to verify identities at scale
In today’s highly competitive digital marketplace, consumers are more empowered than ever. They have the freedom to choose which companies they do business with and enough options to change their minds at a moment’s notice. A misstep that diminishes a customer’s experience during sign-up or onboarding can lead them to replace one brand with another, simply by clicking a button.
Consumers are also increasingly concerned with how companies protect their data, adding another layer of complexity for businesses as they aim to build trust in a digital world. Eighty-six percent of respondents to a KPMG study reported growing concerns about data privacy, while 78% expressed fears related to the amount of data being collected.
At the same time, surging digital adoption among consumers has led to an astounding increase in fraud. Businesses must build trust and help consumers feel that their data is protected but must also deliver a quick, seamless onboarding experience that truly protects against fraud on the back end.
As such, artificial intelligence (AI) has been hyped as the silver bullet of fraud prevention in recent years for its promise to automate the process of verifying identities. However, despite all of the chatter around its application in digital identity verification, a multitude of misunderstandings about AI remain.