Know Your Customer
Do you really know your customer?
The topics: Know your customer and customer authentication is becoming more prevalent, and impacting more industries. From Financial Services, to Telecommunications, Medical and Real Estate.
Managing these processes and getting to know your customer, both from an on boarding perspective as well as maintaining them, is a nightmare for the organisation and customer.
Identity theft, GDPR and POPIA legislation, add further processes and administration, reputational and operating risk.
Digital, automated solutions are the most obvious way to tackle this, but how can we turn this into an opportunity to add value to the business?
Digital Identities, and applications to store profile information, on a self-service basis, removes many of the friction points. To create real value from the exercise, now consider how these digital, authenticated profiles, could be linked to a business platform? What services could be included on a platform, what additional partners to bring in, and you start to think of frictionless business processes.
Authentication is also required for digital signatures, e-commerce (reducing fraud), and many day to day activities. It makes sense to look at digital solutions to achieve this, rather than the administrative burden of dealing with reams of paper every time a transaction takes place.
For more information on platforms please read my blog.