ID verification for the next generation of marketplace growth

Tags: Marketplaces
ID verification for Marketplaces

As marketplaces and the sharing economy expand, fintech innovations are increasing the opportunities to add strategic value. Marketplaces’ ability to provide payment, insurance, investment and other financial services — embedded finance — to suppliers and users delivers opportunities to improve marketplace offerings, create new revenue streams and help establish stickiness.

Consider the buy now, pay later model, which enables consumers to pay for items in installments. The rapid rise of this payment model recently saw big players get involved in the space, with Apple’s recently announced partnership with Affirm in Canada, and Square’s purchase of Afterpay for USD $29 billion. The Bank of America projects that BNPL will grow by 10–15 times by 2025. And that is just one aspect of fintech that can be useful for marketplaces.

Successful marketplaces have always had robust trust and safety protocols. But compliance requirements for the financial services sector are even more strict and are not optional; Know Your Customer (KYC) and other regulations put strenuous demands on customer identification procedures. But the customer doesn’t want to be burdened; the driving force behind many of these financial innovations is speed and simplicity, so having onboarding processes that are slow and difficult just results in customer abandonment and lost revenue.

How can marketplaces provide frictionless onboarding experiences while still managing risk and delivering compliance?

If you’re interested in the topic and will be attending the Marketplace Risk Conference, make sure you attend the session:

Consumer-centric ID verification as a competitive advantage

September 15 @ 11:45 a.m. PDT

If a bad onboarding experience leads to lost customers, then can a consumer-centric ID verification process be a competitive advantage? What is a consumer-centric approach? Who is doing it and doing it well?

Fintech and marketplace companies alike are striving to deliver seamless and secure digital experiences and in doing so, the playing field has widened. In this talk, Garient Evans, SVP, Identity Solutions, Trulioo, will explore the critical role identity verification plays in the customer journey, how continuous authentication can aid in detecting fraud signals and what a consumer-centric approach means in the payments realm.

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