The Future of Identity Verification

Recent research reveals that an astonishing majority (84%) of financial services in the UK are concerned about their identity verification capabilities, and rightly so.

No consumer is likely to sing praises about the verification processes currently in place in a lot of institutions, a common example being providing a recent utility bill.

With sharp advancements in technology across a vast majority of sectors, it’s a wonder why identity verification in many still rely on traditional methods such as official documents.

Financial institutions need to consider the evolving needs of consumers, predominantly Millennials and generation Z, both typically lacking in traditional data such as credit history. These populations are in danger of finding themselves stuck in cycles where they put off big purchases such as cars or houses because they lack adequate credit for financial support, and therefore fail to build up a credit history.

An age-old problem

Millennials reportedly earn 20% less in salaries than the Baby Boomer generation, and as a result, many are putting off significant purchases that would actually help them to build credit such as houses and cars. The lack of credit history means that a large amount of this generation – and possibly even more of Generation Z – class as thin-file and, as a consequence, find themselves unable to access services such as traditional loans, rental agreements and mortgages.

So what does the future hold?

Big Data = Big Possibilities

There’s a lot of talk about ‘Big Data’ but this simply refers to any large amount of unstructured data and is entirely meaningless without the adequate analytics tools to derive meaning from it.

There are huge amounts of digital data created daily, therefore a continued reliance on the same traditional sources as twenty years ago risks restricting access for consumers who could otherwise be verified.

Balancing Customer Convenience & Security

Customer’s data is extremely important to keep safe, and with fewer and fewer consumers finding themselves adequately covered by traditional sources alone, it is important to take into account alternative ones that we have available to us in the digital age. Consumers have become used to being able to access goods and services within a few simple swipes and clicks, and any requirements for more vigorous checks adds friction and can result in high drop-off rates throughout the process.

This is how leveraging a multi-pronged approach to analyse digital data in real-time (assessing the quality and quantity, as well as looking for corroborative data) can robustly verify identity quickly and efficiently all online with less friction than traditional methods. Harnessing alternative data sources throughout the verification processes can help boost inclusion and increase access for those currently excluded or restricted, helping them to invest in business and property and, in turn, the economy.

To find out more about how you can bring your identity verification processes up to speed, visit our product page or get in touch for a chat/ free personalised demo.

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Soda’s new starters and quarterly round up

The Pizza-eater of the quarter is… our new Business Development Director Phil!

Get in touch with him to congratulate his efforts (or to find out how you can benefit from Hello Soda’s solutions)…

New Starters, New Products, New Clients!

Hello Soda’s sales team is expanding! After more than doubling in size in the past year, and opening an international office in Austin, Texas, we are excited to continue our rapid growth with 3 new additions to our sales team.

Bet on Brazil bet on big data with PROFILE 

It is increasingly vital for bookmakers to use big data as it is in other industry, and Bet on Brazil (an Argyll Entertainment brand) is now more focused on it than ever. Find out how Bet on Brazil benefit from PROFILE in the gaming industry.

Discover our New Product

Discovery turns your limited contact information into a plethora of detail. Using just a single unique identifier as a starting point, Discovery builds confidence in a user’s digital identity and paints a better picture with in-depth interest insights, verified contact points, and employment verification.

Get in touch to find out more

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The travel data goldmine

Holidaymakers and travellers alike are leaving huge data trails in their wake. Whenever a destination is researched, a trip booked, a place visited or comments and reviews left online, insightful travel data is being created. Travel companies have cottoned on to this and are now utilising big data to their advantage. The challenge lies in deciphering this unstructured data to determine relevant insights that have the potential to boost revenue. Like a goldmine, the raw materials for these insights already exist, and travel companies now need to drill down in order to extract and apply them.

Times have changed

Big data analysis lends itself particularly well to the travel sector. Smartphones are ubiquitous amongst millennials, who are now the largest generation in history and constantly connected. This combination makes for incredible volumes of data production and the data insights that can be gleaned from one aspect (such as geo-tagging) alone are vast.

