The Gartner Market Guide
Gartner’s recent market guide (September 2020) on identity proofing and affirmation is expected to guide businesses. It will cover the trifecta of identity proofing, online fraud detection (OFD) and authentication.
- Document-Centric Identity Proofing
- Vendors With Data-Centric Identity Affirmation
- Device and Behavioral Analytics Focused Identity Affirmation
- Phone Number Focused Identity Affirmation
- Vendors With Strong Orchestration Capabilities
Gartner rightly concludes that identity verification orchestration capability including more than one vendor is critical to success and scaling. A checklist for a complete identity-proofing orchestration solution is also offered.
Of all the recommendations contained in the Gartner market guide, the ‘demographic bias’ recommendation is perhaps the most path-breaking.
Covid-19 made digital transformation hygiene
Digital transformation had always been a strategic change management initiative. BFSI organizations were the ones to take leadership given the need to establish identity in an extremely regulated environment through KYC verification. Companies in other unregulated sectors were indifferent.
COVID-19 changed everything, almost overnight. Digital transformation was thrown at the world, and it wasn’t optional. Digital wasn’t just a channel to do business, it became ‘the only way to do business.’ Companies across sectors even the unregulated sectors saw this as an opportunity to onboard customers, verify their identity and continue to be in business, and thrive.
Growth or Risk or Customer Experience
Business is about trade-offs, all the time. What does one prioritize? Growth driven by awesome customer experience or risk?
Identity verification is an imperative for businesses. Failure to know customers’ identification can escalate to fraudulent behaviour, which can lead to revenue loss, a loss of trust, and eventually brand degradation. Safeguarding the company’s image and revenue entails mitigating the risk of fraud by meeting KYC identity verification requirements. However, as the world has gone digital, so has identity verification and validation. Consequently, it has created the need for slick user experience because today’s digital users engage with world-class social apps, all the time. Any friction in user experience could hit customer acquisition and growth. At the same time, any let down in identity verification solution could increase business risk It is indeed a challenge to balance all these conflicting priorities.
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