Digital Identity Verification Can be Improved by Adopting Consumer-Centric, Layered Approach: Trulioo Report

A new industry report, published by Trulioo, the global identity verification firm, and One World Identity, looks at the “nuances” of digital identity verification.

As noted in a release shared with Crowdfund Insider:

“In particular, it explores how adopting a consumer-centric and layered approach to digital identity verification according to specific markets is a key component in reducing onboarding friction, increasing security and forging stronger customer relationships.”

The “Driving Consumer-Centric Digital Identity to Speed Financial Growth” report shared by Trulioo looks at how the orchestration of various identity proofing techniques and risk signals is “critical in identifying bad actors and differentiating them from legitimate users.”

As mentioned in the update, orchestration utilizes several different alternative data sources that empower firms to “continuously identify customers, reducing friction and providing a constant, clear view of customer identities.”

In turn, organizations are able to establish long-lasting relationships with clients because they have formed “a positive brand reputation and a strong sense of trust and safety.”

Garient Evans, SVP, Identity Solutions, Trulioo, stated:

“Reliance on digital services has skyrocketed. On average, consumers started transacting with six new brands during the last year. Online businesses that incorporated digital identity verification were able to carry on without disruption to business operations and came out on top. Meanwhile, companies that lagged behind by still requiring in-person Customer Due Diligence were left scrambling to keep up with their counterparts at the forefront of digital transformation.”

Other key takeaways from the report are that there’s a “need for fraud, security, customer experience, and compliance teams to converge and eliminate data silos within organizations.”

The report looks into how to ensure compliance with “evolving and disparate data and consumer privacy standards, and how being transparent about data collection increases consumer trust and comfort levels with information sharing.” The implications that adopting a consumer-centric approach has for firms in banking, travel, digital commerce and online marketplaces, healthcare and physical access management are also important considerations, according to the report.

You may access the “Driving Consumer-Centric Digital Identity to Speed Financial Growth” report here.

On July 22, 2021, you may join Garient Evans and Cameron D’Ambrosi, MD at OWI, for a discussion as they review key industry trends.

As previously reported, Trulioo is an established global identity verification firm “building trust online so that businesses and consumers can transact safely and securely.”

Trulioo’s platform offers real-time verification of 5 billion consumers and 330 million business entities across the globe — “all through a single API integration.” Organizations depend on  Trulioo’s identity verification solution, GlobalGateway, “to help meet their business and compliance requirements and automate due diligence and fraud prevention workflows.”

The Trulioo mission is “to help provide every person on the planet with a digital identity to enable access to basic financial services and support.”

As noted in the release, One World Identity (OWI) is a research and advisory company specializing in identity, trust, and the fast-evolving data economy. They assist firms, government agencies, and investors with staying “ahead of market trends so they can build sustainable, forward-looking products and strategies.”

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