Digital business requires many updates and integrations to keep up with regulatory compliance. As the digital economy grows, so does the risk of money laundering, fraud, and underage gaming. Many companies are responding to these changes in different ways, but the best solutions continue to be adopting new technology such as digital identity verification and machine learning tools that speed up the customer journey while providing enhanced protection for the business owner.
This article will discuss how digital tools can help a variety of industries protect their customers and their data while enabling them to boose their conversion rates in the process.
Financial service companies carry the lion’s share of regulatory standards since they have the strictest testing and governmental compliance standards. By implementing modern digital strategies like Automated Identity Proofing, they can effectively reach their consumers and enable them to open accounts and track data securely. Recent years have seen two new AML directives require banks to implement more stringent identity verification practices, which is why AI-backed identity verification software is an excellent addition to their business process.
Banks can choose services like agent-based authentication, which provides the dual benefit of a human touch with the convenience of modern technology. New banking customers who need to verify their identity can schedule an appointment with a qualified agent to verify their documents.
Insurance companies have long relied on human interaction to close sales and build their business. However, the pandemic halted many in-person deals, which had a drastic impact on high-touch industries like insurance. However, digital verification technology brings the human interaction component of the business across a digital channel. Services like this did not exist years ago, and now insurance providers have an excellent way to safely build their business and maintain a genuine interaction with their customers.
The gaming industry is another arena that is constantly adapting to new regulatory standards. One of the most critical aspects of eKYC gaming data is age validation. Underage gaming can be illegal for both parties, and machine learning tools and digital identity verification software can make the gaming world a safer place for players and operators.
Boost Conversion Rates
Many customers expect seamless integration between software and business services. Companies that utilize traditional or archaic data management systems risk losing prospects if their processes take too long or are difficult to understand.
For example, two consumers want to open a savings account with their bank. Bank A allows existing customers to open new accounts online and utilizes digital identification software to make the process smooth and efficient, whereas Bank B requires customers to schedule an appointment at a local branch. Bank A has a much better offer and will likely absorb many of Bank B’s customers if they refuse to adapt to modern technology.
Whether you are in finance, insurance, gaming, or another industry where eKYC and AML legislation is imperative, it’s essential to know that there are many new tools you can implement to future-proof your business, including digital identification software. Digital identification software hits the sweet spot between form and function because it simultaneously keeps your users safe and ensures that the business is in compliance with regulatory guidelines.