In the digital age we live, the more efficient your methods of onboarding customers, the faster your business will experience growth. But, with ever-evolving forms of regulation and a growing list of providers and solutions, choosing the right form of identity verification which is both robust and compliant is becoming increasingly difficult…
What is identity verification?
Identity verification is exactly that, and more and more industries are becoming subject to identity checks before onboarding their customers. Whether you’re opening a bank account, moving into a new home, signing up to an online gaming website or starting a new job, you’ll more than likely undergo identity verification in some form.
The differences between industries and territories are the regulations that apply; these affect how stringent the checks need to be. For example, when opening a bank account in the UK, customers are required to undergo a series of anti-money laundering checks, verifying the information they’re providing is accurate and that it’s their own personal information.
To then validate customers, providers such as Hello Soda will cross-reference the information provided against a number of legitimate, high-quality data sources to provide a confidence score which corresponds to a pass or fail in terms of onboarding a customer.
Which industries require identity verification?
Growing numbers of businesses and industries are requiring identity verification due to an increase in regulations. As well as businesses dealing with large amounts of money, if your business;
- Requires protection from fraud
- Needs to comply with anti-money laundering regulations
- Is overspending on user onboarding
- Needs to verify the legal age of customers
You’ll inevitably need to use an identity verification provider, and we recommend that you continue reading…
Methods of identity verification
Here at Hello Soda, we’ve developed a complete suite of automated solutions which meet the ID Verification, KYC and AML requirements of every regulated business:
Years of machine learning, natural language processing, data modelling and analytics expertise have culminated in Hello Soda’s Profile iD engine, the complete ID verification solution for businesses. By collecting digital data created by the consumer, often dating back over many years, Profile iD ensures that the account is both legitimate and belongs to the individual.
iDocufy utilises a global database of over 5,000 forms of government-issued identity documents to accurately assess document authenticity and capture both visual and electronic document data. Our advanced OCR technology extracts the printed PII from the document to cross-reference against the results of the customer’s digital verification.
BioMatch allows you to make sure that you are verifying the true document holder. Hello Soda offers a live face-capture feature which provides an extra level of security and assurance that the customer is in fact who they say they are.
With over 3,000 utility and telecoms providers across 40 different countries, we are able to offer your business a global, verified source of utility data that is current, complete and 100% consented by your customers. Our fully automated solution allows you to reduce the costs of manual processes, reduce fraud, improve the customer experience and boost confidence in customer identity and address.
Gain confidence in your customer’s identity with BureauMatch, which uses the latest CRA data to perform adequate KYC and AML checks. Combining BureauMatch with our suite of identity and fraud prevention solutions will help gain an enhanced customer diligence.
Our comprehensive family of KYC and AML solutions means there is no need to manage multiple integrations from different providers. This approach saves time and resource and can help future-proof your business with the ability to switch on additional services as your requirements change.
Traditional checks, such as using credit history mean that many good customers are turned away. A vast number of millennials do not have CRA data so if this source is used, they are rejected. Equally in countries with thin files, where traditional data does not exist or is scarce, our product offering can be used to qualify and verify new customers.
This integrated approach helps increase pass rates in countries all over the world, verifying identities using a number of data sources, which in turn increases revenue, increases customer acquisition with real-time onboarding and creates a better customer experience.
How we can help
With use of our product suite and single, universal API, you can verify and onboard up to 68% more customers than with traditional identity verification methods.
Hello Soda’s one simple, global solution, Sodium enables customer verification in real-time. Utilise a single element or multiple processes – it’s entirely up to you. Learn more about how we can help to automate and simplify your verification processes to help you gain a better understanding of your customers.
Book a demo today and see for yourself how powerful our suite of solutions are.