On average, poor remote verification solutions result in the end-user making 2.4 attempts to verify their identity and complete a transaction.
In a digital world, customers now expect to be onboarded in an instant. If a firm’s onboarding process is frustrating, this can result in high abandonment rates, lost revenue and dissatisfied clients.
Although identity verification is not core to your business goals it is critical to your business success.
Companies that will grow during these challenging times will be those that adopt remote onboarding solutions that place customer experience high on their agenda.
For regulated firms to succeed in the current climate, they must strike a balance between delivering exceptional customer experience whilst meeting stringent security and regulatory compliance requirements. In this blog, we discuss how you can improve your remote onboarding processes to increase completion rates and improve customer experience.
Watch NorthRow & iProov’s Remote Onboarding webinar
At NorthRow we joined forces with iProov, the world leader in online facial biometric authentication, to provide a 25-minute webinar on how you can improve customer experience when onboarding remotely.
Key topics include:
- Managing increasing money laundering & Fraud threats
- How to balance security, compliance and experience
- Why not all liveness solutions are created equal
- The future of onboarding 2020-21
Watch the webinar on demand now.
Remote onboarding technologies
Biometric facial technology is widely used by regulated industries to verify a client’s identity remotely – especially on mobile devices.
Biometric can accurately answer the question “Is this the right person?” However, it does not answer the question, “Is this a real person?”. This is where liveness detection comes into its own.
‘Liveness’ detection technology determines whether a person is real or if it is a spoof attack, where an imposter could use a printed photograph, cut-out photos, screen displays, video playbacks and masks, without user permission.
Liveness detection is critical if you want to securely onboard your clients, however, it is often the part of the customer journey that causes the most friction; reducing completion rates and with some customers feeling it is invasive.
Not all liveness technology is created equal
Many liveness solutions use motion-based technology to determine whether a person is real or not. It will often ask a user to look in different directions, change their facial expressions by frowning or smiling, and require voice authentication where users are asked to say a set of randomised numbers or phrases, to a camera.
Motion-based liveness technology is a sufficient approach to determine that a person is real and not a spoof attack, however, it can often fall short on delivering the friction-free customer experience businesses look for when staying ahead of the competition.
The issue with motion-based liveness detection is that it puts the onus on the customer to follow a set of directions correctly. If this fails, they are either not onboarded or the business is required to carry out manual due diligence, which slows operational efficiency down and results in a frustrated customer.
A technology-led liveness detection, on the other hand, does not require active participation by the user, it essentially operates in the background, detecting features of a spoofing attack such as patterns, reflections and depth to determine liveness. Capturing multiple artefacts in a single frame enables a fast decision and can feel less intrusive than a motion-based solution. In addition, technology-led liveness delivers higher accuracy, improves pass rates, can easily detect fraudsters and enables a completely frictionless experience for users.
Progressive Web Apps
In the past, many firms have chosen to use Native Apps or SDKs as part of the digital onboarding process. This requires a user to download and install an app onto their device through an app store, such as Google Play or Apple’s iOS App Store.
However, from a customer experience perspective, being asked to download an app for onboarding purposes may seem unnecessary, especially if they are unlikely to use the app often. Not only does the SDK take up space on a device, but it will also require the user to accept ongoing updates.
Automating regulatory compliance
Ensuring that you capture accurate customer information from the onset will improve efficiency and enable your team to process and verify client data quickly. Implementing RegTech solutions to automate the manual process of checking customer data and identity documents against relevant sources can only accelerate the process further.
These solutions deliver reduced onboarding times; improved user experience and meet regulatory requirements to support not just the customer experience but also the operational efficiency for the business.
Want to learn more?
NorthRow’s technology solutions create effortless client onboarding and monitoring experiences, whilst ensuring regulatory obligations are met. By automating and integrating a broad range of identity verification and managed services, NorthRow simplifies the complexity of compliance during the onboarding process, improving operational efficiency and customer experience, whilst reducing our client’s time to revenue. Get in touch to learn more about how we can digitally transform your compliance and client onboarding processes.