Remote Identity Verification (IDV) is a critical aspect of many modern business operations, ensuring that organizations can confidently identify and authenticate their customers. However, not all IDV solutions are created equal, and there may come a time when you need to evaluate whether your current IDV vendor is truly meeting your needs. In this blog post, we'll explore seven compelling reasons why you should consider switching to another IDV vendor. From security concerns to scalability issues, we'll delve into the key factors that may prompt you to make this important decision. We'll also discuss the potential consequences of sticking with an inadequate vendor.
Reasons to Consider Another IDV Solution
#1 Data Security Concerns
When it comes to processing Personal Identifiable Information (PII), security is paramount. If your current solution lacks GDPR compliance or ISO 27001 certification and fails to keep up with emerging threats, it's time to switch.
#2 Poor User Experience
A clunky and frustrating user experience can drive potential customers away. Did you know that the industry benchmark for user onboarding is around 2 minutes? That's incredibly long to verify and approve a user. If your IDV solution makes the onboarding process difficult or time-consuming, you risk losing valuable business opportunities. Seek a solution that streamlines the verification process and ensures a smooth experience for your customers. Trustmatic ensures you onboard your users in less than 30 seconds.
#3 Weak fraud detection
One of the main reasons to consider another IDV solution is weak fraud detection capabilities. Weak fraud detection opens your business to a wide range of fraudulent activities, including identity theft, account takeovers, and financial losses. A robust IDV solution should be equipped to identify and prevent these threats in real-time, safeguarding your company's assets and reputation.
#4 Scalability Issues
As your business grows, your IDV needs will evolve as well. If your current solution lacks the scalability to handle increased verification volumes, you'll encounter bottlenecks and performance issues. Or imagine opening an African market and your IDV vendor doesn't support the majority of African IDs. Transitioning to a more scalable IDV solution will ensure you can accommodate growth without sacrificing efficiency.
#5 Diversity, Equity & Inclusion considerations
In the realm of remote identity verification, Diversity, Equity, and Inclusion (DEI) considerations are pivotal to ensure a fair and just verification process for individuals across different demographics. The National Institute of Standards and Technology's Face Recognition Vendor Test (NIST FRVT) evaluates demographic biases in face verification algorithms. In terms of liveness detection algorithms, it's important to understand whether these have been certified as "fair" by a NIST NVLAP certified lab.
#6 High Costs
Cost-effectiveness is crucial for any business. If your current IDV solution is costly and offers limited value, it's time to explore alternatives that provide better pricing structures and a more comprehensive feature set. Evaluate the total cost of ownership, including subscription fees and integration expenses.
#7 Customer support
Implementing a new IDV solution often requires training and onboarding for your team. A vendor with excellent customer support can offer comprehensive training programs and resources to ensure that your staff can use the solution effectively from day one. But customer support doesn't stop there. Reliable customer support ensures that technical hiccups are addressed promptly, preventing customer frustration.
Consequences if you stick with a legacy vendor
The consequences of sticking with a legacy IDV vendor can be severe. You risk exposing your business and customers to security breaches, damaging your reputation, and incurring significant financial losses. Moreover, poor user experiences can lead to customer churn, hindering growth and profitability. Non-compliance with regulations may result in legal trouble and costly fines.
Conclusion
In a digital landscape where identity verification is paramount, choosing the right IDV solution is crucial for the success and security of your business. The seven reasons outlined in this article underscore the importance of considering another, better IDV solution. Whether it's enhanced security, improved user experience, global compliance, scalability, advanced fraud detection, customization, or cost-efficiency, making the switch can lead to a more secure, efficient, and profitable operation. Don't risk the consequences of sticking with an insufficient vendor; invest in the future of your business by upgrading your IDV solution today.
About Trustmatic
Trustmatic is an identity verification platform that helps businesses establish trust with their users and fight fraud of any kind. Powered by industry-leading AI and biometric algorithms, Trustmatic enables users to verify their identity in seconds using just their ID and a selfie while maintaining a seamless user experience and a high level of security.
The platform includes face biometrics, liveness detection, and supports the reading of over 13 000 identity documents in more than 140 languages.
Interested in seeing Trustmatic in action? Request a demo or contact us.
Zuzana Hasko
Zuzana is the CMO at Trustmatic and manages all internal and external communications.
