The complete world is accommodated with digital transformations and technologies. Technology is all over the world and is reshaping the dimensions of our everyday lives. Let me tell you an astonishing fact, there are more than 4.54 billion users of the internet all across the globe, out of which 3.725 billion people are social media users.
That’s not all folks, there’s more!
Adults receive 63.5 notifications each day and they check notifications on their mobile phone within 30 seconds of receiving them! Yes, you read it right. Even businesses nowadays are prone towards digitization especially after the coronavirus struck. Having said that, trusting in technological services and platforms is crucial to carry out essential processes to keep this globe moving. Trust is the key towards success for every business and appropriate measures must be acquired to treat customers fairly. People are prone to such measures where they do not have to have physical contact with each other.
Shedding spotlight on trust and digital acquisition, the identity verification sector is growing with the speed of light. The role of customer trust in pacing up the acquisition of digital identification technologies is more essential than ever. As customers are rapidly increasing their digital transactions, it’s high time for companies to make sure that their customers trust their products and services and feel free to provide their personal information to them. For example, incorporating AI-powered identity verification, biometric authentication, and KYC/AML compliance helps businesses attain customer’s trust. Let us have a deep dive into the reality of how significant digital acquisition and trust are to survive in this world.
Does Trust Even Matter?
That’s a very good question and point to ponder, especially when it boils down to digital acquisition and technological advancements. According to certain reports and analyses, digital acquisition indicates consumer trust in the business. Despite being highly sceptical about the business, people still adopt it because their hands are tied. The best example of this is social media. All in all, most of the customers do not trust numerous popular social media platforms but they still use them regularly.
Interestingly, this widely spread technology is highly linked to convenience as compared to technology. This comes with alarming bells. Customers are less concerned when the product is more facetious. Not trusting a social media platform or any other media outlet is completely different from trusting a financial infrastructure. Additionally, lack of acquisition does not always mean that the customer does not do the business. Less acquisition depicts that customers use that platform less regularly in payment realms as well as financial services.
Maintenance of trust is something that must not be neglected at any cost as customers are relying more on online platforms and services. For instance, growth in digital utilization and acquisition of retail payment apps and mobile wallets have increased among customers up to 6% and 8% respectively. Striking a balance between customer trust and convenience is mandatory for the good reputation of businesses and to survive in this tech-oriented world.
Significance of Boosting Digital Acquisition Without Compromising Trust
The first and foremost thing for each and every single business on this earth is to attain the trust of their potential customers by incorporating authentic and AI-powered identity verification solutions and services. After establishing that crucial trust, businesses must acquire such measures that they have more customers, but how will they do that? How will they have more customers to increase conversion without compromising customer’s experience?
Any obstacle during an end-to-end journey can force the customer of the business to start the process all over again, resulting in frustration and a bad customer experience. Therefore, such identity verification solutions must be acquired by businesses that keep track of customer behaviour and analyze how the customer uses their service or product while ensuring privacy simultaneously as it’s the heart of the business.
Also, businesses must ensure that the front-end applications are as user-friendly and convenient to use as possible to attain more potential customers. Do you know that highly advanced ID verification models utilize detection based on machine learning models? The user has only required nothing more than uploading his selfie.
Immediate deliverance of seamless service is the essential expectation of customers in today’s era. What would you prefer? An automated real-time solution or the one that involves agent intervention during the onboarding procedure that results in customers simply giving up? Businesses will surely attain services and products of such businesses that provide convenience and focus on developing a transparent relationship between business and customer.
4 Essential Pillars of Trust
Carelessness and unethical utilization can sabotage trust. Thanks to advanced technology and digital transformations that help in developing trust among stakeholders and prove to be beneficial for society. Businesses must ensure four pillars of trust to avoid negative incidents such as identity theft and data breaches. Let‘s have a look at each of the pillars.
Ethics and responsibility:
As technological innovations result in the progression of ethical questions by providing businesses more power, their eagerness to work towards the welfare of the customers can possibly generate a high level of credibility and trust.
Security and reliability:
As everyone is familiar with evolving progressive reliance on cutting edge technology and cybersecurity risks, customers nowadays are choosing organizations that use such advanced technology to keep their services and products reliable as well as secure.
Privacy and control:
Businesses that respect the preferences of customers about data collection and data handling are capable to attain greater permissions for handling personalized services and customer information.
Transparency and accessibility:
Easily understandable disclosures and transparency around digital business practices can assist businesses in developing trust for the deliverance of high-quality trust and services and products.
Trust, But Verify
Consequently, trust is the key to almost everything, from relationships to online platforms to technological advancements. As mentioned before, there is a wide range of people who do not actually trust certain online platforms but still use them because of helplessness. No doubt we all have to rely on technology to thrive on this globe but we must not neglect the fact that everyone, literally everyone has effortless access to the internet. People are aware of everything due to this effortless access. They must benefit from this effortless access to the pool of knowledge to verify that whether the business they are relying on is trustworthy or not, especially when it comes to financial transactions and digital wallets.
Hence, individuals must perform certain verification before trusting any online platform. Simultaneously, businesses must incorporate sophisticated AI-powered identity verification solutions and services for the assurance of enhanced customer experience, risk assessment, and combat terrorist financing, chargebacks, counterfeits, and identity theft.