“Bored of the same old French Ski resort? Excitement isn’t far away – get 10% off a 2 night stay in Grenoble Ski Resort if you book before Friday”

It should come as no surprise that fewer people are heading into a high street travel agent in person to discuss their travel options. The global online travel industry was responsible for a staggering $498 billion of revenue in 2015. The percentage of adults who purchased travel arrangements and accommodation online was almost 40% in 2014. The rise of online travel websites and platforms has brought convenience to consumers, as well as greater choice and the ability to make quick and easy comparisons. By extension, this has granted more power to consumers but also results in more effort being required on their part. And without the human element within the buying cycle (eg. a travel agent who can make suggestions based on your likes, interests and requirements) the dilemma that online travel companies now face is how to establish a customer’s perfect holiday and to suggest it to them before they’ve even opened Google.

The holy grail of personalisation

True personalisation to the consumer’s wants and needs brings with it greater customer loyalty. In the current comparison-driven market, building brand loyalty has become a greater focus than ever before. 46% of travellers stick to using just two or three different websites when making a purchase online. And whilst 34% agree that online travel companies have nailed down the basics of search and shopping, more than half (53%) think that they can do more to improve.

With the aid of the right tools, big data can allow travel companies to be proactive rather than reactive to their customer’s wants and needs, and the personalisation of travel offers and services is becoming a hallmark of good customer service­­­­. Tailoring how you market your business’s goods or services to particular interests and needs is the key to obtaining the best conversion rates and ROI and – while traditional data sources can segment audiences by factors such as age and gender – in an ever connected world, this data quickly becomes outdated.

Using advanced text analytics, our flagship software solution PROFILE establishes a person’s likes and interests with astonishing accuracy. Utilising this technology opens up a wealth of marketing possibilities, and – in a busy marketplace – this can provide online travel companies with a much needed edge over the competition. The same technology also enables you to establish a customer’s personality traits, allowing you to make more informed decisions about how you promote or advertise your carefully tailored offer.

PROFILE uses the scientifically-backed Big Five method of scoring an individual’s personality. For instance, an individual who scores highly in conscientiousness is much more likely to respond better to comparative adverts which show how one deal compares to another. Perhaps they score highly in agreeableness, in which case the emphasis of your campaign should focus on the enjoyment and feelings that the consumer is likely to experience. Unique insights including these can empower your marketing campaigns by enabling you to identify cross-sell and up-sell opportunities, boost customer loyalty, and in turn uplift revenue.

Why wait until everyone else does it first? Get in touch to book a demo and revolutionise your marketing with PROFILE Personalisation.

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Big data verification in the gaming market

The gambling industry is estimated to be worth 50.7 billion US dollars as of 2017. Identity checks are a vital element of any gambling registration process, but relying on current, outdated data sources can lead to you missing out on potential users and millions in revenue. Is big data identity verification the future?

There are consumers who will (and do) visit your website or your app, go through registration, and then drop off due to an inconvenient and drawn-out signup process such as requesting copies of driving licenses. Even losing 10% of potential players because of this can radically harm your revenue, something which is avoidable by implementing the right tools to optimise registration processes.

Smart phone penetration is predicted to reach 70% by 2020, and, by 2018, the mobile gambling industry is expected to be worth $100bn. The mobility that these devices provide to customers, and the rise of publicly available Wi-Fi, enables them to play anywhere, resulting in an increase in user demands for convenience and efficiency, with quick verification processes being a particularly vital part of the user experience for time-dependent bets or offers.

Technology is sufficiently advanced to no longer have to rely on traditional data sources alone. Digital data is expected to reach 180 Zettabytes by 2025 (up from 4.4 in 2013) and but, at present, less than 0.5% is ever analysed and used.
With 2.5 Exabytes (or 2.5 billion gigabytes) of digital data is produced every single day, why continue to rely on outdated data sources alone when there are solutions available that leverage this digital data to enable quicker, more user-friendly verification processes?

Big data analytics software can be utilised to verify identity and detect fraud to ensure that safe and genuine customers are seamlessly and quickly authenticated. Our solution PROFILE provides an efficient and modern form of ID verification by harnessing a customer’s existing digital footprint to drastically improve the user experience. Following consent from the user, in simple terms PROFILE assesses both the quality and quantity of data available about an individual, ensuring it is consistent, meaningful and real. This use of big data can determine whether an individual is who they claim to be, in real-time, without affecting the experience of the gamer.

With PROFILE, you will supplement traditional data with the user’s digital footprint to enhance existing verification processes. PROFILE will be just as accurate and work just as well regardless of where in the world the player is.

PROFILE is revolutionising the way that the gaming industry verifies identity. With clients already seeing 63% uplifts in ID verification on thin-files versus traditional processes, PROFILE will drastically improve your odds of success in a crowded and competitive market.

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