Digital Onboarding and KYC Report 2020
Published February 25th, 2020. Download Report Guide
In the recent Global Digital 2019 Report reveals that internet users are growing by an average of more than one million new users every day since January 2018 and an expected annual digital growth of 9.1%. From these internet users, 2,818 Billion people worldwide engage with eCommerce and by 2022 online sales will make up 17% of all global consumer sales.
With all this growth and more and more customers engaging online storing card and personal details, inevitably brings more risk. Fraudsters are relentless in their maneuvers to attack customers intangible selves and businesses worldwide from their hard-earned established customer trust, brand loyalty and revenues.
One of the critical mantras these businesses are implementing is a wide range of Know Your Customer (KYC) tactics throughout their entire customer journey. For many businesses, onboarding customers in a verified manner may bring the risk of friction and loss of engagement if the required verifications at an entry-level are too vigorous. One method to maintaining low KYC friction at the point of entry it to implement pre-screening KYC verifications in the onboarding journey. Which allow the costs associated with KYC performance to remain low, and identities are quickly verifying through risk analysis against basic KYC checks.
Building trust through technology without disruption is increasingly the goal, but also the responsibility of businesses with online channels. While there are substantial barriers to achieving that goal, it is more critical than ever for companies to overcome. Businesses need to look beyond just implementing KYC for compliance and utilise KYC data to enhance customers digital profile, experience and trust.
Lack of visible security is the number one reason customers abandon an account creation or transaction. Nearly two-thirds (66%) of customers appreciate security protocols when transacting online because it makes them feel protected.
If KYC verifications are presented to customers in a manner when they are relevant in their journey as well within a layered cascading approach, the business is acquiring the best data and fraud prevention techniques. The more a business knows about their customers, the more they not only build further trust within their brand but can tailor customers experiences to expand loyalty, improve overall customer lifetime value and obtain revenue retention.
It has been proven that businesses that utilise a combination of KYC verifications in conjunction with real-time fraud prevention technologies can diminish chargebacks by 66 percent in the first two-months and increase authorisation rates by 85%.
Data aggregation and global KYC orchestration hub technologies support the high-demands our online eco-system is presenting. Hubs like ours support many global Payment Service Providers (PSPs) with access to implement thousands of premium global KYB, KYC data services, data intelligence and anti-fraud technology all from a single API. Utilising orchestration hubs is the most cost-efficient manner to implement and perform KYC worldwide. Allowing businesses to harness the true potential KYC and ID verification brings to their business without any touch on their operations.
Data aggregation and global KYC orchestration hub technologies support the high-demands our online eco-system is presenting. Hubs like ours support many global Payment Service Providers (PSPs) with access to implement thousands of premium global KYB, KYC data services, data intelligence and anti-fraud technology all from a single API. Utilising orchestration hubs is the most cost-efficient manner to implement and perform KYC worldwide. Allowing businesses to harness the true potential KYC and ID verification brings to their business without any touch on their operations.
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