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Mobile identity verification: why banks should bet on digital customer onboarding solutions

Mobile phones have become part of our daily life and have become an indispensable element in our day-to.day. The penetration rate of smartphones continues to increase; in the case of Spain, the market share stands at 92%, surpassing the European average, 56% of users use their terminal to buy products online and 40% say they hire services on their mobile.

Taking this data into consideration, it is clear that betting on digital customer onboarding solutions is an interesting opportunity for banks. However, the increasing use of mobile devices is neither the main nor the only reason for institutions to offer customers the purchase of products and services through digital channels. These are the main reasons banks have to focus on mobile identity verification:

  1. It’s much more effective and imposes less friction than Knowledge-Based Authentication (KBA).
  2. It allows the use of automated mechanisms based on machine learning to prevent identity fraud.
  3. It allows more accesible and faster purchases, which favors growth in the digital acquisition of clients.
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Mobile identity verification systems are not only useful for users to process the purchase of banking products and services, but also serve to complement customer acquisition initiated through other channels, such as branches and contact centres. Therefore, by opting for these solutions, the financial institution does not focus solely on mobile devices, but invests in omni-channel customer acquisition.

Digital identity verification solutions favor the acquisition of customers in all channels (web, mobile, branch office or contact centre) because they allow operations to be closed at the same moment and place where the user decides to hire the service, eliminating obstacles such as waiting times or trips.

To favor omni-channel client acquisition the digital identity verification services must be designed with the capacity to initiate, continue and close the process indistinctly through the following channels:

  1. Desktop: The computer is one of the most used devices to make purchases and hire services, so it’s important the the bank’s website provides a clear and smooth user experience.
  2. Mobile web. In Spain, 40% of users state that they hire services through their smartphone, so it’s essential for the bank to have a mobile web adapted for the use from this type of device, with a simple and intuitive interface and an automated workflow that favors the fluidity of the process
  3. Mobile app. The bank can design the onboarding process through its own mobile application to improve effectiveness in fraud mitigation.
  4. Branch office and contact center. Branches and contact centers must have the same capabilities as digital environments for client acquisitions. In this case, the interface must be adapted to its use by the employees and have an automated workflow to facilitate the agility of the process.

Addalia’s IDDILIGENCE dis solution for the validation for data, documents and digital client identity that meets all the above requirements. It’s the safest, fastest and most transparent way to verify data and documents in business-critical administrative processes, and provides security and traceability to facilitate compliance. In seconds, it extracts, analyzes and compares information, verifying all the documents and data provided to detect non-non-compliance and fraud in an automated manner.

WHY ADDALIA?

Addalia provides the only technology for collecting and administrating documents via images for critical business processes. Our software offers secure and efficient automated solutions, it is flexible and modular and can be deployed in a standard or cloud-based form. As an end-to-end application or a solution for integrators, Addalia's software has infinite possibilities, such as:

STANDARD OR CLOUD-BASED

MODULAR AND FLEXIBLE

TOTALLY SECURE

VERY QUICK

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