Think of all the times you’re asked to identify yourself: getting on a plane, entering an office, trading stocks, getting a new prescription. Your identity is the key that unlocks doors in both the physical and digital world.
But despite the prevalence and importance of identity verification in our everyday lives, many companies still treat “know your customer” (KYC) as just another compliance checkbox. No one pays attention to their identity ‘keys’ until something goes wrong. Imagine a digital door being opened for a bad actor who stole your ‘key,’ or slammed shut on your valid customer because their ‘key’ couldn’t be found.
We all live in this digital world, so we all know the importance of identity—and the consequences of a faulty identification process. Your KYC solution is a make or break for your customers’ onboarding, which is a make or break to your business growth. Don’t let something this valuable linger as an afterthought.
Digital identity verification is at a crossroads. From Gen Z to baby boomers, the world learns about, engages with, and transacts via most services online. Customer experience is crucial, and if they get frustrated by the first entry into your business—because of a slow verification process or excessive validation requirements—then at best you have an annoyed first-time customer, and at worst you have no customer at all when they choose to take their business elsewhere.
Legacy Vendors Can’t Keep Up with New Challenges
Legacy KYC vendors simply aren’t equipped for the challenges of today’s digital transactions and customer onboarding needs. This is why Socure reinvented KYC coverage and accuracy performance to not just meet the challenges of the digital age, but create a whole new level of audience coverage that will directly accelerate your business growth.
|Solving KYC Challenges for 2021 and Beyond|
|Industry Challenge||Legacy Vendors Approach||Socure KYC Solution||The Result|
|Lucrative but Unverifiable Markets
How to accurately verify thin- to no-file prospects. These are your potential customers who may be new to the country, never had a bank account or credit card, just left for college so they don’t have a permanent address, or are just getting a job for the first time and therefore don’t have a long verifiable history.
|Over-Reliance on Traditional Data
Valid prospects can’t sign on as your customers simply because their credit files are thin. Legitimate populations who want to do business with you instead get turned away by your legacy identity verification provider (and then become your competition’s customers).
|Non-Traditional Data Sources for Wider Population Coverage
Patented AI and ML technology provide automated data curation from hundreds of sources, including telco, utility, streaming, military lending act, higher education, eCBSV (SSA), and much more. This opens the door to hard-to-verify populations and provides unrivaled auto-approval speed and accuracy for the validation of all prospects.
|Comprehensive Population Validation
The most accurate identity coverage across all industries and markets, including for the hardest-to-validate populations. You seamlessly onboard previously unreachable prospects for new business growth.
|Trust & Accuracy
How to fully trust in your identity validation completeness and correctness. This includes both false acceptance and false rejection of valid customers.
|Out-Dated Methodology = Inaccurate Identifications
Poor correlation between only two sources—whether that’s due to typos or simply limited depth of validation—leads to inaccurate results. Identities are looked at only across a single binary match, which leaves massive gaps where bad actors can enter and good prospects can slip through.
|Next-Gen Identity Clustering
Socure’s identity clustering looks holistically at each prospect, to generate and evaluate extensive records and identity footprints through multi-dimensional matching. Socure pairs broad coverage with advanced query tools to provide industry-leading accuracy up to 98% approval rates.
You’ll see +20-40% approval rates over legacy providers for hard-to-identify 18-23-year-olds, and increase your overall approval rates by +15-40% for your target audience—all while also reducing false rejects and boosting accuracy. Socure brings the business-critical, hard-to-identify demographics into your revenue stream.
Effort-intensive and costly manual reviews are often the only way to parse through false negatives and ensure true positives.
|Tedious & Time-Consuming Data Correlation
Because of incomplete or inaccurate identity correlation and shallow data sources, the verification process is full of gaps and outdated data. Manual review is the only way to resolve these issues. But that takes resources, time, and money—all while adding friction to your customers’ experience.
|Robust Data Signals & Population Coverage
Socure’s unmatched data coverage, along with automated data ingestion and cleansing, informs the most comprehensive master records, as well as the largest repository of known good and bad identities.
|Elimination of Manual Reviews
With enhanced identities and better data, you get more accurate matches. And as the accuracy of those matches increases, the number of manual reviews decreases—all the way down to zero.
Today’s sophisticated digital customers expect seamless service delivery. Any friction is a reason to abandon your site and see if your competitors want their money instead.
|~80% Approval Rates & High-Friction Experience
With slow performance and response time, prospects face friction before they can become customers, often causing them to abandon the process.
|Passive Verification in Milliseconds
Socure instantly matches user-inputted PII to a master record. Valid prospects seamlessly become customers, without friction on your end or theirs, as multiple correlations are made to determine an accurate outcome in milliseconds.
|Up to 98% Friction-Free Auto-Approvals
You hypercharge new customer onboarding, with a friction-free customer experience.
Know Your Customer Better. Convert Your Customers Faster.
You no longer have to settle for legacy vendors’ poor identity coverage, low accuracy, false rejects, manual reviews, low customer approval rates, and high-friction customer experiences. Know your prospects better, convert your customers faster, and grow your business with confidence. Talk to one of Socure’s identity verification experts today to find out how.
Anthony is VP and Head of Product Marketing at Socure. Previously, he was at Raise, the world's largest marketplace for retail currency. Prior to that, Anthony was a co-founder at Slide, a gift card wallet app on iOS and Android, that was acquired by Raise in 2016. Before becoming an entrepreneur, Anthony worked in business and product development at American Express.
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