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“The Perfect Storm” in Digital Identity Verification
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As the Covid-19 Shutdown makes manual KYC more difficult, automated solutions like the Worldview platform can handle the surge and aren’t impacted by the virus. Limiting the Human role in Digital Identity Verification is the next step forward.
“Stay Healthy, stay home” and other social distancing measures have increased usage of digital channels in recent weeks. Not only have our volumes increased, but we should expect this increased traffic to be the new normal across the board.
While it’s long been on the horizon, the sudden shift to digital channels has certainly come sooner than expected. For most businesses, this is the first real stress test of their eKYC processes revealing bottlenecks and friction points in their systems. Especially as digital channels take over as the primary storefront, margins of error that were previously acceptable are becoming unwieldy.
Band-Aid solutions are no longer viable
Most businesses try to use an automated or API driven solution to process eIDV checks on the majority of their customers but rely on back-office, manual review teams to process customers who don’t make it through the automated channel. Low match rates from automated systems mean more customers need to be manually reviewed, which is far more expensive than a successful API check.
In the past, companies were still able to on-board customers quickly using human interactions to “smooth over” discrepancies which jam up digital processes. As traffic increases, however, the band–aid solutions will get overburdened and break down.
The Perfect Storm
Moving online at such a high volume drastically increases the strain on these manual review teams making it virtually impossible for them to process customers with acceptable turn-around times. To make matters worse, many of these review teams are based in parts of the world where the Corona Virus is limiting their ability to work at maximum capacity.
For companies that had hybrid systems, losing the “smoothing” from the human process shines an uncomfortable spotlight on the flaws in the digital process. Combined with limited availability of customer support staff, this makes for a “perfect storm” requiring companies to adapt their automated systems quickly or risk leaving money on the table.
How can Worldview help you adapt?
As we adapt to this new normal, relying on manual systems, and even less than optimal automated systems, can be a significant setback.
GDC’s Worldview platform can help boost your match rates, bridge the efficiency gap left by Manual Review limitations, and onboard more customers automatically and rapidly.
As an additional resource to your current system, the Worldview API seamlessly brings you the integrated power of our international network of local data providers. We can help remove variables and fortify your automated processes to scale with this new volume, as well as reduce friction in the overall digital on-boarding process.
Instantly Improve Performance
Adding the Worldview API to your system is quick, painless, and easy to integrate. We make it easy for new customers to get started using our systems as fast and with as little friction as possible, with no long-term commitment or upfront payments required.
For more information about how GDC can help you, visit https://www.globaldataconsortium.com/proof-of-concept/