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For a few sectors, online client onboarding is still in its infancy, and they still assume that onboarding is an analog process. It can be expensive, prone to fraud, and cause extra friction in the customer's experience for businesses such as health and banking that deal with sensitive data regularly.
Fremont, CA: In the face of enormous societal and economic challenges, the need for digital transformation appears to be the one and only source of light for any. Even after the pandemic, there will be no escape from turning digital since generation Z, who mastered the ability to swipe a screen before they could speak, will influence and dictate the market. It might transform the face of the customer's digital onboarding process.
While all significant growing sectors are adopting online client onboarding, they are equally concerned about the hazards that come with it. For a few sectors, online client onboarding is still in its infancy, and they still assume that onboarding is an analog process. It can be expensive, prone to fraud, and cause extra friction in the customer's experience for businesses such as health and banking that deal with sensitive data regularly. Implementing digital onboarding might also be an operational difficulty. Concerns about identity theft and other account-related frauds, such as account takeovers, are understandable given the unprecedented rise in these crimes.
As a result, many modern businesses have embraced online identity verification systems that require the user to take a photograph of their government-issued ID document (such as a driver's license or passport). However, fraudsters may still use perfectly genuine IDs to create fraudulent accounts if the ID is lost or stolen. It means that businesses must go above and beyond to establish the identity of new users definitively.
Furthermore, there are numerous liveness detection solutions on the market today, each with a different function that requires the user to perform a task, and there is no common standard among them. It could include moving your head from left to right, blinking, touching one's nose, smiling, following dots on the screen, flashing lights in one’s face, or even moving the device are all possibilities. Almost all of these tasks are entirely unnatural to the user, especially for a new consumer who doesn't know what they're doing or why they're doing it.