Don’t be caught out by hidden costs of consumer onboarding
March 18, 2020
All businesses are looking to acquire new customers, but their competitors are too. A poor onboarding process can frustrate new customers which can result in greater volumes of abandonment. This means a business will increase its acquisition costs and worst still it will create a poor brand experience which in some cases can cost a business more.
Signing up new customers even when performing KYC checks should be simple. Get the whole process wrong and you can run into issues with identity and payment fraud, regulatory failures and increased operational costs.
As a business, you need to be able to onboard customers quickly and easily, but you have to ensure that you’re only providing your services to customers who meet the legal requirement.
You could be struggling with limited access to adequate data and crying out for a robust verification process that checks numerous data points instantly. You may currently have lengthy fraud preventative measures and can see the real benefit of moving to real-time KYC and fraud verification.
What are the key impacts and issues?
As a busy professional, you’ll be considering the impacts of financial penalties, operational expenses, compensation pay-outs, wasted time and resource and poor publicity that could affect future business growth. Some of the things you’ll have at the front of your mind include:
- The verification process to cross-reference data such as personal details, address and date of birth
- Confidence that potential new customers are over the age of 18
- Being compliant with UK legislation and gambling commission requirements.
How can we help?
Profile iD is a global game-changer. There are well over 2.5 billion active social users around the world. By using social authentication methods will increase your pass rates in countries where traditional data is lacking.
In the UK, and around the world, there are many legitimate customers who aren’t on the electoral roll or don’t have the credit or traditional data to verify against. Profile iD is the solution.
An innovative consent-based approach to KYC & AML, that’s easily integrated into any process. Profile iD can also be combined with other solutions through our single API.