5 Reasons Why Your Business Needs Better Identity Verification

When it comes to retrieving and verifying a person or business's identity, Okra Identity plays a critical role in ensuring identity verification processes are quick and efficient. Here are 5 reasons why your business needs a better identity verification process:

1. To improve customer experience

Your customers are the #1 priority. When customers use your platform or provide access to their data, they need assurance that their data will be kept safe and secure.

Customers want a customer-focused experience with every business they interact with, which means seamless flows and responsible use of data.

With Okra Identity products, companies can integrate a KYC/B feature into their apps with ease, giving their users the opportunity to onboard in seconds.

2. To reduce fraud and security breaches

The prevalence of identity fraud and theft is, unfortunately, higher with digital products. For example, some fintechs only require a valid ID for registration, and once authentication is complete, not much else is done to validate user information. In their defense, minimal checks lead to faster onboarding. However, as well-intended as it is, this practice does not protect against identity fraud and other threats.

Hence, an identity verification process that prioritizes speed and safety is needed to tackle fraud effectively, and Okra Selfie Verification can help!

3. For cost efficiencies

Digitizing and securing the onboarding process for new customers can reduce operational costs that come with manual and paper processes.

Modern identity verification providers like Okra help you cut costs and save money in the long run when you have better customer management.

4. For building customer confidence and loyalty

Businesses have an obligation to ensure that customer data is kept safe and secure. In addition, customers should understand how their data is being used and stored.

The My Okra portal helps customers see the list of companies that have accessed their data via Okra, and get insights on how these companies make use of your their data.

5. For compliance with data control measures

Regulatory bodies like the Central Bank of Nigeria (CBN) require businesses to follow stringent data protection guidelines and impose harsh fines when user data is compromised.

As more regulatory measures to protect user data are put in place across regions, it is essential for businesses to remain compliant and get ahead of regulation. Providers like Okra stay up to date on regulatory requirements, so you do not need to worry about compliance risks.