If the coronavirus pandemic has shown us anything it is that we’re moving to a more connected, online world in which we need to prove our identity securely. Biometrics will be in high demand. Take onboarding practices with traditional banks, this involved visiting a local branch to verify who you are with ID documents. Not anymore, so remote access to services via a customer’s device will be critical.
With most countries across the globe implementing stay-at-home policies, we now see banks and telecommunication firms, even governments, moving beyond traditional verification and investing in remote digital onboarding using biometrics. Organisations who fail to offer simple and safe remote customer onboarding will fall behind.
Digital-first and challenger finance providers in developing regions from Southeast Asia to Africa have been early adopters, banking the unbanked and bringing microfinance and responsible lending to millions. Their experience demonstrates that onboarding, the process of capturing and verifying a new customer on a digital platform, must be effortless and seamlessly integrated into a bank’s existing infrastructure to maximise efficiency.
With the market for digital onboarding becoming increasingly crowded, it is difficult for banks and other finance providers to assess the right remote identity verification partner.
The key is to look in-depth at the technology being used. Can it be customised and scaled? Has it been benchmarked and certified? Will it be compliant with local data, financial, and anti-money laundering regulations? More importantly, is the technology user friendly and intuitive? The most important element here is to adapt technology to humans and to efficiently address digital age business needs.