator: the faster your customer is onboarded, the more likely they are to stay and do business. And while the benefits of a robust identity verification system are usually focused on bolstering compliance or keeping down fraud (and associated fines and costs), there’s also a competitive advantage: it has the potential to turn onboarding into a digital engagement opportunity to provide differentiated experiences throughout the customer journey.
Using Socure as your ID verification solution is the best way to get a seamless customer-centric approach that also drives revenue. The strategic, competitive differentiation that our identity and document verification solution provides will ensure you get ahead of both crafty fraudsters and competitive foes, so you can build a solid foundation for long-lasting customer relationships.
Want to see how it would work for you? Talk to one of our experts for a complimentary demo.
Brenda Gilpatrick is senior director of product marketing at Socure. She helps to lead go-to-market strategies for the ID+ fraud product suite. Previously, she was an independent consultant in the payments and fintech industry, working with companies of all sizes on marketing, technology, operations, and business development initiatives.
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