Identity verification is essential everywhere in the digital world, and it’s especially vital in online financial services. It is required to know the identities of the parties trying to access digital financial services since there are many risks associated with money in the digital world. Moreover, due to COVID-19 and the increased adoption of digital technologies, customers are increasingly expecting their digital experience to be secure, simple, convenient, and contactless.
By enabling a fast, secure, and seamless digital onboarding experience, you can gain a competitive edge in your field. However, it is not easy to digitalize identity verification due to security and fraudulent activities, especially in emerging markets.
Challenge: Data sources for digital identity verification.
It is hard to find a reliable data source to verify the identity of the customer in the emerging markets. While some places offer identification services, they are primarily pricey or hard to integrate. Developing the identity verification system requires a lot of manual operation making digitalization near impossible.
Thus, to digitalize the identity verification process the data source needs to be reliable, easy to integrate and affordable. And this is where our Link API solution comes to the rescue.
Solution: Bank account information for identity verification
Using the “Identity” product of the Link API solution, customers can easily and securely share their identity information that is on file with their banks to other applications that they want to use. Pre-verified bank account information is the perfect data for identifying the customers’ verification. In the Philippines, we also offer a connection to the state-run Social Security System’s database as an alternative identity verification source.
And with the Link API solution, integration can be done within a day and can be offered at a much lower price than other identification services. In combination with our e-KYC solution, you can enable a fully automated digital onboarding experience for your customers.
Key results
- Significant reduction in the average onboarding time with easy, fast and secure identity verification
- High growth in registered users
- Increased customer satisfaction
- Reduced operational costs
