Overcoming Barriers to Speed with the Acuant®GO No Code Platform
September 23, 2021
The last few years have seen a significant acceleration in the digital landscape. Companies are forced to quickly adapt to technological advances to stay competitive in their market while continuing to provide a superior customer experience. As the digital space grows, so too does the number of risks your business might face. Fraudsters, for example, have evolved their tactics to take advantage of new technologies, and the pervasiveness of data breaches, phishing attacks, deepfakes and synthetic identity fraud, means that, more than ever, companies need to have the right solutions in place to protect sensitive data, accurately identify customers and prevent fraud. Ineffective identity verification technologies will prevent companies from thriving in this rapidly changing landscape and hinder go-to-market efforts.
Barriers to Speed
Speed, and thus the ability for a business to rapidly adapt to market changes, is crucial for maintaining a competitive edge. However, companies may find themselves facing a number of barriers to speed that negatively impact their entrance to or place within the market.
- Dynamic Markets: it can be difficult for companies to keep up with volatile and, many times, unpredictable market conditions.
- Demanding Consumers: in today’s digital age, consumers expect a frictionless and efficient customer experience—from onboarding through the customer journey.
- Growing Threat Landscape: data breaches, phishing attacks, account takeovers and synthetic identity fraud are on the rise, increasing the threat of fraud and identity theft.
- Evolving Regulatory Environment: industry regulations are continuously being introduced, enforced or updated, making it difficult to stay compliant.
To evolve with the market, digital organizations will need to re-evaluate the way they operate. From an identity verification and KYC perspective, this may require the use of additional methods to evaluate customers, along with a faster, more efficient way to deliver solutions that impact the customer experience.
A Range of Methods to Establish Trust
Mitigating risk and establishing trust is key, but depending on a single source of data for verifying identities is likely to result in a deficient identity verification process and hinder anti-money laundering (AML) and compliance efforts. While traditional data sources can still be useful, they lack the coverage and high-level of assurance global organizations require to stay competitive in today’s market and comply with industry regulations. They can also add friction to the customer onboarding experience, regardless of a customer’s tech savviness.
A strategy that utilizes various methods such as document authentication, biometrics, liveness testing, artificial intelligence (AI) and machine learning (ML), will be far more effective and accurate in verifying digital identities during onboarding and throughout the customer lifecycle.
Utilizing a No Code Platform: Acuant®GO
Finding, let alone integrating, a comprehensive identity verification and know your customer (KYC) solution can feel daunting for businesses—and oftentimes, it is. Businesses want a solution that integrates quickly and seamlessly, while enabling you to go-to-market quickly. Yet, for many companies, it can take them months to develop or integrate an identity verification and KYC solution that fits their business. More so, the processes in place are neither digital nor automated, making it challenging for fraud and compliance teams to actually prevent fraud and comply with regulation. This is what makes a low code or no code platform increasingly appealing.
A no code solution is one that allows businesses to integrate and implement their chosen identity verification and AML/KYC solution without requiring heavy lifting from one’s technical team. A customizable drag and drop form designer that is both context-driven and flexible will enable fast responses to industry changes while also reducing integration costs.
This means that by using Acuant’s Trusted Identity Platform and an advanced no code solution like Acuant®GO, companies can quickly go-to-market with a secure, fully-fledged identity proofing and KYC compliance service for customer onboarding. And do so without requiring too many technical resources or compromising on functionality, security or user experience.