Most businesses start local. Companies find it easiest to go after the customers they know the best and are the easiest to serve. It is natural to initially target those demographic segments with the highest likelihood of converting into customers and the lowest risks. Risks include fraud, non-payment, and an inability to meet regulatory requirements. In practical terms, that means onboarding individuals who are the easiest to verify and it means excluding immigrants, travelers, students, and those without strong digital profiles.
Institutions typically have simple business rules that outright decline prospective customers who are difficult to verify. Over time, these businesses add exception processes to these rules to onboard more of these potentially profitable segments. Unfortunately, many companies have cobbled together a set of strategies and solutions that do not adequately address the risks associated with these difficult-to-verify populations. Even worse, they have created horrible experiences that discourage applicants from completing the application process, all for the sake of risk management.
A newly-popular term making its way around is “identity proofing.” Gartner provides a solid description of the concept, which points towards a “layered approach” to authenticating an individual’s identity via a remote channel (e.g., digital or call center). Remote channels have effectively shrunk the world, generating demand for products and services that geographic borders can no longer constrain. The challenge for enterprises is to construct the right identity proofing capabilities to make these borders disappear entirely.
Imagine the billions of dollars in revenue lost due to business rules such as “locals only” or to clunky onboarding experiences. The most innovative companies have figured out how to get their share of that revenue by addressing the entire target market and optimizing the onboarding process. It is possible to minimize risk and maximize the total addressable market. GlobalGateway is helping businesses truly be global!
To help your organization develop robust, scalable and effective identity verification and authentication workflows, Trulioo is hosting the following webinar:
How to create a community of trusted global consumers with modern authentication methods
May 26, 2021 / 8 a.m. PT / 11 a.m ET / 4 p.m. BST
Join Garient Evans, SVP Identity Solutions at Trulioo, as he discusses complex real-world implementations of various identity technologies and processes. During his 20 years in credit, identity, fraud, document verification and compliance, Garient has seen it all — from single-source tick-box verifications to AI-driven multipath and multisource edge-case authentications. With his global experience, Garient will share how to build onboarding experiences that maximize the total addressable market while minimizing risk. This webinar will help you understand the considerations and analysis necessary to make identity systems that work, no matter the scenario.
Join this webinar to learn:
- How to truly serve a global market
- How to determine the best verification workflows for your business needs
- What kind of results or business impacts you can expect
- How you can improve the user experience and match rates to reduce abandonment during onboarding and maximize customer acquisition