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 parties trying to access digital financial services since many risks associated with money exist in the digital world.
Moreover, due to COVID-19 and the increased adoption of digital technologies, customers increasingly expect 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 digitize identity verification due to security and fraudulent activities, especially in emerging markets.
It is hard to find a reliable data source to verify the identity of the customers in emerging markets. While some places offer identification services, they are primarily pricey or hard to integrate. Developing the identity verification system by yourself requires a lot of manual operation, and digitalization is 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 the Link API solution comes to the rescue.
Using the “Identity” product of the Link API solution, customers can easily and securely share their identity information on file with their bank account to other applications that they want to use, including name, address, contact information, and more. Most importantly, pre-verified bank account information is perfect for identity verification. In the Philippines, we also offer a connection to the state-run Social Security System database as an alternative trusted identity information source.
And with Link API solution, integration can be done within a day and 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.
- Significant reduction in average onboarding time with easy, fast, and secure identity verification
- High growth in registered users
- Increased customer satisfaction
- Reduced operational costs