Speed in Identity Verification: Go Fast or Go Home | Incode Blog
In a digital world in which users are increasingly demanding, small details can make a massive difference for your business. An essential factor? Speed across all your processes.
Imagine you’re having a hectic day. In addition to dealing with all the tasks you have pending, the demands of your job, and the unbearable city traffic, you have to dash to the bank to finish a transaction during your lunch break. When you arrive, the line seems endless. That’s when you begin to question not only the mysteries of the universe, but also why you are still a customer of this particular bank.
This is an experience that you would never want to replicate in an online product or service. On the contrary, we have evidence that users value a cohesive and seamless user experience today more than ever.
Seamless experiences become crucial in identity verification processes. Whether banking transactions, online shopping, job applications, or even dating services, people expect a personalized, seamless experience carefully designed for them.
“And the more complex a product is, the more difficult it becomes to identify exactly how to deliver a successful experience to the user. Each additional feature, function, or step in the process of using a product creates another opportunity for the experience to fall short.”
Jesse James Garrett, The Elements of User Experience
Let’s discover how the speed in identity verification processes can change how product and service providers can secure customers and improve the satisfaction of interactions.
No Time to Waste: Speed Matters in All Cases
Although we are increasingly accustomed to online services being expertly managed and very convenient, specific processes can be intimidating. The longer an identity verification process takes, the less likely the person is to complete it.
For example, some studies have shown that nearly 40% of companies have lost a valuable candidate due to slow background check processes.
Others have found that, in the e-commerce sector, up to 17% of users have abandoned their shopping carts when an operation takes too long and is too complicated. In contrast, in the last decade, there has been a 35% increase in conversions just because of improvements to the checkout process.
Remember that the speed with which a user’s identity can be verified is also crucial for many businesses. A speedy process avoids wasting time and resources and simultaneously retains quality leads. Faster verification processes lead to learning more about customers, designing and implementing better services and tailored experiences.
Beyond the Speed Limits: Top 3 Benefits of Fast Verifications
Now that we have revised the importance of speed in identity verification, let’s dive into some of its core benefits.
Benefit #1: Increase in Conversion Rates
A slow and complicated verification process can lead to lost customers or users and, consequently, lost revenue.
On the other hand, fast, well-designed processes have a direct positive impact on conversion rates. Happy users complete transactions, sign up for services and engage with the platform, increasing business revenue. By speeding up processes, we’re simply eliminating the frustration of a long line at the bank.
70% of customers abandon the onboarding process if it takes longer than 20 minutes. And while businesses in the United States lose $1.6 trillion per year due to customer churn, other research shows that 90% of consumers are willing to spend more with companies that personalize the customer experience.
Benefit #2: Improved Security and User Confidence
Identity verification speed does not mean sacrificing security. On the contrary, faster and more sophisticated verification techniques can improve security measures and shield consumers and organizations from fraud and online threats.
Businesses can ensure that the identity verification procedure is quick and reliable by utilizing cutting-edge technologies while simplifying KYC (Know Your Customer) and AML compliance. A fast verification process ensures businesses meet these regulatory obligations while maintaining a seamless user experience.
In addition, users feel more confident since they know their data is secure and fraudulent activity is minimized. The users trust that their information is protected against threats. And that’s just another reason for users to write positive reviews and word-of-mouth recommendations.
Benefit #3: Staying Ahead in a Competitive Environment
Businesses prioritizing speed in their identity verification process get a substantial advantage over their rivals in today’s fiercely competitive industry. Therefore, fast verification becomes a key differentiator against competitors. They stand out thanks to their flawless and quick onboarding processes, which draw and keep consumers looking for immediate, hassle-free solutions.
It’s also worth noting that these enhanced identity verification processes lead to customer retention, operations efficiency, customer satisfaction, and reduced operational costs.
Fast Forward to Success
A fast identity verification process is essential for delivering an exceptional user experience, boosting conversions, retaining customers, staying competitive, and maintaining compliance with regulatory requirements. Businesses can drive growth, build trust, and create long-lasting relationships with their users by prioritizing speed.
Schedule a demo with Incode to experience our advanced services designed to enhance the speed and quality of your identity verification processes, no matter your company’s sector. Request a free trial today to see how we can help you maximize conversions, minimize fraud, and meet compliance requirements.