[State of Identity Podcast] Trulioo Account Opening Report & enhanced document verification
Customer onboarding — getting prospects to actually fill in the form and become a customer — is crucial to the success of any online business. However, for the magnitude of its importance, there’s a surprising lack of consumer research into the process. There are a lot of theories, but what do consumers actually care about and what are they thinking as they go through account onboarding?
That is one question covered in State of Identity podcast (episode 156), with host Cameron D’Ambrosi, a principal at One World Identity, interviewing Zac Cohen, chief operating officer at Trulioo.
With all the technology, all the regulatory requirements, it’s vital not to lose sight of the customer and their needs. That’s why Trulioo ran a survey of 2,000 consumers in the U.S. and U.K. about onboarding and identity verification. As Cohen points out, “that first interaction point that a consumer, an end user, has with your service becomes the most critical piece in the entire relationship.” Many consumers pointed to onboarding as the “make-or-break” point and it shows a tremendous opportunity for those companies that get it right.
It’s not simply about making onboarding as quick as possible. Consumers do take security seriously and accept that security measures need to part of the process. As D’Ambrosi puts it, consumers “understand the risks of too simple of an onboarding program, because fraud and crime can infect that quite quickly.” It’s about matching the need for information to the relative risk of the situation and communicating that to the consumer.
Enhanced document verification
Another interesting topic covered in the podcast revolved around the recent announcement from Trulioo of enhanced document verification and image capture capabilities. There are multiple solutions out in the marketplace, and each have their strengths and weaknesses. For a business executive, developer or risk officer tasked with finding the solution, it presents a conundrum; how do you find a solution that meets all your needs?
D’Ambrosi and Cohen discuss the two-part solution from Trulioo: the front-end image capture technology and the back-end analysis engine to authenticate and validate the information, including security checks, confirmation engines and solutions that do facial recognition.
The discussion is not so much about the technology, but more so how it helps businesses with their various verification use cases. It’s about flexibility in using different solutions, about understanding what works in various markets or different real-world scenarios. All the data, analysis and dashboards come together to ensure that the onboarding process is optimized for both security and user experience.