Since the pandemic, industries are going digital and customers can avail services while staying at home. However, with these innovations industries are facing various challenges like identity theft. Similarly, minors also easily onboard age-oriented platforms by using their elders’ information. This is why the traditional verification methods are no more reliable.
Hence, industries require authentic biometric screening to verify customers. The AI-powered biometric solutions help industries verify identities not by just validating documents but also through distinct individual traits. For instance, the system scans behavioral and biological features. This way industries can readily identify criminals and onboard legitimate customers. This blog covers the main reason why industries should incorporate biometric recognition solutions.
Biometric User Authentication – Efficient Methods to Elevate Customer Retention
Criminals are using modern ways to dodge the identity verification processes. This allows them illegitimate access to platforms. Therefore, industries require better and improved solutions to draw a line between imposters and legitimate customers. Digital biometric user authentication solutions are elevating industries’ verification processes.
It offers facial verification, voice recognition, signature verification, and various other checks which are impossible to replicate. This way industries are adding extra security and authenticity to their customer onboarding process. The next section discusses further details regarding why biometrics are essential for industries.
Contactless Customer Registration
Digital transformation has shifted businesses online while raising various concerns like identity theft. However, businesses can employ biometric recognition to streamline the customer verification process. Moreover, as per Know Your Customer (KYC) requirements, businesses should verify customers’ names, addresses, and documents.
As per Shufti Pro News, criminals are using new ways to alter this information and illegitimately register on platforms. Therefore, businesses should incorporate facial verification, iris scans, and voice recognition to accurately verify customers. Moreover, e-commerce and other retail industries are using facial verification as a means of placing an order and making payments.
Automates the Customer Verification Process
Manual verification is outdating because of its inaccuracies and increased chances of human error. Furthermore, traditional methods are inefficient, take longer time spans, and consume more resources. This is why industries need digital biometric user authentication as it automates the onboarding process. The AI-driven solutions use Machine Learning (ML) technology that is capable of analyzing huge datasets and providing accurate results.
Moreover, businesses won’t have to wait for weeks to register customers, digital verification solutions will do the task in minimal time. Biometrics analyzes the biological and behavioral features which are impossible to replicate. Hence, businesses with robust biometric verification solutions in place will detect and prevent criminals’ access.
Improves Security with Easy Integration
Where businesses are falling prey to criminal threats, biometric verification solutions are offering methods to secure their operations. For instance, a biometric system analyzes various distinct biological and behavioral features. This helps businesses secure their legitimate customers’ data. Ultimately, this will help improve the process of customer retention.
Shufti Pro Funding indicates that AI-powered solutions are easy to integrate within the existing onboarding process. Furthermore, accurate verification services reduce operational costs and improve customer experience.
Accurate and Authentic Identity Verification
Businesses’ reputation detects the level of customer dropoff. Legitimate customers are less likely to connect with a brand that has a damaged reputation or has a high chance of criminal attempts. This is why businesses are more in need of accurate solutions to retain customers and safeguard their information. For this, AI-enabled verification services are the businesses’ go-to solutions. Industries can ensure that the user is present behind the screen and verify their “existence in the real world” claim.
The digital biometric ID verification solutions use advanced methods like mathematical algorithms to map the face and identify customers. The system further cross-match these features with the ones on submitted documents and later within the databases. This drives authenticity to the onboarding process.
Places Restrictions in Criminals’ Way
Where businesses are using online and improved solutions to verify customs, criminals are employing sophisticated strategies to bypass these checks. They either use software like 2D/3D masks to camouflage facial features or voice changers to fake their pitches. According to the stats by ComapriTech, the identity theft complaints from 2019 to 2020 increased by 5.1%.
This is why businesses need robust defense and verification solutions. Moreover, AI-powered solutions take less time and verify customers by scanning their faces, iris, voices, and signatures. Industries like finance can supervise their customers and monitor their activities. Later they can detect suspiciousness and report it to regulatory authorities. Ultimately, businesses can ensure compliance with KYC regulations.
As businesses are going completely digital, their need for robust customer verification solutions is also increasing. This is mainly because criminals are using advanced methods like deepfake, spoofing attacks, and 2D/3D masks. Businesses facing these threats experience an increase in customer dropoff. Fortunately, biometric screening is providing efficiency and accuracy to businesses’ onboarding process. Ultimately, businesses can not only uplift their reputation but also retain a high user base.